Costa Mesa Real Estate Update July 2012
Colin Delaney July 15, 2012
Colin Delaney July 15, 2012
Why do we call it our MicroMarket Update? You might have read other posts in the National News or OC Register saying that the local Costa Mesa real estate market isn’t that good. We do our MicroMarket update once a quarter to give you the non-fat, skinny girl, no-nonsense scoop on what’s really going on with the local Costa Mesa market.
Homes are selling. And selling quickly. This is happening in lots of areas of the country (Like Phoenix) where there were rampant foreclosures just a couple of years back. Most homes that are standard sales are selling quickly, most in less than 30 days. A note to buyers out there – if you see it, you like it, and you can afford it, make the offer and make it quick. It’s that kind of market right now.
There are still short sales in the marketplace, but those types of sales are starting to decline in our Costa Mesa market. Will there be more? Yes, especially with the Debt Forgiveness Act expiring at the end of this year. There will probably be a wave in the last quarter of the year for all those people who are waiting to get the benefit of the relief that the act brings to short sellers.
Are so, so low, it’s hard to really get a grip on it. Generally, when we think of historically good rates, we think of rates in the 5%-6% range. Rates are currently at writing at 3.375% for conforming loans (under $417,000) and at 3.625% for high-balance loans (up to $625,000) in Orange County. There is not much sign of that changing, as the Fed definitely has its foot off of the gas pedal and does not appear to want to raise them any time soon. Costa Mesa Real Estate Update July 2012
With rates in the 3% zone, it makes it VERY attractive right now for people in Costa Mesa. Sellers looking to downsize or upsize in terms of the size of the home will really, really benefit from this market right now, especially if they are using a loan to buy the next house.
Yup, if you haven’t heard it already, inventory is pretty B-A-D bad. A quick sample:
Only 17 homes for sale (active status) in Mesa Verde (Normally we should have 35+++ at the height of summer):
There are only 13 homes for sale in both the Westside Costa Mesa neighborhoods and the South Coast Metro Area neighborhoods. There are only 24 homes in the Central Costa Mesa area and only 44 homes for sale (active) in Eastside Costa Mesa (That number should be closer to 100). Inventory is way, way down. Why? I think a lot of sellers view this as not the time to sell. Companies are doing fewer hiring/transfers, and people are generally staying put unless they are trying to capitalize on a move up/move down with lower rates.
Probably. The Costa Mesa Real Estate Update July 2012 is strong, and the market will slow in the fall like it always does as kids get back to school. Those are the times when the best deals happen though.
Interested in what’s happening in Costa Mesa? Or have a question I can answer?
Please call Colin at (714) 743-9882 or e-mail me.
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Colin’s commitment to getting sellers top dollar and securing the best deals for buyers is backed by a proven track record and extensive local knowledge.
