Personal matters may be most important in deciding when and whether it’s time to sell your Costa Mesa home, but at least one real estate industry designation may also factor into that all-important decision: the declaration that it’s now a “buyer’s market” or a “seller’s market.”
When buyers read that real estate is in a buyer’s market, expectations rise that sellers will be more prone to accepting offers that shave dollars off of an asking price. The opposite holds when it’s thought to be a seller’s market—few would be astonished if their full-price offer is outbid by another buyer. For buyers, overcoming seller’s market headwinds consists of moving fast when an opportunity arises—and being patient (and persistent) while awaiting the next one to appear.
Most of the time, real estate activity tilts in one direction or another, but isn’t categorically declared to be a buyer’s or seller’s market. But if last week’s public pronouncements are any indication, the current market is an exception:
- Housingwire (3-30): “Economist Matthew Speakman said the expectation of increased price growth is expected to persist for many more months.”
- NAR.Realtor: “February 2021 brought…the median sales price up 15.8% year over year, and inventory is down 1.1 months from February 2020.”
- Realty Times (4-1): “If you want to buy, there are… challenges because it is what you would characterize as a seller’s market.”
- American Enterprise Institute (3-29): “National Home Price Appreciation for February 2021 averaged 12.3%. This is up from 6.6% a year ago.”
- CNBC (3-29): “There were only 1.03 million homes for sale at the end of February—a nearly 30% decline from last year. That’s the largest annual drop ever—and the lowest supply ever!”
The Wall Street Journal may have been most convincing of all with its Personal Finance commentary: “Sellers,” it advised, “this is your time.”
With U.S. properties selling in just about half the time it took a year ago (20 days on the market this February versus 36 days in 2020), the “seller’s market” declaration could be a deciding factor for some Costa Mesa home sellers. If that’s your own disposition, I hope you’ll give us a 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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