Costa Mesa homeowners who had to decide whether or not to put their home on the market this year have had an easy time sizing up the real estate Big Picture. Across the country, prices have been rising steadily but moderately. Sales may be down, but that’s because too few properties are being offered. And the financing picture remains favorable.
Putting it all together, the prices news is good for sellers, the lack of inventory is less good news for buyers—while the low home loan rates is good news for both buyers and sellers. That combination may be a little muddled, but is certainly encouraging for sellers. The big question about the future is what’s likely to change in the coming year?
The single individual who is probably best situated to make the most educated guess about that is Dr. Lawrence Yun, the National Association of Realtors’ Chief Economist and often-quoted soothsayer. He speaks in the guarded words that Chief Economists tend to favor, but at this summer’s end, his projections were more than usually sure-footed.
Long story short for the three trends that have defined the past few years’ markets:
- Price increases at heated levels will self-limit: in 2019, expect price growth to moderate (in the sustainable neighborhood of 3.5%).
- The years-long trend of seeing “too few” properties hitting the market should soften: in 2019, anticipate a rise in inventory.
- Reversing the 2018 sales level slump, 2019 overall sales are projected rise by 2%.
Those predictions make for a rosy picture—particularly for Costa Mesa observers who recall the aftermath of overheated price and sales levels. Dr. Yun sounded notes of confidence for them, expecting the hottest local markets to moderate not from weak buyer demand, but because of insufficient supply. With mortgage default and foreclosure rates near historic lows, the bottom line of his forecast comes with the reassurance that concerns that the housing market may have peaked—and be headed for a significant slowdown—are “unfounded.”
Getting a clear picture of how your own home might expect to perform if and when it joins the Costa Mesa listings depends on more than just the temperature of the Costa Mesa real estate market over the coming year. Call us for a truly no-obligation consultation to discuss more specifics Costa Mesa homeowners should expect in 2019!
We are built on a philosophy of Heritage & Hustle L3 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 mission to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. L3 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 has grown to a full staff of 20 serving over 300 clients a year. L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to L3 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 today at 714-444-4663 or email us at email@example.com