I feel like I’ve been beating this one to death recently, but history has not proved me wrong. When purchasing real estate, pay close attention to the fundamentals- price, location, value, “best fit”and especially rate of financing.
Location- This is soooo critical. In a bad market, like we have had over the last year or so, this one has really reared it’s ugly head. Costa Mesa homes in the wrong locations (busy corner, backing to busy street, and the major no-no….backing to freeway) have really, really suffered with price decreases. Look for cul-de-sacs, horseshoe shaped streets, interior tract locations. Those are the best for fundamental resale- you have the best chance in the future to sell these homes at higher prices and much quicker.
Price- Be sure your real estate professional surveys comps and historical price gains/losses in a particular neighborhood. Do your homework as well- there are so many easy to use websites that will show what approximate neighborhood values are today. We’ve seen price come back to late 2002/early 2003 levels, and on the low end ($400,000s) we see many multiple offers on new listings.
Rate of Financing- If you are certain you are going to purchase Costa Mesa Real Estate in the near future, follow rates as closely as you can. In the last 5 weeks, there were two dips where rates slipped to 5.5% and 5.625% over the month- have your loan professional “lock” a rate with the property TBD. It’s easy to do and certain banks even offer to hold a rate for up to 90 days for you while you search. This rate will save you tens of thousands over time- it’s super important!
“Best Fit” – I have to educate all of my Costa Mesa clients of this point over and over again- there is no perfect home, but more of a best fit for your family and lifestyle. Don’t grind over the esthetic details of a home; most likely they will not fit your style. It’s about the flow, the size and shape of rooms, and the space for your family. I guarantee by the time you find your home you will have let go of one of your”must haves” on your home search. The older homes just simply were’nt built with a 2008 home buyer in mind.
Stick with the fundamentals!! If you are looking for a great home in Costa Mesa or surrounding cities in Costa Mesa, give me a call- I’d love to talk with you about helping find a great home for your family!
