5 Concerns of Costa Mesa Real Estate Buyers

Today’s rapidly rising prices and mostly volatile real estate market do make things tough for buyers, so we thought we’d explore what’s going on inside the minds of the buyers in today’s market. Hopefully, sellers will find some insights for marketing their properties, too.

Fresh off the presses, here are some of the insights and takeaways from the latest American Dream Survey, pinpointing the things today’s buyers worry about, will, and won’t do in their quest to get their own corner of the American Dream: a home.

Concern 1: Mortgage rates and prices will rise before I buy. Trulia’s Economist Jed Kolko reports that “the top worry among all survey respondents who might buy a home someday is that mortgage rates will rise further before they buy (41%), followed by rising prices (37%).” The worry is valid, given the fact that the market was depressed for so long and has a long recovery road ahead of it. It’s compounded by the fact that buying a home has gone from something that used to take a month or two and now routinely takes 6 months, 9 months, a year, or even longer!

Costa Mesa real estate advice: If you find the right property, pull the trigger. If you have taken time and looked around thoroughly, you will know if the property is a fit for you. Not feeling it? Don’t worry, there will be another home for you.

Concern 2: Be Aggressive? Lots of buyers are being aggressive, to the tune of more than 60% who are willing to offer more than the asking price. This will change though, as more inventory comes on the market.

Knowing that other buyers are facing the same challenges you are and coming up with similar, aggressive solutions can help you feel a little less crazy about your thought processes and emotions and the desperate measures that come to mind when you hear how many others think “your” home is their dream home. Offer to pay seller closing costs or other little perks to get the sellers on your side.

Concern 3: I won’t find a home I like. Forty-three percent of people who plan to buy a home in the next 12 months expressed the concern that they might not be able to even find a property they like. Sometimes when you are looking for a Costa Mesa real estate home you have to be f-l-e-x-i-b-l-e! There might not be the perfect kitchen or master bath. Check out the inventory, see what is normal, and make a decision.

Concern 4: I will have to compete with other buyers for the home I like. 32% felt that if they bought in the next year, it was likely that they would get into a bidding war. This is just a reality of today’s market. Expect it and be strong with your first offer. Less than 10% of those surveyed would bid over the asking price.

Concern 5: I won’t qualify for a mortgage. 30% of respondents felt they might not qualify for a mortgage. What? A great first step, before looking for a Costa Mesa real estate home is to qualify for a mortgage, or at least know what you can or cannot afford. This is the only one on the list you can control!

Need help in Costa Mesa? Feel free to call Colin at (714) 743-9882 or E-mail me. I have great lenders that I work with for every Costa Mesa real estate situation you might need too!