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Real Estate Market

Found 393 blog entries about Real Estate Market.

By the end of last week, Costa Mesa real estate observers were finding confirmation from across the nation of what the NAR’s chief economist had just told Forbes. July data reflected buyers who were “tightening their budgets” and sellers “responding with price reductions.” The seller’s market conditions that had been ruling the market might have largely vanished, but buyers who “expected to find a bargain” were likely to be disappointed. Nonetheless, “home shoppers who kept searching saw more available options.”

All in all, local Costa Mesa real estate watchers were left without a clear way to characterize the late-summer market. Nor were the experts particularly helpful—nowhere were the words ‘buyer’s market’ to be found. One 38-year real estate

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For generations of Americans, owning their own family home has been the single most defining element of The American Dream. For obvious commercial reasons, the National Association of Realtors® must certainly be counted among the leading proponents of the validity of that ambition. The Sun rises in the east, also.

So it was startling to find last week’s “Trends” section headed by a lead article with this headline:

Forget the Traditional ‘House’-Everybody Wants These Types of Homes Right Now

“Forget the traditional ‘House” ???? Realtors (of all people!) telling everybody to forget the traditional house? As single-family home prices continue to rise, it may be a fact that an increasing number of buyers are finding themselves all but

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Throughout the sustained run-up in home prices, there’s been sporadic speculation that a reversal must be imminent—possibly driven by a natural urge to assume that too much good news is bound to invite a corresponding nosedive.

Throughout the run-up, the commonly accepted reason for U.S. home price increases has been the sustained supply and demand imbalance. For a number of well-documented reasons, the supply of homes for sale dropped below record levels at the same time that demand continued to mount. As competition for the available housing increased, so did the willingness of buyers to pay top dollar. Super-low mortgage rates helped make many high-priced Costa Mesa real estate buying decisions entirely reasonable.

Now, as the summer wears

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This month has brought news of buyers backing out of pending sales contracts at a record rate—which could also have many would-be buyers asking themselves if buying in Costa Mesa right now is the right move. The questions are reasonable: “Will I be overpaying if I buy today?” “Will prices drop tomorrow?” “Will I get a better deal if I hold off?” In many cases, the best answers actually depend less on the marketplace than on the personal circumstances of the person doing the asking.

If, for instance, you are currently considering buying a home in Costa Mesa but think there’s a chance you may outgrow the home within the next few years, buying could be inadvisable. If you think there is a chance you might need to relocate or change jobs or income

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For scads of Costa Mesa residents, 2022 will mark the first true summer vacation season in a long time. The U.S. Travel Association tells us that domestic leisure travel spending has already surpassed pre-pandemic levels (even adjusting for inflation).

For Costa Mesa vacationers, taking off for longer than a weekend will require thinking back to retrieve some of the smart traveling habits developed when yearly trips were routine—household security measures among them. For all the Costa Mesa vacationers whose homes will be left unattended, reinstituting a few precautionary measures will go far to prevent a miserable surprise from spoiling the return home. Here’s a refresher:

  • Secure seldom-used doors and windows that usually remain unlocked.
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It may have seemed as if the springtime rise in the rates Costa Mesa home loan originators were quoting was overdue for a pause, and that's what local applicants found last week. The rate dips weren't gigantic, but they pointed in the right direction. Over the weekend, Yahoo! finance's "Moneywise" column was able to headline, "Homeownership just got 5% cheaper as mortgage rates fall off a cliff."

To applicants whose recent memories include interest rates that began with a "3," that cliff may seem to be a low one—but the NARs' senior economist was correct in asserting that purchasing a home was 5% more affordable at week's end than at its beginning. At week's end, Freddie Mac's calculation for the average 30-year mortgage rate was 5.3%—down from

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When the experts make a point of advising that you remove the family photos as part of preparing your house for sale, they don’t mean to criticize your family. Even if Aunt Agatha’s scowl seems to be in every group portrait, it’s not that. It’s also not about the art of photography in general, either.

It’s about YOU.

That may not seem to be a very client-friendly sentiment, but no offense should be taken. Costa Mesa homeowners shouldn’t take offense. The overall goal of depersonalizing your home—that is, making the house as ownerless-seeming as possible—is an important part of helping house-hunters envision your property as their own. Removing the objects that reveal your family’s personality—things like awards, family portraits, and vacation

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“Rich Dad Poor Dad” was a smash self-help hit book a few years back, selling more than 32 million copies. One of its major premises is that the odds for accelerating wealth creation are shortened for children of “rich dads” who grow up learning the difference between those who “go to work to make money” and those who “make money work for them.”

As yet, there is no best-selling non-fiction book titled “Good Debt Bad Debt”—but that phrase could make a fitting companion to Robert Kiyosaki’s hit. The concept behind it would be simple enough—but a distinction that’s increasingly valuable as worries proliferate about continuing inflation and possible recession.

It’s a distinction that can be lost in the clamor. For instance, declared last

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It’s a phrase that would-be home buyers had been hearing ever since seller’s market conditions had begun. But when “Submit your best and final bid” was recently advised by one Chicago area listing agent, the words were jolting, according to last week’s NPR Newswire report describing a new kind of bidding war.

The ‘best and final’ bid being solicited wasn’t from an eager homebuyer who’d be competing with others for their dream home. It was for a rental apartment. The bid under discussion was for the amount above the asking rent. The couple had lost out on another apartment, so they agreed to offer more.

The situation is now becoming routine—and not just in big cities, where historically scarce vacancies have pushed rents to new heights. Low

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For those who keep a close watch on the outlook for Costa Mesa real estate, finding the upside amidst last week’s raft of less-than-cheery economic news was a tall order. Let’s face it: after years of buoyant tidings and record-setting Costa Mesa real estate advances, few had doubted the certainty that some retrenching was certain to come about at some point—the storm warnings had been there.
Even so, nestled among the worrisome economic dispatches, there actually were some bright spots:

  • Finally: the long-constricted supply of homes for sale began to stage a turnaround. The record inventory shortfall had been frequently cited for sluggish U.S. home sales volumes—but a turnaround was in progress. For the week ended June 4, the number of active
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