As House Values Align, it’s Good News for Costa Mesa
When Costa Mesa house values—or even only the public’s perception of house values—rise and fall at eye-popping rates, even homeowners who aren’t thinking of selling find it unsettling. The dislocations that resulted from the housing crisis of the last decade are hard to forget. Although some risk-tolerant investors made headway in that environment, the fallout for most was at best nerve-wracking. That’s why last Tuesday’s National HPPI report may be comforting to Costa Mesa homeowners, as well as to prospective buyers. The Home Price Perception Index is the distillation of data gathered by Quicken Loans. It covers 3,000-plus counties in all 50 states—so it’s national rather than local—but there is little reason to doubt that the gist of the trends it reports are echoed here. The Index tallies the values that homeowners ascribe to their own properties, then compares that figure with the number professional appraisers actually calculate (the one lenders use). The estimates are collected during the refinancing process; and as you might guess, the two numbers can differ. A lot! Tuesday’s report showed a heartening alignment between the two estimates. In fact, the numbers are the closest they have been since February 2015: an overall difference of only a quarter of one percent! Some Costa Mesa observers view alignment of those two value estimates as a hallmark of a stable market—one where homeowners seeking to sell or refinance are less likely to be unpleasantly surprised when the bank appraiser weighs in. Since the average professionally appraised value also reported a 4.86% rise in house values year-over-year, it was good news on that front, as well. Stability—in this instance, predictably improving house values—are one sign of a healthy Costa Mesa market environment. That makes for the kind of atmosphere you’d hope for if the time is nearing for your next residential real estate transaction (and a call to our office!).
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 info@thel3.com
