Laguna Beach Real Estate 2010 Forecast
The housing crash hit practically every major U.S. city, but few were as drastically affected as Laguna Beach. The Real Estate Laguna Beach market saw one of its slowest years in 2009, even spending several weeks as Orange County’s most sluggish city in terms of market time. But with the new year starting and the economy seeing some signs of stability, will the real estate Laguna Beach market get back on track?
Experts have different views, but all agree that this year will be better than last. Even in the last weeks of 2009, Laguna Beach real estate was starting to pick up, showing year-over-year gains both in terms of median price and home sales. It also remains one of the most prestigious neighborhoods in Orange County: with homes typically exceeding the million-dollar mark and a few going for as much as $30 million, its title as O.C.’s high-end district has definitely held tight.
In January 2010, real estate Laguna Beach activity consisted in large part of regular home sales; that is, only a small part of the total were short sales or foreclosures. Although down in volume from December 2009 (from 39 to 15 home sales), the lower portion of distressed properties is a strong sign that the Laguna Beach real estate market is beginning to stabilize.
The low distressed-home ratio is also seen in the total Laguna Beach inventory. The total number of homes in the market is so far the lowest in the season, but also boasts the lowest percentage of short sales and foreclosures. Of the 299 homes in the current Laguna Beach real estate listings, only 24 were short sales and a mere 2 homes were sold in foreclosure auctions.
The real estate Laguna Beach market is also expected to benefit from the rise in mortgage rates throughout Southern California. Higher rates mean a higher demand for financing, which in turn means better buyer activity. And since Laguna Beach homes are still below their pre-recession peak, it’s still very much a buyer’s market. The tax credit offered by the government can also urge more buyers to invest in Laguna Beach property in 2010.
Buyers who are looking into the Laguna Beach real estate market should consider working with a real estate agent. While it’s definitely buyer-friendly, there are also several pitfalls, such as title problems and liens on second mortgages, that can cost a buyer thousands of dollars if they don’t take proper precautions. With a capable agent, one can find the right Laguna Beach home for the best possible purchase terms.
For more information regarding Laguna Realty, Laguna Beach Homes, Laguna Beach Real Estate and Laguna Beach Brokers etc., visit: http://www.lagunaoc.com/
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