Housing Market Extremes Make this Spring Special
This spring, Costa Mesa readers have grown accustomed to hyperbolic descriptions of what’s been going on in the nation’s housing market. In parts of the country, words like ‘boom’ and ‘frenzied’ have been appearing regularly in real estate commentaries—and many of them aren’t exaggerations. More often than any time in recent memory, it seems that some buyers are bent on owning a particular home no matter what!
CNN Business published a commentary last week with a headline that read like a not so funny answer to a late-night comic’s setup line:
“Just how hot is the housing market?”
“The housing market is so hot buyers are paying $1 million over the asking price.”
It was a headline that would no longer raise eyebrows in some regions where few properties are available for the many would-be owners seeking to relocate. Some of the real-life examples CNN correspondent Anna Bahney reported:
- One buyer, striving to compete with a rival’s $25,000-over-asking offer, could only scrape up $15,000-over…but when he added 10 Ether crypto coins (worth almost $40,000 at the time), he landed the house.
- A buyer in the radioactively hot Austin market paid $1 million for “a $500,000 home.” Worried that the inflated price would raise property taxes, he came up with two separate transactions—the second bought a new home for the seller. The legalities were handled by a real estate lawyer who did admit that “buying two homes just to get one is pretty wild…but creative.”
- One view property in Berkeley, California that listed for $1,150,000, sold in two weeks for $2.3 million.
This spring, the phenomenon isn’t everywhere—but it is surprisingly widespread. By one account, literally hundreds of US homes have sold for $1 million over asking. Our own Costa Mesa housing market may not be overloaded with buyers competing to advance seven-figure-over offers, but the current mortgage interest environment has enabled buyers to be uncommonly generous. If you have been tempted to list your own Costa Mesa home, it’s not hard to agree that right now is still an unusually opportune moment. If that’s your inclination—we can help you make it happen. Do 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 info@thel3.com
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