Selling Homeowners Unfazed by Adjectives
As a rule, those who have Costa Mesa homes for sale generally welcome real estate headlines that include words like “soars” and “surge.” On the other hand, words like “slowdown” are less likely to be well received. Last week’s residential real estate dispatches featured all of the above—although not always in the most welcome contexts.
The ‘soars’ came into play in Bloomberg.com’s review of U.S. home inventory levels. These were said to have expanded at a record rate in July. The authors cited realtor.com®’s tally of active listings nationwide, which jumped 31% from a year earlier. Even more notable was that this marked the third straight month of record increases. Such soaring inventory levels were clearly “good news for shoppers still in the hunt”—signaling more negotiating power for buyers. The result was not necessarily truly glum news for sellers, though. A clarifying paragraph noted that inventories remained below pre-pandemic levels—and July’s nationwide median listing price was “up 17% from a year earlier”—hardly cause for dismay by sellers.
‘Surge’ came into play in cnbc.com’s review of refinancing activity, said to be characterized by the previous week’s “wild swings in mortgage rates.” Last week saw an unusual uptick in refinancings—a 4% “surge” said to have been due to homeowners taking “fast advantage” of a dip in refi interest rates. Even so, refinancing volume is down considerably from a year ago.
The ‘slowdown’ came mere words after Bloomberg.com’s ‘surge’ (above)—but was echoed by quickenloans.com and many others. It described what “many hopeful home buyers are hoping for”—a market slowdown. As “signs the housing market could be slowing down,” these top three were named:
- “Housing Inventory is Growing;”
- “Fewer Mortgage Applications are Being Submitted;” and
- “Sellers are Dropping Prices.”
Despite the presence of these signs, buyers were cautioned against assuming further price cuts were inevitable. Rather than waiting for housing prices to drop, they advised, “that’s not the best strategy.” Although no elaboration was provided, the bottom-line “best time to buy a home” was a realistic “it depends on the state of your personal finances.”
Whether you are planning to add your own property to the current crop of Costa Mesa homes for sale or thinking of making an offer for one, we hope you’ll call to discuss all the ways we can help!
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