Realtors are known to comfort buyers who have lost a bidding war by saying, “There will be others”.
But will there be?
Especially for those at the entry level of every market….where the action is the hottest.
Above are the NINE houses that sold under a million dollars between La Jolla and Carlsbad in 2022. Those on the list with a street name that starts with Don are mobile homes in Rancho Carlsbad – which by itself might make you scratch your head when you see mobiles selling for as much as $830,000!
It’s early in the new year, and of course everyone thinks that home prices are coming down fast so this problem will be cured shortly (NOT!).
So far in 2023, this is the ONLY listing of a NSDCC detached-home priced under $1,000,000:
Oh, you want a decent home too? It’s even worse for the picky buyers.
Buyers can expect that pricing of decent entry-level homes this spring will start around these numbers:
Carmel Valley: $1,800,000
RSF, Solana Beach, Del Mar, La Jolla: $2,000,000+
And good luck getting your hands on one!
Let’s note that these are the same prices as in 2022. No change at the entry level.
Limited supply from banks not foreclosing is what’s propping up the market.
Soon investors, buyers, realtors, etc (everyone except deadbeat “owners”) will be begging banks to start foreclosing again to increase supply.
Is this going to affect the ability of the techs/biotechs to stay in the area due to employee housing issues? Can they all afford to pay $300k?
So long as one’s income tracks inflation +/-, yes, there will ALWAYS be others. Actually, since no one knows the future, I will rephrase that. SO FAR, there have ALWAYS been others. I know this from personal experience over 30 years of housing obsession.