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Rosy Home Equity Update Gets Perspective Overhaul

Last Thursday was the regular release date for ATTOM Data Solution’s quarterly Home Equity report. This year, ongoing events created the need for some additional commentary.

As the “curator of the nation’s premier property database,” ATTOM’s figures can be relied upon to gauge the nation’s residential real estate equity levels—Costa Mesa homes included. This latest report covered 2020’s first quarter. It takes a while to collect and verify all the data—but last week, for optimists, the wait was worthwhile: the report card was a “rosy” one.

But, needless to say, a lot has changed since the end of March—hence the additional commentary.

The report showed that about one in four homes in the U.S. qualified as “equity rich,” defined as a property with outstanding home loans totaling less than half of their estimated market value. When compared with the meager 6.6% of homes considered “seriously underwater” (those with loans totaling at least 25% more than their market value), the overall health of homeowners’ balance sheets looked strong.

But spokesman Todd Teta had to admit the obvious: this “rosy” first-quarter report needed “to be taken in the context of the impact of the Coronavirus pandemic.” In other words, at least in the immediate near term, the share of equity-rich homes could be expected to suffer—at least until business activity (and paychecks) return to more normal levels. That’s something not expected to happen until at least the end of the third quarter.

All in all, looking for precise guidance on future conditions is even less fruitful than usual. As Norada commentator Marco Santarelli put it, “housing market predictions run the gamut from optimistic to pessimistic.” Costa Mesa home sellers may continue to gain leverage due to low mortgage rates and tight inventories (both are expected to continue)—but with national economic factors in flux, housing market predictions are necessarily unreliable. For a concrete reading on the latest local Costa Mesa real estate activity, call us!

We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com

Spring Cleaning Tips to Break Out of that Cooped-Up Feeling


The feeling of being cooped up that has predominated throughout so much of Costa Mesa’s springtime may be loosening up, but one way to capitalize on the situation is to take the extra indoors time to make this year’s spring cleaning project a more-serious-than-usual event. In addition to relieving the monotony that the semi-voluntary confinement has wrought throughout Costa Mesa, it will add the pleasure a deep-cleaned residence brings.

The difference between regular and more serious spring cleaning is what pros bring to the annual project: a professional mindset. In addition to just vacuuming, window-washing, and deep-sixing the accumulated magazines and seed catalogs, this means targeting the details that experienced pros go after. Here is a list of those details, culled from professional house cleaning chatter:

1. Window treatments. Wash the washable, gently vacuum the others.

2. Before vacuuming, dust overhead lights. The good news is that we have the face
masks already—now we can deal with downward-raining dust bunnies.

3. Dust/vacuum lampshades, light fixtures—and clean bulbs that have accumulated
grime (a vinegar spray/microfiber cloth wipe leaves a sparkling room).

4. Tip chairs and sofas to vacuum beneath

5. Wash or vacuum vents. While you’re at it, write down the size of the air
filters so you can replace them next time you’re at the hardware store.

6. Microwave a cup of water for 3 minutes before cleaning the interior spatter.

7. In the bathroom, use a squeegee on the tub and shower walls (and replace
tallow-based soaps with glycerin or vegetable oil-based brands that don’t leave
a gummy scum.

Armed with the mindset that goes with those seven tips—you only need one more tip the pros agree on: crank up the music! And in case your professional-level spring cleaning project had the added motivation of your intention to put your house on the market this summer, now is the perfect time to give us a call!

We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com

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