Costa Mesa Real Estate Blog

Market Bottom? Always tough to say, where's my crystal ball, eh?

I'll tell you what I do know- there is an unbelievable appetite for single family homes in the lower $400,000s of the Costa Mesa homes for sale.  It is really remarkable- I just represented a buyer who was interested in purchasing a bank owned home in Costa Mesa, and the home came on the market in the South Coast metro area for $487,000, far below what the neighborhood is and should still sell for today. What happened with that house? After two days on the market, it had 29 offers. Yes, you read right. 29 Offers. Bidding started over at $566,000 after the dust settled and that home will probably sell a full $100,000 over it's initial offer point.

What I do know is that Real Trends, who follow the market closely for Southern California and especially Costa Mesa Real Estate, showed data that April was a positive selling month for the first month in a long, long time, fueled mostly by homes in the lower $400-$600,000s. However, homes are moving much, much quicker than they have in the past year.  Inventory has been greatly reduced, and inventory is pretty thin compared to the last two years.

My advice to those that have been waiting? At least get off of the fence and start looking. You would be surprised what lower mortgage rates (sub 6%) and current homes look like.

It ain't getting better tahn this any time soon.....