Costa Mesa Listing Prices in a Post-Bidding War Environment
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Traditionally, the asking prices that headed Costa Mesa listings represented the seller’s idea of their property’s reasonable value—an acceptable amount that a buyer would (hopefully) consider to be fair. However, during much of the recent seller’s market conditions that prevailed across most of the U.S., it was not unusual to read eye-opening tales of bidding battles that resulted in closing prices that were significantly higher than the original asking price.
Costa Mesa listings may not always closely follow what’s going on throughout the rest of the nation, but they do tend to be influenced by major tidal shifts in the nation’s economic fortunes (as well as the public’s perceptions of them).
Lately, as reports of bidding battles have faded from the national press, local buyers might reasonably expect that the asking prices topping today’s Costa Mesa listings will be closer to final sale prices than was true earlier in the year. This may not qualify as a buyer’s market, but with the volume of U.S. sales having declined for five straight months, local buyers might reason that sellers would be in a more flexible mood.
Perhaps so, but a number of other explanatory factors make the picture less clear. Some of the conflicting crosscurrents:
- According to CoreLogic’s Selma Hepp, “The summer months are generally slower due to vacations and kids being out of school.”
- Yet that’s a slowdown that “tends to pick up in the fall,”
- But “the cumulative impact of higher mortgage rates, increased home prices, and fears of recession” have caused some buyers to adopt a ‘wait-and-see’ attitude.
- Even so, Bankrate senior analyst Mark Hamrick finds, “The supply of homes for sale may become a bit more favorable”—so “the scales have begun to tip more in buyers’ favor.”
- But the affordability factor could continue to hamper buyers, according to NAR® VP Jessica Lautz, since “both home prices and mortgage rates have risen.”
All in all, Hamrick sees a market that won’t slow down so much as one that will calm down, so “This might be viewed as a journey toward a more normal market.” Bankrate’s chief financial analyst, Greg McBride, agrees that “mortgage rates do seem to be stabilizing”—a trend that should continue if there is “any evidence of inflation receding.” A calm market should be a welcome backdrop for this fall’s sellers and buyers—if only to make planning less problematic. For a well-rounded perspective on current opportunities in today’s Costa Mesa market, 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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