Laguna Market Update as of June 15,2016

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surterre

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What your cold feet to buy could be costing you?

Almost every one of my clients says at one time or another – ‘I really blew it not buying that house years ago’.  The reason they didn’t buy was they thought the market or house couldn’t go up any higher and there has to be a correction.

I remember when I first moved to Laguna in the 70s and people were saying I can’t believe that place sold for $200k, a perceived ridicules high price. Probably worth a couple million now.

But everything increases in price (even after a correction) and a new ‘price bar’ is set. You name it – stocks, cars, gas, tickets to ball games, meals at restaurants and much, much more – they all go lower during tough economic periods and then they bounce back with a vengeance, way past the level they were during the good times before.

And a new ‘normal’ price level is set and people get used to it and move forward. Hopefully, there’s a new ‘normal’ in pay as well.

The following is an example of what it could cost you in a year’s time if you waited another year to buy with rates going up:

Today vs Buying in the future

Uploadedby Sean McCracken of Laguna Beach california

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It remains a strong seller’s real estate market in Orange County, with many properties selling quickly and at full price, but there’s an undercurrent of concern that we are the near the peak of pricing.  That has some buyers nervous even with the local economy is strong.  For those who are a little nervous, sometimes it turns into cold feet – and it’s costing them.

Oh yes there will be a correction sometime in the future but real estate economist say that it won’t be anything like the last one since mortgages are being written at a much higher standard.

Lastly, in an appreciating market, as we have right now, it should be noted that often the next house or townhouse or condo will be more costly or in worse shape than the one you could not decide to get serious about.  Stay nervous too long, and you could ultimately really impact how much home you can buy at all.  Worse yet, take too long and you may price yourself out of the market entirely.


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Ocean View Victoria Beach Trust Sale 2629 Victoria Dr Laguna Beach CA 92651

A ‘Less Than a Million’ Pocket and a Video of a $2m Ocean-Side Fixer

A Victoria Beach fixer with stunning white water and north facing coastal views

This trust sale just fell out of escrow and is back on the market for $2m which is a $500k reduction.  It supposedly fell out since the city would not allow a pool.

Client Short Page + Pictures

A South Laguna Pocket Listing for less than a million.

31555 Wildwood on a corner lot with Eagle Rock

Offered at $945k

The house is about 1600 sq. feet, 2 beds, 2 bath (3rd bedroom is non-permitted and not included in sq. footage) ocean views, new hardwood floors, new kitchen with granite and Viking appliances.

Let me know if you’d like to see it.

Sean McCracken
Surterre Properties — Ecobroker Certified
Phone: 949-290-5317
Email: Sean@WelcomeToTheDream.com