The inventory is a deserted island. Houses in SW Carlsbad that we thought were $1,000,000 just 6-9 months ago are now listed for $1,200,000-ish. What’s worse for buyers is that there is no hope it will change, and now this:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
I think the market turned this week. I’m seeing more inventory where I look. I’m seeing more price reductions. I’m seeing houses come on decently priced that aren’t flying off market. I think we will look back in 2 years and see this was the peak month. Downhill from here.
In the past, it has turned with no notice.
What is great is that any seller today could dump 10% and sell the next day. And they would still be near-record pricing.
Will they? Or is Stagnant City upon us?
Major buy then expensive remodeling being done all around me in SW Carlsbad lately.
There are several price drops of 10% in DM/Solana that hasn’t attracted buyers (yet?)
I think price peaks and drops will be like playing whack-a-mole this season. Take out the noise, and it’ll still be heading up. Quality properties will get good prices.
Likely the only one’s holding off on pulling the trigger are the ones who don’t know where they’ll be living in 5 years or so. They have expectations they want met.
On the other hand, boomer’s probably want their kids out of the house, or want those stuck in an apartment to quit complaining, and will help with a downpayment, or even buy a house, to get em going. Boomer’s are sitting on a very large pile of money, and as they age, they just want the noise to stop.
They don’t care as much about the cost of this. “What’s my allotted time left on this earth worth?” will be one Boomer Question of the Year. Another Question will be, “do I want to see my kids happy while I’m alive, or wait until after I’m dead?”
It’s a different world now, so short-term charts will reflect the bumps, but not the trend, imo.
We’ve had a lot of homes listed in La Costa Valley in the last few weeks. They are priced high and get snapped up within a week it seems.
We would still like something bigger but with these high prices we’ve put that idea on hold. We are going to remodel the kitchen instead.