The artist who conceived and painted the opening scene in Disney’s masterpiece, Pinocchio, was an old-world perfectionist. The opening shot was to employ an imaginative technical breakthrough that made it appear that the audience was swooping down out of the night sky into Geppetto’s workshop. The painting had to be distorted just so—in a way that had never been attempted.
The story goes that, after many frustrating delays, Disney’s producer had sent word that he would double the artist’s fee if he’d just hurry up. The artist refused, simply sending word, “I didn’t ask for more money. I asked for more time!”
For Costa Mesa real estate, it’s a story that can have analogous meaning. Everyone has his or her own reasons for listing their home, and sometimes timing is of overriding importance. When professional imperatives call for an immediate change of location or when family matters create the same urgency, a speedy sale can take on primary importance. But there can be a variety of reasons why the market fails to produce a buyer. When just lowering the asking price fails to bring about the desired result, it can create a real conundrum.
Particularly for distinctive Costa Mesa homes that have one-of-a-kind appeal, it might make sense to wait for a rare one-of-a-kind buyer to appear. In such situations, unlike the Disney example, it can be possible to “buy” time. One way is to examine the possibility of renting out the property. Even if the monthly rent doesn’t quite cover the mortgage, the loss can sometimes make financial sense if it allows time for the ultimate buyer to enter the market.
There are serious issues associated with such a stop-gap solution—and financial details that might make it impractical. In addition to the credit implications, there are tax repercussions— as well as the extra layer of complexity that’s added when a renter-occupied home is offered for sale. In any case, as the Washington Post noted in a feature on this solution, “…most sellers in this situation fail to think through all the factors…” that go into that decision.
It’s our job to be certain our clients are aware of the factors that are at play in not just this unusual situation, but in all Costa Mesa real estate dealings. We will always be ready to discuss the trade-offs and solutions to your particular circumstances. Call us for a no-obligation consultation!
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 firstname.lastname@example.org