Residential Real Estate in Costa Mesa: the Year that Was
Last Saturday, while media attention was largely fixed on preparations for a pleasantly warm-weather New Year’s eve in Times Square and predictions about the year to come, it was also the moment for backward-looking “roundups” of 2022. Joining the crowd was Realtor® Magazine, offering its look at how residential real estate fared throughout last year. For all who follow residential real estate in Costa Mesa, there were no surprises in its “5 Trends That Defined the 2022 Real Estate Market.”
The five points were valid enough, but they were preceded by a simple sentence that summarized the most conspicuous aspects of Costa Mesa’s year: “Housing was on a roller coaster [in 2022], going from a homebuying frenzy to a standstill.” Perhaps “standstill” is an exaggeration, but the overall movement was hard to disagree with. In brief, here are Realtor’s five trends:
- The housing slowdown.
- The mortgage rate “shocker.”
- High appreciation. Home prices across the country began to ease, but even so, in most areas appreciation continued at a reduced pace.
- Remodeling boom. Twenty-two percent of homeowners explained that their top motivation for remodeling was ROI: return on investment.
- Fear surfaces. Economists have “been quick to offer reassurance” to the contrary, but their clarifications of the difference between the housing crisis of a decade ago and today’s market have been largely unheard by a sizeable minority. One study (from LendingTree) surveyed Americans and found that 44% feared a housing crash in 2023.
As the 8th-grade history teachers remind their pupils, “January” is derived from the Roman god of transitions. “Janus” is the one represented by a double-faced deity looking backward and forward at the same time. While NAR’s ‘5 Trends’ did a fair job of the backward-looking roundup, let’s hope that this year Janus will preside over a gateway to trends that are propitious for residential real estate in Costa Mesa—one that prompts you to call us in 2023!
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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