Why Are Costa Mesa Sellers Not Selling?

If you have been reading my posts recently, you know that we are suffering from a record-low inventory here in Costa Mesa. We aren’t different from much of the country – record low inventories exist across the country and are spawning stories of multiple offers, bidding wars, eager homebuyers lining up for new homes lotto and homes that are selling for way over asking.

 

While buyers and low interest rates have turned the Costa Mesa environment into a sellers market, many potential sellers are nervous to sell. It’s becoming a catch-22. Sellers want to sell but are worried that they won’t be able to find a house to buy with the low inventory and especially now, when the competition seems especially heated for quality homes with good bones. So these sellers keep their homes off the market which makes the inventory situation even the more dire.

 

 

I’ve never asked for foreclosures to appear on the market, but that would substantailly help our local Costa Mesa real estate market. I’ve heard that Fannie Mae and Freddie Mac have a backlog of homes in REO inventory and should be releasing those in the fall of this year. It really needs to happen sooner.

 

Interestingly, a month ago, Redfin blogged about this issue, with low inventory of quality homes as the #1 reason potential homeowners are hesitant to sell. With many potential sellers standing on the sidelines, this won’t help the shortage of Costa Mesa real estate homes for sale anytime soon and potentially lead to more crazy selling stories.

 

Are you thinking about selling? What’s your reason for not selling now? (Don’t worry, we don’t track you as a user :))

 

Can I help you with your Costa Mesa real estate sale or search? If you are thinking about selling, this post ought to give you good motivation to go do it! People love when they get lots of offers for their home.

Colin Delaney, (714) 743-9882, E-mail me for help.