It’s that time again: the annual look at whether there is a convincing consensus among real estate experts for what to expect in the coming year. Costa Mesa homeowners and potential homeowners found generally welcoming conditions throughout 2016, as steadily improving property values and low mortgage interest rates echoed the national picture. With lending rates beginning to rise, there could be reason to question whether an equally agreeable Costa Mesa real estate climate will prevail in 2017.
Apparently, there is not much to worry about. Despite the usual qualification that the nation’s real estate experts are no more clairvoyant than are experts in any field, when you look over this batch of New Year’s predictions, you can’t help but emerge with the impression that there’s a more than usual degree of certainty about the immediate future. Almost unanimously, there is confidence that the nation’s real estate prospects are good—and likely to stay that way. The most frequently recurring adjectives are “moderate” and “moderating”—and no mention of major obstacles that might upset the apple cart. If California and Costa Mesa real estate markets follow suit, the optimism voiced by most commentators should mean continuing good news locally. Here are some samplings:
Fiscal Times: Rising prices will keep pushing up homeowners’ net worth.
CBS MoneyWatch: Millennials and baby boomers will be big buyers; home appreciation rates will normalize.
Realtor.com: Home prices projected to increase 3.9%; new home sales expected to grow 10%.
Nela Richardson: 2017 will be the fastest real estate market on record (measured by average number of days spent on market).
Home Buying Institute: Mortgage rates will rise gradually, but stay below 5%.
The Washington Post: Expect home sales and prices to moderate; suburbs will make a comeback.
Zillow: Homeownership rates will bounce back; rental affordability will improve as incomes rise.
Kiplinger: Rising national GDP, retail sales and jobs growth should result in steady demand for housing—as well as spurring price growth.
For some reason, the editors at Fortune didn’t have anything to add about real estate—perhaps because continuing with the current moderate growth scenario doesn’t make for interesting reading. They did predict that in the coming year a Tesla will drive itself across the country…and drones will deliver pizza and burritos (let’s keep an eye out for that in Costa Mesa).
We’ve seen New Year’s predictions go wide of the mark in the past, but the unanimity of this year’s projections make it hard to imagine that will happen in 2017. In any case, we will stay tuned and close to the phone, as well—ready to help with any and all of your Costa Mesa real estate needs!
We are built on a philosophy of Heritage & Hustle L3/Weichman Realtors is a full service real estate agency with a regional office located in the heart of #CostaMesa offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3/Weichman’s mission to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. L3/Weichman Realtors was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, L3/Weichman Realtors has grown to a full staff of 20 serving over 300 clients a year. L3/Weichman Realtors is not limited to serving just its clients; it is also committed to serving the community. Not only has L3/Weichman donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCosta Mesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to L3/Weichman Realtors and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact L3/Weichman Realtors today at 714-444-4663 or email us at email@example.com