For Costa Mesa Real Estate Watchers, a Positive Note
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It can be easy to forget, but while skimming through the news of the day, there are usually opportunities hidden within changing circumstances—even those presented as thoroughly unfavorable. Last week, the investment strategists at SeekingAlpha.com offered a view of the state of the U.S. housing market that wasn’t widely available elsewhere. If nothing else, it offered a positive note that Costa Mesa real estate watchers could appreciate.
A case in point was last Monday’s article that emphasized a different take on the soaring mortgage rates and falling home sales numbers that inspired gloomy commentaries elsewhere:
“Housing market becomes more balanced as falling home sales lead to higher inventory”
The upbeat headline was followed by a real estate industry leader’s assessment that the market was indeed “making steady progress toward balance.” The details that followed did confirm that point of view, although they were hardly grounds for breaking out the champagne:
- In August, U.S. home sales in 53 metro areas fell 9.7% from a year earlier—with one result that buyers were now presented with more options.
- One option was an increase in the choices U.S. buyers were now being offered— year-over-year, a 30.4% increase.
- For those who will need to buy after they have sold their own home, the wider inventory “is a great opportunity.”
- For a long time, the standard definition for “balanced market” conditions was agreed to be six months of inventory—but changing homebuying patterns and the evolution of technology had redefined “balance” to equal four months.
- Now for the first time in nearly two years, inventories had swollen to two months’ worth—steady progress toward the new four-months mark and “balanced market” conditions.
In a completely balanced market, conditions favor buyers and sellers evenly, so it is considered a healthy state for normal commerce. Those latest numbers may not quite be a reason to pop any corks, but Costa Mesa real estate watchers probably can appreciate the rays of light within them. Remember, some of the biggest gains can be found in real estate in a softer market, so if you are considering listing or buying, don’t let any of the headlines dissuade you from doing what is best for your family now. Call us anytime for the latest Costa Mesa real estate results!
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
