Why Are Homes Sitting Longer? Decoding the Current Costa Mesa & Huntington Beach Market
Posted by Matt Kanoudi on
The sun-kissed shores of Costa Mesa and Huntington Beach have long been synonymous with desirable real estate. However, in the current market, we're observing a trend: homes are taking a bit longer to sell. What's behind this shift? Let's delve into the key factors influencing our local market.
Factors Contributing to Longer Market Times:
Interest Rate Impact:
- Fluctuations in mortgage interest rates significantly impact buyer affordability. When rates rise, potential buyers may reduce their budgets or delay their home search. This directly affects the speed at which homes sell.
- In areas like Costa Mesa and Huntington Beach, where property values are relatively high, even small interest rate increases can have a substantial effect on…
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