Costa Mesa Headlines Sept 20 2012

Read All About It!

Costa Mesa real estate continues its strong rebound, here’s a quick look at real estate headlines from California and a bit of data for Costa Mesa as well:

Home prices post strongest growth in 6 years – According to market research provider CoreLogic, the nation’s housing slump appears to be mostly behind us. Local areas of Los Angeles and Riverside both post year-over-year gains of more than 2.5%, which includes REO and foreclosures.
Buyers think the market is changing, not in their favor – According to Redfin, a poll conducted of almost 1000 buyers nationwide tells that buyers are finding it more and more a seller’s market.
Prices are finally going up! demand is strong, and inventory is very short on supply.
Seven in 10 of those surveyed said they’d encountered competition on at least one offer, and 31 percent said they’d back off when faced with multiple-offer situations, up from 28 percent during the second quarter.
While 46 percent believe now is a good time to buy, that’s down from 56 percent during the first quarter. And 32 percent think now is a good time to sell, up from 13 percent during the first quarter — further evidence that would-be buyers think the market may be shifting against them, Redfin said.

Costa Mesa Headlines Sept 20, 2012

While 61 percent of those surveyed by Redfin believe prices will increase, up from 32 percent during the first quarter, the percentage of would-be buyers who are worried about the economy also grew from 20 percent during the first quarter to 27 percent in the latest survey.
How does this compare to Costa Mesa? It is actually a bit worse here – inventory remains a very big problem, and the only homes on the market are ones overpriced and/or have needs of repairs or poor locations.
Foreclosures and REO prices are going up – With the short supply of homes (Costa Mesa too), REOs are being priced higher than the past few years. With lots of competition too…
Mortgage Rates are down again – well below 3.75% for most mortgage products, it’s an unbelievable time to buy.
Rising prices are lifting many Costa Mesa real estate homeowners into a place where they can re-finance their homes.

Wondering how you can take advantage of this real estate market? Call Colin at (714) 743-9882 or E-mail me. Both buyers and sellers in Costa Mesa can really profit from this market.