LOW INVENTORY ALERT: REAL ESTATE MARKET UPDATE FOR DOVER SHORES

Posted by Braedon Flynn on Thursday, March 16, 2023 at 5:11:36 PM  Comment

When it comes to real estate, headlines can be scary. Recent news articles have highlighted rising interest rates, bank failures, and other negative economic indicators. However, if you're looking to buy or sell a home in Newport Beach, Dover Shores, or East Side Costa Mesa, don't let these headlines scare you away. Despite what you may have heard, there is still very low inventory in these areas, and prices remain strong.

First, let's talk about inventory. The number of homes for sale in Newport Beach, Dover Shores, and East Side Costa Mesa is incredibly low. This means that buyers are competing for a limited number of properties, which drives up prices. Even in a strong economy, low inventory can lead to bidding wars and high sale prices. So while headlines may suggest that the market is slowing down, the reality is that there are simply not enough homes available to meet demand.

Secondly, let's talk about interest rates. Yes, interest rates have risen in recent months, but they are still historically low. And while rising rates can make borrowing more expensive, they also signal a strong economy. If you're planning on being in your next home for 5-10 years, you're paying for the lifestyle, not for a couple points difference in interest rates. Time in the market beats timing the market every time.

Finally, let's talk about bank failures. Yes, there have been a few high-profile bank failures in recent months, but the fed has stepped in and given assurances to stop further distress and failures. And when it comes to real estate mortgages, these bank failures may cause the Fed to pause on raising rates further, which will increase demand for homes.

In conclusion, while news headlines may be scary, they should not deter you from buying or selling a home in Newport Beach, Dover Shores, or East Side Costa Mesa. With low inventory and strong prices, now is a great time to enter the market. And while interest rates and bank failures may make for alarming headlines, the reality is that the real estate market remains stable and prosperous. So don't let fear hold you back - please reach out and I'd be happy to help you think through what is best for you and your family.

Please reach out for any real estate questions or needs. You can contact me at braedon@braedonrealestate.com

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