When a website like lexology.com assesses the year in real estate as one “which faced unprecedented challenges,” Costa Mesa readers know what to expect: details that amount to a torrent of excuses justifying a lame showing in the year just ending. But--not so. As Year 2021 goes into the record books, its history is anything but—as any number of Costa Mesa homeowners will attest. They have good reason to be elated by the ballooning value of their primary investments—their Costa Mesa homes.
The buoyant details weren’t limited to Costa Mesa, either. Throughout most of the nation, the story was the same. Home.com “saw home prices skyrocket like never before.” CNBC headlined, “Homeowners are sitting on record equity,” while theclose.com could note, “the average listing price for a home in 2021 has risen more than 32% since March 2020” (to $374,900).
The superlatives extended to residential investors so that even the normally staid Wall Street Journal could headline a “Golden Age” for apartment owners—one “Primed to Continue in 2022.”
The strong showings traced their beginnings to the early months of the COVID-19 pandemic. Following early expectations that centered on the health restrictions bound to hamper residential showings and open houses, it soon became apparent that buyers were going to be undeterred. There followed the opposite of the anticipated slowdown, triggering a dramatic reduction in the supply of homes for sale. And when inventory levels “went from a six-month supply to a one-month supply over the course of a year” (nhbr.com), the resulting competitive atmosphere had buyers dealing with a real estate market where closing prices could wind up eclipsing listing prices. In November, Realtor®Magazine cited existing-home prices that rose another 1.9% over October’s closings, reflecting the prevalence of “determined buyers” looking to “land housing before mortgage rates rise further in the coming months.” By the time the year ends on Friday, the U.S. home values will likely have chalked up more than the 13.3% registered at the close of November.
For Costa Mesa homeowners who will be listing in the new year, the outlook continues to be bright. For those looking to escape rising rental rates, a few bright spots may be emerging—the brightest being a year-end prediction by Fannie Mae: those rising mortgage interest rates are expected to end 2022 at 3.3%. For buyers and sellers, as always, we’ll be manning the phones, awaiting your call!
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 email@example.com
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