There are several Newport Beach homes that are scheduled to be coming soon on the market for sale. Home buyers now have real time access to these Newport Beach properties with a new coming soon feature that has been added to our website. What is exactly is a coming soon listing? Think about any time you have spoken with a real estate agent and they know of a property that will be coming on the market in the near future. Many of these kind of properties were sold privately before ever becoming public knowledge so our Realtor member association has come up with a way that these can be shared publicly online so everyone has the same access to these properties.
The Newport Beach Real Estate market has been very strong for the past 9 months due to a variety of reasons. The biggest trigger was the COVID lockdown that happened in the month of March 2019. For the first month or so the market was very quiet since everyone was not allowed to leave their home. A short time after that people started realizing that the home that they were living in was the not the most ideal for a stay at home living so a wave of home buyers started to emerge. Along that same time interest rates were lowered to record lows which made buying a home much more affordable. The inventory of homes was lower before COVID hit and soon after the lockdown inventory become even tighter which caused a huge buyer demand for homes with low inventory. As a result we are seeing multiple buyers bidding on the same property with some homes selling above asking price. The coming soon listing feature is a welcome added plus that help the already low inventory of homes.