Buying a Home in Costa Mesa Despite a Googled Query
Among the most Googled question as the new year begins are variations on “Will the housing market crash?” It’s a sensible query, but only for anyone who believes that Google can see into the future. Some of the variations, like “Should I wait for the housing market to crash before I buy a house? assume not only that Google engineers have solved the ancient art of soothsaying but that market timing is the most important step in buying a house.
The popularity of those queries can probably be attributed to the commendable human impulse for caution. If you don’t know what the future will bring, you should at least see what the experts are thinking. If common sense teaches that even experts can’t really be relied upon when it comes to market timing, shouldn’t you check out what they say, anyway—at least you’re doing something!
There is one point that should relieve some of the anxiety that prompts the query. After all, clarity is called for when large purchases (like buying a home in Costa Mesa) are on the table—and fear has a way of crowding out rational factors, even if they would tame its sway.
For most people, the last global financial meltdown and accompanying real estate crash looms in memory as near-catastrophes. For some who had depended on an uninterrupted boom, it did have serious consequences. But in fact, what at the time seemed to be the beginning of an endless plunge, when viewed from a long-term perspective now can be seen as a temporary dip. The Federal Reserve’s graphic representation of House Prices Sold from 1965 to Now makes that point undeniably clear. Seen in their entirety, the line representing the steady upward march of U.S. home prices was only briefly interrupted from the first quarter of 2007 to the same quarter of 2009, during which it did turn dramatically downward. But that only took place for those two years. From that point until the end of 2011, prices actually held steady—neither rising nor retreating. Thereafter, they resumed their habitual gains at a rate that entirely obliterated the effects of the crash.
As was sometimes noted during the “meltdown” period, homeowners who had no reason to sell their Costa Mesa homes could have contentedly ignored the whole phenomenon. Except on paper, it didn’t affect them. For prospective homebuyers today whose principal goal is to seek a residence they plan to enjoy over the long term, the Fed’s graph should be greatly reassuring.
For all your Costa Mesa real estate questions, call us anytime!
We are built on a philosophy of Heritage & Hustle. The 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 is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The 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, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The 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 The 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 The L3 today at 714-444-4663 or email us at info@thel3.com
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