The housing crash hit practically every major U.S. city, but few were as drastically affected as Laguna Beach. The Laguna Beach real estate 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.
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.
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