Why Some Costa Mesa Homeowners Are Selling Now

 So far in 2012 the Costa Mesa real estate market is at a low in terms of inventory. There are currently only 114 homes for sale. You might be asking yourself why so few homes are available right now… After all the Spring market is usually the HOT market. In order to understand why so few homes are for sale, it helps to take a look at WHY the few sellers that have their homes on the market are choosing to sell now: -Across the board home prices are reasonable and there are great values to be had. For those who are  looking to move up or downsize, now is a great time. After all, the key to real estate is buying low. -Lack of competition right now means that there are more buyers than there are homes for sale. It’s safe to say that the Spring market has bloomed among buyers. Anyway: This means more visibility for your home. -For those who are contemplating a short sale, 2012 marks the end of an era for the Mortgage Debt Relief Act of 2007. Briefly, short sales that are not completed by the end of the year will mean major tax implications for those doing a short sale. Currently, the forgiven debt by a lender is not taxable, but starting in 2013 the forgiven debt is taxable as income for those who do a short sale. -Interest rates are low, low, low! A lot of people are weighing their options and deciding that they can get a better deal in terms of a mortgage payment by moving and taking advantage of the low interest rates. 

Of course not everyone falls into any of these categories but if you are interested in:

 -Moving up-Downsizing-Making a change-Adjusting your interest rate-Or short selling to get out of an underwater property… Feel free to contact us anytime to talk about your options at 714-540-7355 or info@torellirealty.com.