Costa Mesa, CA Real Estate News

By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
          That “things break down” is a truism as old as mankind—possibly preceding the invention of language itself. You can picture a furious caveman staring at the shattered remains of the wheel he’d just invented—after the first time it broke. Sooner or later, “things fall apart.”     When area residents mull over their personal living arrangement decisions, one of the logical financial arguments for renting Costa Mesa homes rather than buying is the added cost of maintenance. Costa Mesa renters reason that they don’t have to worry about saving up for a rainy day (as when the garbage disposal clunks out). For renters, it’s someone else’s problem (that is, the landlord’s)—as well as his or her expense. True enough.     But looking at the wider picture, you see that the universal ‘no ...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
     Owning a home—whether in Costa Mesa, in California, or in any other state—is Americans’ most trusted way to build wealth. That’s the takeaway from Gallup’s poll, conducted this spring. It’s easy to agree with—but surprising for a number of reasons.      First off, the continuing bull stock market has now rewarded investors for a very long time. Thursday ended with the S&P 500 marking yet another all-time record. When “owning a home” has to compete with an alternate investment alternative that’s been on a rampage for years, wouldn’t you expect it to be the peoples’ choice?     There is also the fact that residential real estate price rises have slowed recently, moderating after a sustained stretch of dynamic growth. Whenever trends like that show signs of tapering off, it’s likely t...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
         Traditionally, April is a dependable month when Costa Mesa home sellers can expect a lively market—and if first reports from across the nation are any indication, the evidence points to a spring selling season that fits the pattern. Just before mid-month, a review by Realtor.com’s Economic Research Director prompted the headline, “Good News for Home Sellers.” Key points:           • In multiple regions, buyer demand has been “reignited” due to an increase in buyer affordability in markets where mortgage rates have lowered.          • The pace of home sales relative to inventory has quickened. This is the first time since March 2018.          • Supply data (the number of residences for sale in the Realtor.com database), while still somewhat constricted, rose 8% year-over-year.  ...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
        If Costa Mesa homeowners search the web for anything like “surprising things that decrease your home’s value,” they will be answered with literally millions of links. Some of the “surprises” are anything but. "An Outdated Bathroom,” for instance, is hardly surprising. Likewise, “Brightly-Colored Kitchen Cabinets” (especially if it’s accompanied by a picture of a blinding expanse of fire-engine red cupboards)—or any other similarly daring design statement that has the effect of limiting the prospective buyer pool.    But Costa Mesa homeowners could find a selection of more thought-provoking answers in a recent Sunset magazine spread. The leading “thing that decreases your home value” were these:          • An Expensive Kitchen Remodel. How could this actually decrease any Costa M...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
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....
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
First-time homebuyers might not be aware of something veteran homeowners assume automatically: those advertised mortgage interest rates are not necessarily the rate that will be offered. To Costa Mesa consumers who usually assume that they are protected from false promises in ads, that can be pretty annoying. But as with some furniture store “interest-free” offers, those interest charges may suddenly appear if you don’t pay the balance in full by a certain date. It pays to read the fine print.The reasons why the actual Costa Mesa mortgage interest rate you are offered may be higher than what you saw advertised on TV or on the web lie in definitions and qualifications. They aren’t misleading to home buyers who know what to look for.As you would expect, home loan ads promote the lowest ra...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
Last week ended with such horrendous news in California that it was a blessed relief how in at least one narrow slice of the news—one of interest to Costa Mesa house hunters, among others—there was blessedly very little worrisome to report. Against the grim reality of how November 2018 was beginning in other areas of the news, Costa Mesa house hunters could relax for a moment.This quiet corner of the public space was in what for house-hunters is an area of key concern—the slice of the financial sector focused on home loan originators and the residential mortgage market. The news from that quarter was, in brief, not much news.The Tuesday election had held a high likelihood of affecting credit markets, and thus, mortgage interest rates. It’s usually true, and The Mortgage News Daily thoug...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
  Downsizing has gotten a lot of attention as Baby Boomers—many of whom have become empty-nesters—discover that they don’t need the space, expense, and elbow grease required to keep up the family property. But there is a counter-trend that could well explain the popularity (and desirability) of many big ol’ Costa Mesa homes. It’s a multigenerational thing.  It was to be expected that multigenerational family households became more numerous following the Great Recession. After all, when jobs became scarce, incomes stagnated, and foreclosure rates skyrocketed, the idea of moving back home with mom and dad became a practical necessity for many Costa Mesa families.  Enter the term “multigenerational family living.” It’s defined as the inclusion of two or more adult generations—or including ...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
   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 ho...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
From the home sales analysts at Pulsenomics comes the latest findings on how home sellers are likely to fare if they decide to list their properties this autumn. Our Costa Mesa market is only one data point in national surveys like this one—but Pulsenomics has a history of accurately zeroing in on the direction of real estate activity. For Costa Mesa homeowners who are exploring selling their house anytime within the next few years, that’s worth checking out.The major points covered in their most recent release:• Home value appreciation has improved in 2018 over 2017, with a predicted growth by year’s end of just shy of 6%. Since that’s the bottom line demonstration of the continuing investment value of owning your own home, it keeps home sellers in the power position in negotiations.• ...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
   Inflation has been barely noticeable for quite a while, but as Costa Mesa shoppers have begun to notice how it’s been creeping up lately. For Costa Mesa landlords, that triggers a subject that directly impacts the profitability of their real estate investment. Managing rent increases properly—and communicating them in a manner calculated to preserve your tenants’ goodwill—is a subject estate author Kevin Ortner writes about in Realtor Magazine. A few of his insights: • Raise rents on a regular schedule—usually, this will come at each lease renewal period (or when the agreement specifies)—but for month-to-month situations, once a year is recommended. Small increments on an annual basis are more predictable (and agreeable) than “catch up” raises scheduled less frequently.• Be competiti...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
 Buyers and sellers are more well-informed than ever before due to easy access to online Costa Mesa real estate sites (like mine—and BTW, thanks for stopping by!). Given the advent of constantly updated listing data and the abundance of accompanying commentary and analysis, it’s no surprise that the level of real estate sophistication is significantly higher than it was even just a few years ago. It also means that more members of the general public are likely to find themselves in the puzzling presence of some real estate alphabet soup that haunts realms formerly visited only by real estate and mortgage industry professionals.True: it’s easy to query Google to decipher acronyms like “DHSC.” But then you’ll have to wade through red herrings like “Doctor of Health Sciences” and “Defense ...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
 It has been largely unchallenged since its debut in 2014: the list of nine elements that make up the “perfect” house. Originally formulated for a Houselogic feature by builder John Riha, the nine features that comprise an “ideal” house make a more meaningful list than most similar compilations. It can serve a thought-provoking checklist for house hunters weighing today’s Costa Mesa offerings—if for no other reason than deciding which listed items are personal priorities. The nine (with a few of my parenthetical asides):       .Single level (unless there is a  killer view from a higher floor)         Nine-Foot Ceilings (except in grand rooms)         Southern Exposure         Outdoor Living Spaces         .Maximized Insulation         Separate Master Bedroom (understood to mean“suite”) ...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
 Especially when the market is moving briskly, selling your Costa Mesa home can put you up against a chicken-egg quandary. “Which came first?” is as unanswerable today as when we argued about in the second grade—yet when a key decision about selling your home depends on answering a similar puzzler, it’s anything but whimsical.The metaphor is almost exact. If you know you will be buying a new house but haven’t yet sold your current Costa Mesa home, which comes first?As for the new purchase, the universally agreed upon best practice for house-hunting is to be able to produce a lender’s preapproval for X dollars.So selling your Costa Mesa home has to come first, right?But if you need to have sold your home before you get serious about finding a new one—what if the tight market means it may...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
On the Market now in Costa Mesa!
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By Ann Urias, Your Real Estate Concierge
(Aston Group - Orange County Real Estate)
    17 West - The Gallery Homes by Meritage Homes From $825,990 - $946,234         17 West - The Lofts Homes by Meritage Homes From $864,990 - $943,429      New Home Rebate  Do you want to buy a brand NEW construction home?Don't do it alone! Instead, buy with Ann Urias and receive up to 40k commission rebate and save yourself THOUSANDS OF DOLLARS!We helped one of our last clients buy a new construction home at the beautiful Eastwood Village community in Irvine and they received a $30,000 cash back rebate and we negotiated 50k off the purchase price! E-mail or call 714-588-7676 To see if you qualify for this exclusive program. CALL ANN 714-588-7676 For more info! http://cashbacknewhomesoc.com/  To search for a new construction homes click onhttps://showingnew.com/newhomesforsale
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By Ann Urias, Your Real Estate Concierge
(Aston Group - Orange County Real Estate)
 New Homes in Westside Costa MesaStylish DetachedLive/Work PadsHUGE Sky Suites  BEFORE YOU PURCHASE A NEW CONSTRUCTION HOME, YOU MUST READ THIS  Ann Urias Offers Commission Rebates on New Construction Homes!Purchase any new construction home with an Ann Urias at any of the Participating communities and receive up to 40k cash back as a Rebate at Close of Escrow!!! Ann must accompany and register you upon the first visit to the sales office to be eligible for the Buyer Rebate! CALL ANN 714-588-7676 For more info! http://cashbacknewhomesoc.com/
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
This may come as a disappointment, but Costa Mesa residents will have to learn the truth sooner or later, so here it is: Duke (he’s also Prince) Harry’s and his bride’s “new summer home” won’t be located here in Costa Mesa after all. For anyone who heard that they were headed our way, that could have been due to a misreading of a recent front-page headline in the Star which divulged the royal newlyweds’ summer plans.To bring everyone up to speed on this, you will recognize the Star as one of the tabloids whose astonishing headlines compete for our attention while we wait in line at the market checkout counter. Because last week’s headline appeared near the bottom of the front page—a position which can be partially obscured by other tabloids and their own screaming headlines. The result ...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
 It isn’t exactly Christmas-in-May, but for some Costa Mesa consumers, a valuable present they weren’t expecting will show up this month. The surprise gift will arrive in the form of a boost to their all-important credit score. The newly minted credit scores could be improved by as much as 30 points—enough of a jump that some Costa Mesa recipients could find themselves newly eligible for home loans with lower rates. That will happen if the increase promotes them from one credit score “band” to the next. The windfall comes as a result of a revision in the way the three major credit bureaus—Equifax, Experian, and TransUnion—deal with tax records (the negative ones, that is). Up until mid-April, any tax lien that appeared in Costa Mesa consumers’ credit records resulted in significant ding...
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By Larry & Laurie Weichman, A Tradition of Success
(The L3 Real Estate, A Trusted Name In Orange County Real Estate)
Particularly when the supply of homes for sale falls well below demand, house hunting can take more determination than usual. Since U.S. residential real estate markets have been long mired in exactly that lean-inventory situation—the accompanying publicity could discourage folks who’d otherwise already be in the hunt for Costa Mesa homes for sale.While it can take some stick-to-it-ness to locate the ideal Costa Mesa home that’s for sale at a price that fits your budget—the truly frustrating thing would be for your offer to be passed over in favor of a competitor’s. If the other party swoops in with an over-the-top offer that would bust your own budget, there’s not much you can do about it. But if a competing offer wins out for other reasons, that’s truly crazy-making. Such a scenario m...
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