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National Press Close to Declaring a Sellers Market

“Circumlocution” —the hefty word for “beating around the bush”—describes what the national

real estate news feeds have been practicing for a while when it comes to the state of the marketplace.
Until recently, most analysts seemed reluctant to call this spring’s U.S. lineup a “sellers
market”—perhaps because the phrase might discourage would-be buyers. That began to change last

As the week came to a close, Costa Mesa homeowners who’ve been putting off their own decisions
about whether to list their properties could find ample reasons for acting. Not only was that “sellers
market” label showing up more often, but a host of supporting reasons had appeared in month-end

Compared with the last quarter of 2017, the percentage of households who believe the
economy is improving grew to 60%—an 8% rise

More than that—63%—think their own financial situation will improve in the next six

Perhaps as a reflection of that growing optimism, 68% of buyers report that they believe it is
now “a good time to buy a home.”

If Costa Mesa homeowners were encouraged to believe that Costa Mesa buyers share that opinion,
they’d be in step with the rest of the nation: 74% of homeowners think now is a good time to sell. That’s
a conclusion that’s easy to understand since U.S. home prices have grown a cumulative 48% since 2011.
Yet even with such encouraging evidence, the number of listed properties continues to be well below
demand. What might otherwise be a booming market continues to improve—but gradually.

The NAR’s Chief Economist sounded almost wistful about the supply bottleneck. “Ultimately,” he
was quoted as saying, “supply conditions would improve measurably...if homeowners finally decide that
this spring is the time to list their homes for sale.”

With buyer optimism growing and available properties still in short supply, conditions are close to
the textbook definition of a sellers market. Whether buyer sentiment will continue to persist as mortgage
interest rates rise is an open question—and an additional reason why owners might choose this spring to
put their homes on the market.

If you are thinking that the time could be right to buy or sell, I hope you will give me a call. We can
get down to specifics on how to achieve your goals in today’s Costa Mesa market.

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