In what seems like its most promising quarter since the real estate crash, Laguna Beach real estate is seeing more buyer activity as 2010 nears the end of its first quarter. On March 15, real estate information provider DataQuick showed that home buying in the South Coast city went up 34% compared to this time last year, even with median prices going slightly higher as a result of fewer distressed homes. While full market recovery may still be some years away, these figures are definitely a step in the right direction.
The rest of coastal Orange County is also going strong, posting a year-over-year rise of 16% in home sales in the same period. This has led experts to believe that beach homes, although among the hardest hit by the housing crisis, are also the most likely to regain their pre-recession status in the next few years. With its beach views and family-friendly neighborhoods, real estate Laguna Beach is easily among the most coveted in Southern California, if not the entire state.
One thing that has contributed to Laguna Beach real estate buying is the percentage of distressed homes in the past few months, which have been historically high. Although it has since gone down, the low median prices over a third lower than fair market value have attracted buyers from both in and outside the state, many of them first-timers. For many, it offered a rare opportunity to invest in real estate Laguna Beach, or simply to get their hands on luxury beach homes for relatively cheap.
Government support has also played an important role in increasing buyer activity in the city, as well as the rest of Orange County. With tax credits being offered to both first-time and repeat home buyers, Laguna Beach real estate has become increasingly attractive across various markets. The credit has been extended up to midyear, leading many to believe that the positive streak will continue well into the next couple of quarters.
Ultimately, what will define the outlook on real estate Laguna Beach is whether or not the home buying surge can be sustained. Experts have given mixed opinions on the matter—some take it as a sign of good things to come, while others believe it is still too early to tell. One thing’s for sure, however: whether one decides to buy now or wait for smoother economic times, Laguna Beach real estate is always worth the investment.