Real Estate News About The South Orange County Coastal Communities of Laguna Beach, Dana Point, San Clemente, Newport Beach, Corona del Mar, Newport Coast.
Thank you for reading our newsletter. We strive to keep you informed about the real estate market. If we can answer any questions or be of service, please keep in touch! All the best, Amanda, Pamela & Jace
Where Do Experts Say The Housing Market Is Heading?
Source: Keeping Current Matters May 2021
As we enter the middle of 2021, many are wondering if we’ll see big changes in the housing market during the second half of this year. Here’s a look at what some experts have to say about key factors that will drive the industry and the economy forward in the months to come.
Realtor.com
“. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring and fastest in September and October. While we expect fall to be competitive, this year’s seasonal pattern is likely to be more normal, with homes selling fastest from roughly now until mid-summer.”
National Association of Realtors
“Sellers who have been hesitant to list homes as part of their personal health safety precautions may be more encouraged to list and show their homes with a population mostly vaccinated by the mid-year.”
Danielle Hale, Chief Economist at Realtor.com
“Surveys showed that seller confidence continued to rise in April. Extra confidence plus our recent survey finding that more homeowners than normal are planning to list their homes for sale in the next 12 months suggest that while we may not see an end to the sellers’ market, we might see the intensity of the competition diminish as buyers have more options to choose from.”
Freddie Mac
“We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.”
Bottom Line
Experts are optimistic about the second half of the year. Reach out to us to learn more about the conditions in your local market.
JUST SOLD
Laguna Beach
30722 Driftwood Drive - $2,380,000 Sold within one week! As Is, for $110,000 over list price. Represented Sellers
916 Santa Ana Street - $1,821,500 Sold within one week! Arch Beach Heights Ocean views, over 2,100sf Represented Sellers
JUST SOLD
Aliso Viejo
11 Montara - $635,000 Off Market Find! Represented Buyer
IN ESCROW
Laguna Beach
The Village Laguna Beach Representing Buyer
MARKET STATISTICS
Laguna Beach - June 2021
Active - 128 Pending - 67 Sold in May - 54 Under $1,000,000 - 4 $1,000,000 - $2,000,000 - 10 $2,000,000 - $3,000,000 - 18 $3,000,000 - $5,000,000 - 15 $5,000,000 - $11,000,000 - 7 $24,250,000 - 1
Thank you for reading our newsletter. We strive to keep you informed about the real estate market. If we can answer any questions or be of service, please keep in touch! All the best, Amanda, Pamela & Jace
Recovery from pandemic recession shows momentum
Source: OC Register May 2021
REMARKABLY FAST RECOVERY
Powered by consumers and fueled by government aid, the US economy is achieving a remarkably fast recovery from the recession that ripped through the nation last year on the heels of the coronavirus and cost tens of millions of Americans their jobs and businesses.
The economy grew last quarter at a vicious 6.4% annual rate, the government said Thursday expectations are that the current quarter will be even better than ever, people seeking unemployment aid last week reached its lowest points since the pandemic struck. More Americans signed contracts to buy homes in March reflecting a strong housing market as summer approaches.
With the widespread vaccinations and declining viral cases, the reopening of more businesses, a huge infusion of federal aid and healthy job gains should help sustain steady growth. For 2021 as a whole they expect the economy to expand around 7% which would mark the fastest calendar year growth since 1984.
RATES TO REMAIN LOW
Rates to remain low. The federal reserve is keeping its ultra low interest-rate policies in place a sign that it wants to see more evidence of the strengthening economic recovery before it would consider easing its support. Wednesday they expressed a brighter outlook saying the economy has improved along with the job market and though the policymakers noted that inflation has risen described the increase to temporary factors.
THREAT TO ECONOMY HAS DIMINISHED
The Fed also signaled belief that the pandemic threat to the economy has diminished. The only risks to the economic outlook remain because of the pandemic. The central bank left it’s benchmark rate near zero, where it has been since the pandemic erupted nearly a year ago, to help keep loan rates down and encourage borrowing and spending.
IN ESCROW
Laguna Beach
30722 Driftwood Drive - $2,270,000 South Laguna, listed and in escrow within One Week! Representing Sellers
916 Santa Ana Street - $1,899,000 3bd, 2.5 ba, 2,141 sqft Representing Sellers
JUST SOLD
Corona Del Mar
310 Iris Avenue - $4,200,000 Off Market Find! Represented Buyers
JUST SOLD
Huntington Beach
317 7th Street - $1,800,000 Mediterranean home near downtown, beaches. Represented Seller
JUST SOLD
Laguna Beach
120 Santa Rosa Ct - $668,000 The Terraces, Laguna Beach Off Market Find! Represented Buyer
885 La Mirada - $500,000 25 x 100 ft buildable ocean view lot Arch Beach Heights Represented Seller
MARKET STATISTICS
Laguna Beach - May 2021
Active - 139 Pending - 74 Sold in April - 61 Under $1,000,000 - 5 $1,000,000 - $2,000,000 - 17 $2,000,000 - $3,000,000 - 20 $3,000,000 - $5,000,000 - 12 $5,000,000 - $10,000,000 - 6 $11,750,000 - 1
