Robust Mesa Market Still Going Strong

First the Bad News: There are new economic programs in the works that could affect how we pay for all the economic changes from this past year. Although these programs will goose the economy, the means to pay for them will affect many people on the Mesa because housing values have increased so much.

If you missed it, here is what is under discussion:

1. Higher capital gains taxes.

2. Reduction of benefits such as restricting a step up in basis upon the death of a family member.

3. Curtailing 1031 exchanges.

4. Increased estate taxes.

5. Higher tax rates for higher earners.

Any, or some combination of these, could pass. Although not yet enacted, these changes, or something similar, are likely.

There is still Good News: The Mesa real estate market will remain in motion until something stops it. Changes are coming but there is still time to sell in this crazy wonderful market before the tax gurus slow this train down.

Thirteen Mesa homes sold in the last 30 days. There are currently 12 more in escrow. Only 4 homes are presently available for sale. Approximately a dozen homes come for sale every month and each listing gets lots of action. Eleven of the 13 closed escrows were on the market for 16 days or less. Half of the 13 sales closed at full price or above.

There were 25 sales on the Mesa in 2020 and 28 this year during the first four months. The median price increased from $1.4M to $2.26M – a 60 percent increase. The real value increase for most Mesa homeowners is about 30%. Look at Marine Terrace where $1.4M homes from last year are now selling for $1.8ish, depending on the location. Recent sales have slanted toward more expensive homes, boosting the statistical gains. Still, 30 percent is amazing – the highest in my 43 years of selling Mesa homes.

Mesa Market Report

The California Association of Realtors will soon release recommendations for resuming open houses, probably within weeks. Although this will push more people to look at and buy homes,we have all been warned that tax policy out of Washington can impact the wild party sellers havebeen enjoying.

What Does That Mean to You?

Don’t become complacent. Decide what you want and go for it. This rocket market will not continue forever. If you want to sell during this frenzied time, be planning your move right now.I’m here to help you know what will work best for you.

How Saleable is Your Home?

Download my FREE e-booklet “Is My Home Saleable Now?” from my website, www.ScottWilliams.com or call me and I will send you a copy. This useful guide will help you maximize your selling opportunity while this market is still hot.

Short Term Rental Lawsuit Decided

Theo Kracke won the City’s court appeal about Short Term Rentals in the Coastal Zone. Homes between Cliff Drive and the Pacific are fully legal to rent as Short-Term Rentals.

Client Talk…

“When it came to our real estate experience, we cannot imagine doing it without you. You provided us with options, advice, information, references to very competent professionals, solace when things seemed grim, comfort when things seemed hopeless, reality when our euphoria got out of hand. You were there when we needed you, not in the way when we didn’t, from start to finish. Your orientation was to SOLVE problems not to wiggle around them or pass them on. Please add our names to your list of happy clients.”

Jane Reese & Tom Wilson