Last week, if you were among the Costa Mesa readers who happened across Mortgage News Daily’s banner headline, you could almost hear the writer’s yawn as he penned, “April’s Home Prices Grew by 13% and Broke More Records.” The implied ‘ho hum’ behind the words is understandable, but if it might lead Costa Mesa homeowners to accept such record-breaking as a new status quo, it could be misleading.
A close reading of the latest Gallup poll on how Americans expect residential prices to perform in the coming year leaves a more nuanced takeaway. “Americans Expect Home Prices to Rise…” was Gallup’s top line—but it added, “…Divided on Buying Now.” The poll confirmed that 71% of American adults predict that prices in their own neighborhoods will increase over the coming year—a humongous rise from last year when the pandemic left 60% expecting them to hold (or worse).
Potential Costa Mesa sellers who refrain from listing because they expect higher returns later might benefit from the second part of the poll. True, both buyers and sellers agreed that it’s a “good time to buy a house”—but that reading was narrow; almost 53%-47%. For buyers already put off by current Costa Mesa home prices, the widespread expectation that they will rise further creates a push-pull on their buying decision.
Stratospheric asking prices usually seem like an invitation for the owner to compromise—but if market prices are widely expected to continue rising, holding back can mean missing the best opportunity. Especially because mortgage interest rates remain at bargain levels, it’s hard to ignore the possibility that today’s is an opportunity that might never return.
Small wonder that so many Americans are split on whether ‘buying now’ is the best course of action. One piece of the puzzle is the current state of our Costa Mesa market. Call us for a personalized up-to-the-moment readout. We’ll assemble a written report — presented with no obligation!
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 firstname.lastname@example.org
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