Inflation Needn’t Derail Plans to Buy a House in Costa Mesa
Given the latest unsettling reports about everything from supply chain disruptions to the price of gasoline and groceries, almost anyone might hesitate before moving ahead with plans to buy a house in Costa Mesa or anywhere else. Mightn’t it be more prudent to wait until more stable conditions return?
One counter to that cautious stratagem is the example of recent history. A few years ago, would-be buyers who decided to hold off until the return of a more stable environment missed out on what, in retrospect, turns out to have been an opportune time to buy a house.
The fact is that residential real estate prices have risen steadily despite the unsettled public sphere. Buying a house in Costa Mesa has continued to reward buyers who ignored unprecedented upheavals like those accompanying the COVID-19 pandemic. There is no guarantee that tomorrow’s home buyers will wish they had taken advantage of today’s market (there never is)—but for those inclined to act, some factors do alleviate much anxiety:
- For one, there is a growing consensus about the prospects for coming inflation—and its likely effect on residential real estate. Investopedia agrees with many analysts that there is “a correlation between inflation and house prices.” That view has it that increasing the money supply inevitably causes house prices to increase—not in direct proportion, but “meaningfully.”
- Another offshoot of inflation is its effect on interest rates. The levels of inflation that are now being projected could one day make today’s mortgage rates seem like tales from a mythical past.
- Last week, Realtor Magazine ran an article that pointed out how autumn is a season that’s historically advantageous for buyers. Based on a study that examined 33,000,000 single-family home and condo sales, the record shows that “buyers who close in October tend to get better deals compared with those who purchase during the spring buying season.” Their research indicates that buyers “may see a 2.9% premium on listings compared to 11.5% in May.” Considering today’s listing prices, that alone should give would-be buyers serious food for thought.
Right now, an appealing assortment of Costa Mesa offerings is available across a variety of price ranges. Call to discuss some of those you might want to visit!
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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