Why Do Costa Mesa Home Bargains Keep Getting Pricier?
You can rightly say that Costa Mesa home bargains are still out there—but not without an asterisk. For local house-hunters who’ve been warned about a shortage of homes for sale, that should come as welcome news—but that does neglect to mention that the meaning of ‘bargain’ has stretched appreciably.
No matter how elastic your definition, Costa Mesa “bargain” homes in today’s market are certain to cost significantly more than they would have a couple of years ago (or even just last year). Yet— especially compared with historical norms—landing a home at today’s prices may actually turn out to fit the “bargain” definition—that is, ‘a good deal.’ The evidence is borne out by an indisputable measure: the dollars being laid down in the marketplace. If attractive deals weren’t being struck, the U.S. housing market would be experiencing a downturn. Instead, as The Wall Street Journal characterized it last week, today’s market is ‘red-hot.”
Wednesday’s Journal confirmed the latest results: “record-high home prices happening across nearly all markets, big and small.” Even though that’s not the kind of marketplace you’d expect to entice bargain-hunters, the activity is indisputable: by the end of last year, home sales had exceeded the highest levels since 2006. “Red-hot” was no exaggeration—and the figures have extended through this year’s first quarter.
What accounts for such a high level of buyer enthusiasm? Certainly, one major factor is the continuation of rock-bottom mortgage rates. For many, they create bottom lines with readily doable monthly home loan payments. Another factor serves to persuade even more conservative buyers: the confidence consumers have in the sustainability represented by sale prices at today’s levels. Since lenders are maintaining tighter standards, borrowers are more qualified. Per the Journal, that causes economists to believe a mid-2000s-style housing market crash to be less likely.
The surrounding economic environment may also contribute to the relative attractiveness of Costa Mesa home offerings. If inflation is on the horizon, many believe real estate represents a solid investment. With Fannie Mae forecasting median existing-home prices to rise 11.5% in 2021, there’s an added incentive to act sooner rather than later—to take advantage of what may turn out to have been a true bargain. In the meantime, I’m standing by to offer expert help and guidance in meeting your own Costa Mesa real estate objectives!
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 info@thel3.com
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