We keep reading about the widespread shortfall in U.S. home listings—usually credited for the steady rise in prices. For the typical Costa Mesa homeowner inclined to sell anyway, you’d think those conditions are reason enough to add their property to the Costa Mesa listings.
It seems unlikely. Evidently, there is a shortage of sellers willing to put their homes on the market, yet the latest U.S. data indicates strong sales activity. For the year just ended, existing-home sales reached 5,640,000. According to the Trading Economics website, that volume constitutes the highest level since 2006. Despite the shortage of inventory, the market is moving briskly.
There are reasons why that might make sense. The allure of being able to sell quickly and for a premium—conditions primed to create a lively market—is up against at least one overriding real-world barrier: the fear existing homeowners have of not being able to find something better at a doable price. The COVID-19 wildcard may have added an outside hassle factor, but at this juncture, practical workarounds have successfully dealt with the health issues raised by the pandemic. The only other reason homeowners might decide to hold onto their house despite reasons to move on is financial: the temptation to simply refinance at today’s remarkable rates.
Looking to the future, some industry analysts expect the inventory shortage to continue—but others believe it will begin to reverse. Igor Popov, Chief Economist at online company Apartmentlist, foresees that changing social factors will force more and more residence changes—a real estate version of homeowner musical chairs. He cites the pandemic as a key factor, causing a “generation of knowledge workers to reconsider where they live.” Since remote working is continuing to make office attendance less necessary, in his view, some of the last decade’s hottest residential markets will cede popularity to mid-sized and rural communities.
Money magazine quotes another chief economist, James Gaines of Texas A&M University’s Real Estate Center, who sees refinancing rates as the key motivator reducing peoples’ incentive to list and move. Baby Boomers, a primary homeowner group, have also been tending to “age in place”—contrary to previous expectations.
But regardless of national and local Costa Mesa trends, the decision to sell a home is primarily prompted by individual life events and aspirations. For homeowners who are inclined to enter the Costa Mesa listings for any of the traditional reasons, the current market’s tilt is a fortunate turn of fate. If the time seems right to explore your own options, we hope you’ll give us a call!
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 email@example.com
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