Costa Mesa Real Estate Guidance: Best Avoid Market Timing
By the end of last week, Costa Mesa real estate observers were finding confirmation from across the nation of what the NAR’s chief economist had just told Forbes. July data reflected buyers who were “tightening their budgets” and sellers “responding with price reductions.” The seller’s market conditions that had been ruling the market might have largely vanished, but buyers who “expected to find a bargain” were likely to be disappointed. Nonetheless, “home shoppers who kept searching saw more available options.”
All in all, local Costa Mesa real estate watchers were left without a clear way to characterize the late-summer market. Nor were the experts particularly helpful—nowhere were the words ‘buyer’s market’ to be found. One 38-year real estate veteran in Scottsdale, Arizona, described a market where both home loan interest rates and listing prices “fluctuate”—adding only the opaque assessment that a “normal” market would reappear…“eventually.”
For area homeowners poised to list their properties, pegging the market is hardly an abstract exercise. In any season, personal or professional circumstances can make selling or buying a residence mandatory. Making such a major commitment when conditions are in flux automatically creates the possibility that any outcome may seem to have been a mistake in retrospect. That possibility increases the number of sellers and buyers who decide to remain on the sidelines. Actually, a better description might be that they don’t really decide at all: they freeze.
It’s hard not to sympathize with their conundrum—but a few weeks back, the business site fastcompany.com offered their investment-minded readers more than just sympathy. Reading their commentary—Why timing the real estate market rarely works—should provide a measure of relief for sellers and buyers frozen in place by the fluctuating U.S. market. Its author provides a variety of reasons why the housing market “is even more complicated than most real estate investors would like to admit.” Supply and demand are only a couple of many named factors that influence movement in pricing trends—patterns “that seem to be influenced by variables you can’t identify.”
One fact that stands out about real estate market fluctuations is how greatly they “are attributable to local conditions.” That leads to the veteran author’s practical advice: “Instead of perfecting your timing, work on perfecting your location scouting.” No matter what is taking place in the national arena, comprehensive knowledge of our local Costa Mesa market is an indispensable element in arriving at an informed decision. That’s where we come in: call 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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