Costa Mesa home buyers and the home sellers will have at least one thing in common—it has to do with that famous saying about misery loving company. Misery in all its forms is never welcome because miserable anything doesn’t lead to a lively real estate market. A miserable economy doesn’t help home sales activity any more than miserable weather helps an open house’s traffic count.
That’s one of the main reasons why back in the 60s government economist Arthur Okun created what he called the “Misery Index.” He was trying to develop a single number that combined the factors that can create hardship for average consumers. A high Misery Index number meant trouble for families striving to improve their circumstances; a low number indicated removal of those impediments. Because buying a home is the largest purchase most Costa Mesa consumers ever enter, the Misery Index is a relevant bellwether for Costa Mesa home buyers and sellers alike. The Index uses the inflation rate, unemployment data, GDP and interest rates to come up with its result.
Long story short: misery-wise, we’re in pretty good shape!
According to the latest calculation, the nation has experienced a fairly uniform decline from the recent January 2017 peak of 7.3%—which was already a low number. In fact, September’s Misery Index of 5.98% was the first drop beneath 6% in more than a year. For comparison, during the gasoline shortage and inflation crisis of 1980, the Index reached the “malaise”-inducing peak of 21.98%.
At today’s 5.98%, it might seem to be time to rename it the “Happiness Index.” But as we all know, sooner or later circumstances will change, as they always do. Right now, the decidedly un-miserable circumstances are favorable, but in other words, as far as the Misery Index is concerned, today’s environment is creating more economically advantaged consumers. For prospective Costa Mesa home buyers who are feeling those effects, this fall could be the time you’ve been waiting for—time to give us a call!
We are built on a philosophy of Heritage & Hustle L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, L3 has grown to a full staff of 20 serving over 300 clients a year. L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact L3 today at 714-444-4663 or email us at email@example.com