Reversal of Fortune: Pending Home Sales Change Outlook

By
Real Estate Broker/Owner with The L3 Real Estate, A Trusted Name In Orange County Real Estate #00573423

For a while now, one of the themes we’ve been hearing on the news has been less than encouraging—particularly if you’re one of the Costa Mesa homeowners thinking about listing your home. It’s the item that’s reported as “home sales.” When you’re about to put your home on the market, you’d like those reports to have headlines like, “Contract Signings Up 3.1%” and “Contract Signings Post Solid Gain” (those were actual headlines from last November and February).

Starting back in March, the home sales numbers reported as “pending home sales” started tapering off. The reasons weren’t that the values of the country’s residential properties were declining; the opposite was true. The reasons were that rising prices were combining with gradually rising mortgage interest rates. Too many prospective buyers were finding too few properties they could afford. Also, the overall residential inventory was sparse: too few homes were available for sale.

Put that all together, and you get what we’ve been reading and hearing about: home sales figures that might not be in an actual nosedive—but more like a swoon. The pundits who predict such things expected that trend to continue for a while. They reasoned that the underlying conditions weren’t going to change anytime soon.

SURPRISE!

As does seem to happen more often than you’d think, the pundits seem to have been off target. Last Thursday the National Association of Realtors® disclosed the latest sales results: “Pending Home Sales See .5 Percent Increase in September.” That number is “forward-looking”—that is, predictive. The longer-range interpretation was also optimistic: “This shows that buyers are out there…waiting to jump in once more inventory becomes available…”

Too, there was another report, the 3rd Quarter HOME survey. It reported that at the end of September “63% of people believe that now is a good time to buy a home.” Evidently, the folks are ahead of the pundits: welcome news for anyone considering joining this fall’s Costa Mesa home sellers. If you are someone who’s been thinking of taking a closer look at the current local outlook, we hope you’ll 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 info@thel3.com

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
California Orange County
Groups:
Active Rain Newbies
Realtors®
Orange County Real Estate
ORANGE COUNTY, CA REAL ESTATE
Team Real Estate

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
257,612

Larry & Laurie Weichman

A Tradition of Success
Ask me a question
*
*
*
*
Spam prevention

Additional Information