Like many other local professional people, we Costa Mesa Realtors® have been working in a challenging (you might say, “topsy-turvy”) business environment. It’s one that nobody had foreseen—much less prepared for. It has taken multiple adjustments to navigate through some awkward restrictions, but since the need for shelter can’t always be put on hold, they were necessary. As in many localities across the country, even while honoring the most stringent Shelter in Place restrictions, highly motivated buyers and sellers have been able to work with their agents to negotiate and finalize transactions.
But now the path ahead is somewhat more predictable. It’s becoming evident that we are nearing a new phase—one where we will cautiously back into what
At first blush, the idea of listing your Costa Mesa house during today’s emergency conditions would seem impractical—but it turns out to be entirely doable. There are even some plusses.
Some sellers apparently agreed. Last week’s Forbes magazine offered an interesting view from one area where home sales rose significantly in March. A local agent there realized a human dimension that seemed to be affecting clients during this period. As people spent more time at home than ever, they were also appreciating how important having the right home base really was. As the agent observed, “I can’t think of a time when people around the world have depended on their homes more completely than they do right now.”
Last week Yahoo’s Finance page led with a commentary that posed the question, “Why Aren’t Homeowners Taking Advantage of Low Mortgage Rates?” Although the premise (“mortgage rates have plunged back to the lowest levels in at least half a century”) may have been slightly overblown, Costa Mesa home loan shoppers could indeed have found published rates that were at bargain-basement levels.
The author, Doug Whiteman (the editor-in-chief of MoneyWise), calculated that, at end-of-March rates, 11 million U.S. homeowners could have saved at least $3,200 per year by refinancing. Even though many existing Costa Mesa home loans already reflect low rates, with last week’s national 30-year fixed-rate mortgage averaging 3.33%, you’d think refinance lenders
For the next wave of Costa Mesa home buyers—as well as for homeowners who intend to offer their Costa Mesa properties for sale—the past week produced little to clarify what to expect from future Costa Mesa market conditions. Even so, as California’s state and county officials scrambled to offer guidance on public health and safety issues, there was also a growing national awareness of the simultaneous need to preserve a viable economic future.
Throughout the week, New York City dominated much of the nation’s attention. As its heroic health workers braced for a potentially catastrophic viral surge, it was not surprising that almost unnoticed came a ruling affecting its real estate disposition. It illustrated one aspect of the dilemma facing