How Costa Mesa Homes for Sale Fare during Recessions
In addition to the mostly glum news about the likelihood of a downturn in the nation’s economy, you’ve probably also heard a blanket pronouncement for residential real estate that’s not so rosy. Based on the probability that we’re in for at least a short recession, at first glance that would seem to justify headlines like “Morgan Stanley: Home Price Declines Are Coming in 2023”—and even last week’s “When Will Housing Prices Drop?”
Not even IF, but WHEN!!! (Thanks a lot, U.S.News & World Report).
But hold on for just a moment. If you’ve been mentally rescheduling putting your Costa Mesa home for sale until a later time when the economy rebounds, there is a piece of information that’s missing—one that might change your mind. This was last publicized three years ago when some broad economic indicators looked equally gloomy. It pointed to a different conclusion.
CoreLogic’s ‘Economic Observation’ appeared in March of 2019. It examined the data from the Standard & Poors Shiller Home Price Index, unearthing “several reasons to be optimistic” despite the Index’s affirmation that house prices had fallen “for seven straight months.” It included a graphic that traced annual price changes from October 1978 until the most recent point—data that put the lie to any ‘this-therefore-that’ connection between national recessions and house prices. Examples like, “during the 1980 and 81 recessions, prices grew by 6.1%” and “home prices grew 6.6% during the Dot-Com recession” made it seem a lot more accurate to predict that in any future recession, a corresponding Costa Mesa home price dip would be the exception rather than the rule.
Nobody can ever be certain about the direction of future markets, but it’s vital to understand (and believe) that this is demonstrably true for predictions of downturns as well as upturns. Delaying the listing of your Costa Mesa house because a recession might be imminent wouldn’t seem to be a very persuasive reason. Call us whenever you’d like to check up on how our own residential market is performing as we near the historically strong busy season!
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
