Mid Year Check Costa Mesa Market Report 2014

Market Strong, Carrying On

So did I get my 2014 predictions right in Costa Mesa Real Estate? Let’s take a quick look back to my post earlier in the year and see how we are doing mid-year, and also what I think what we might see as the year progresses.

Here Were My Thoughts, in Order:

1. Rising Rates - Well, so far I’ve gotten this one wrong in Costa Mesa real estate predictions. Janet Yellin, Chief of the Fed, just committed that she does not want to raise rates. Great for Costa Mesa real estate buyers and sellers if that hold true!

2.Rising Inventory - Yup, we have twice as much as we did at the start of the year. However, we could probably use more so we have more of a balanced market.

3.Late Summer Balance, Prices Flatline - We haven’ quite gotten to late summer in Costa Mesa real estate yet, but I think this will probably hold true.

4. Slower, and Traditional - Not quite yet; the market is still strong and moving swiftly, with most appropriately priced Costa Mesa real estate homes selling in less than 60 days.

5. OMG! I should have Sold! - There have been lots of people seeing prices rise quickly in Costa Mesa real estate and are putting their homes on the market at inflated price.

6. Nice Ones go Fast - Still holds true. The best homes are still selling very quickly.

7. Early Year Committed Buyers - This prediction was a home run. Early in the year in Costa Mesa real estate we had price wars/multiple offers/ and lots of committed buyers.

8. Return of Other Mortgage Products - I literally just had a mortgage rep walk into my office telling me about a “stated Income” program. Stated income/Stated Asset programs were the ones that got us in so much trouble in the mid 2000’s.

9. Smart Underwater Mortgages Sell - Maybe not as many as I originally thought, but there have definitely been some that are selling now that their homes in Costa Mesa real estate are whole again.

So far I’ve done pretty well :)….let’s see how the rest of the year pans out. I do think we will have significant slowing in the market come late fall 2014.

Colin Delaney is a Costa Mesa real estate broker and expert on local real estate. He can be reached at (714) 743-9882 or by email.