Costa Mesa Real Estate and Early 2023 Predictions
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With so many 'if's' at large in the national arena, this year presents a tougher than usual job for the real estate experts whose annual predictions begin to surface around this time every year. If the direction of the economy were a bit clearer, the prognosticators' jobs would be tough enough—but in too many areas to count, they are TBD: recession (or not); inflation (or not); supply chains returning to normal (or not)…
Like it or not, September is when experts are expected to hazard their first predictions for the coming year in housing and real estate. This year, it should be more interesting than usual to see how they handle the current unsettled zeitgeist—especially where they find common ground. Here is a roundup of the early prognostications, centering on speculation about housing prices:
- From realwealth.com: "Home prices will continue to rise in the markets that are attractive to millennials."
- NY Post: "Despite strategists predicting a small decline in home prices…they are expected to remain high due to inflation and a limited inventory of homes."
- Freddiemac.com: "19% of U.S. adults "are likely to buy a home in the next six months…16% of homeowners are likely to sell in the next six months."
- Ivy Zelman in Fortune: "…in 2023 U.S. home prices will fall 4%."
- Fanny Mae: "House price growth is expected to [average] 4.0 percent in 2023."
- Calculatedrisk.substack: "Will house prices decline nationally? Maybe."
- Goldman Sachs: Nationally, home prices will gain about 1.8% in 2023, although "we expect 39% of metropolitan areas to experience price declines." (In fact, this year's Goldman projections themselves are the subject of debate).
If the above lack of unanimity makes for less clarity than usual, there is one established known factor that could be useful—at least for those literal-minded individuals who take supply and demand as the most reliable basis for projecting future activity. The latest estimate by the St. Louis Fed has the supply of U.S. homes pegged at 3.2 months' worth. Since a "neutral" market supply begins at six months, it's going to take a great infusion of new listings before the U.S. market moves decisively out of "sellers’ market” territory.
Our local and national markets can influence home buying and selling decisions—so when the time comes to step into the market, up-to-the-moment accurate Costa Mesa real estate market knowledge is an indispensable starting point. We hope you’ll call us for that!
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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