For those who have never bought or sold a home during Costa Mesa real estate’s busy season, coming up with metaphors isn’t easy.
It’s not like end-of-model-year auto sales because that season draws buyers by offering heavy discounts. Newly manufactured real estate isn’t arriving from the factory, so price reductions aren’t called for.
Real estate’s high season isn’t like a nursery’s or hot tub dealer’s peak seasons, either—even though both get busier around the same time of year. The pricetags for Costa Mesa real estate transactions make such comparisons ill-suited—apt metaphors would have to be more momentous.
It might be more fitting to turn to nature or to science for a suitable analogy. If so, you could argue that Costa Mesa’s
If last week’s Realtor® Magazine commentary is accurate, the timing for Costa Mesa’s peak homebuying season looks as if it is apt to return to traditional seasonal patterns—unlike what happened in 2020. If the economists at the National Association of Realtors are reading the tea leaves correctly, last year’s scrambled real estate sales activity should give way to something more closely resembling the regular pattern. That would reflect the current rise in optimism that recovery from the pandemic is on the way—reversing the disruptions that first crippled spring sales, then brought unusually brisk activity in the summer and fall.
If Costa Mesa’s traditional peak homebuying activity does follow the spring-to-summer pattern, Realtor’s advice to real
No one may be sure of how many Costa Mesa homeowners chose to deal with their year-end stir-craziness by surfing the web last weekend, but for those who did so by Googling “top events of 2020,” there wasn’t much doubt about what finished as Number One:
The pandemic, of course.
Second place tended to be a jump ball between either the Presidential election or impeachment, after which a dozen other noteworthy occurrences vied for recognition. Among others, Prince Harry and Meghan Markle’s resignation from the Royal Family competed with the Australian and California wildfires, the postponement of the Tokyo Olympics, a stock market crash (although Wall Street’s swift recovery made that one a weak contender), murder hornets, etc.
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They were at it again last week—the party-poopers who wanted to quibble about what newspapers and broadcast media were proclaiming: a shattering of the record lows in mortgage interest rates. For Costa Mesa real estate followers, the argument missed what is most important: the bottom line that the rates being offered continue to create a heady environment for home buyers and sellers.
“Don’t Believe This Week’s Mortgage Rate News” headlined the Mortgage News Daily, which once again picked apart the underlying figures published by Freddy Mac. The government-sponsored entity had reported a mind-bending average rate on the 30-year mortgage of 2.80%! That, wrote Freddy, constituted “another record low…amid the release of new housing data reinforcing how
One consequence of the pandemic was the on-again/off-again nature of this year’s Costa Mesa real estate busy season. The restrictions resulted in what you’d expect: pent-up demand. The promise of loosening restrictions is widely expected to bolster the number of “For Sale” signs that we’ll soon be seeing—in any case, we should know before long.
For house hunters who will be looking to land their first starter home, most are prepared to be satisfied with a property that falls short of a “dream home” designation. That’s to be expected: since homeownership is by far the most important component for building family wealth, it’s encouraging to watch how the equity being built from a first home is fueling the progression into the next, superior one.
The other day, it was interesting to read a featured commentary on the MoneyCrashers.com website. It promised to pinpoint the “6 Factors” to consider when deciding whether you “should buy a home now— or wait?” No dateline was visible, but you’d have to deduce that it had first been published a while ago. The absence of any mention of today’s changed circumstances and the uncertainties ahead made it pretty clear that it had been written in pre-pandemic days (remember those)? Even so, the “6 Factors” do hold their validity. They may not cover all the key considerations—but they do set the stage for that very weighty decision.
The first factors dealt with financial viability. Realistically, those first three are basic qualifiers for buying any home in
The “Real Estate News” tab in Realtor.com is a reliable source for information that real estate followers—especially active Costa Mesa home buyers and sellers—can turn to for the latest takes on real estate market activity. Since it comes from the National Association of Realtors®, it’s not where you’d turn to for a completely impartial view—nonetheless, the underlying information it dispenses is dependably accurate.
Since that’s the case, the leading article from a couple of weeks back had been discomfiting. “Gallup: Only 50% of Americans Believe It’s a Good Time to Buy a Home” isn’t exactly supportive for anyone who’s been weighing the pros and cons of a real estate purchase right now. The basis for the piece was, indeed, slightly unnerving. A
For the next wave of Costa Mesa home buyers—as well as for homeowners who intend to offer their Costa Mesa properties for sale—the past week produced little to clarify what to expect from future Costa Mesa market conditions. Even so, as California’s state and county officials scrambled to offer guidance on public health and safety issues, there was also a growing national awareness of the simultaneous need to preserve a viable economic future.
Throughout the week, New York City dominated much of the nation’s attention. As its heroic health workers braced for a potentially catastrophic viral surge, it was not surprising that almost unnoticed came a ruling affecting its real estate disposition. It illustrated one aspect of the dilemma facing