Last month ended with a continuation of the same housing market conditions that had held for most of the summer—adding only a glimmer of optimism for Costa Mesa house hunters. The big picture for the U.S. on Labor Day, 2022, was still a slowing of the volume of pending home sales everywhere except in the West (which notched a minuscule monthly gain). But slowing transaction totals didn’t seem to have created much market turmoil—certainly, sellers weren’t listing en masse.

Although many homeowners had relished checking into websites that showed estimates of their home’s value that leaped by thousands of dollars seemingly every month, many of those estimates were now coming down. Still, there was ample reason to suspect that this was merely a correction from over-exuberant levels. In fact, as NAR® Chief Economist Lawrence Yun pointed out, home prices were still rising by double-digit percentages year over year.

The glimmer of optimism for Costa Mesa house hunters was signaled in a month-ending financial analysis by Fortune’s Lance Lambert, who described reasons why a housing correction could be thought to be underway. Certainly, the headline opened that possibility: “The housing correction intensifies—Blackstone to stop buying homes….”

Fortune’s analysis centered on a pullback by market giant Home Partners of America. Last year, mega-investment banker Blackstone had acquired Partners for $6 billion—but now they were announcing “a halt to single-family home purchases.” Those were grounds enough to raise Fortune’s question: “Are deep-pocketed Wall Street firms simply pausing their buying plans because they think better discounts (i.e., falling prices) await?

The answer was a teeter-tottering ‘yes’ and ‘no.’ Home Partners planned to back off in only 38 of its 76 regional markets—and it seems that those were areas where it hadn’t pursued much activity, anyway. “We are pausing in markets that represent less than 5% of our recent activity,” according to Blackstone. Headline or not, this seemed to be a pretty mild housing correction “intensification.”

Nevertheless, qualified buyers might soon expect a dip in competition for the still-meager supply of U.S. properties. Data shows that a typical U.S. family ceases to be able to buy a median-priced home when mortgage rates rise above 5.7%. At that point, a family would need to spend more than 25% of their income on the monthly mortgage payment—that’s not recommended. And by Friday, Fortune cited the 30-year fixed rate at 6.23%...

Even given today’s challenging market, the good news is that we are able to help qualified Costa Mesa house-hunters find and land suitable properties. Call for details!

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





The L3, L3 Real Estate, Costa Mesa Real Estate, Huntington Beach Real Estate, The Best Real Estate Company in Costa Mesa, The Best Real Estate Company in Huntington Beach, What is the best real estate company in Costa Mesa, What is the best real estate company in Huntington beach, Costa Mesa, Huntington Beach

Posted by Matt Kanoudi on
Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.