When mortgage rates started going up last year, I said all we have to do is survive until springtime – and it looks like we’ve made it!
Not only did our local market not crash and burn, it held up pretty well – and that’s in spite of the higher rates and blistering doomer attack over the last eight months.
The San Diego Case-Shiller NSA stats:
Mar 2020: 268.19
May 2022: 421.29 (+57%)
Nov 2022: 390.22 (-7%)
I don’t know where the -7% is happening, but around the NSDCC, the pricing hasn’t changed much.
The spring season should run hot through May, and by then the mortgage rates AND prices will probably be higher. The second half of 2023 will likely be sluggish, at best.
https://finance.yahoo.com/news/map-heres-where-home-prices-are-dropping-the-most-165428216.html
those “gains” lost mean very little if your mortgage rate is <3.5%.
for those lucky enough to have secured a <3% rate, then prices would need to pull back from 2019 price levels. even then, the monthly mortgage will still be less than equivalent rents.
there is no bubble…..there will be no crash. at least for those that are actually living in their home.
Jim, I am in agreement with your thoughts.
Jerry Ryan
jerryryan@crescentR.com
Inman reported that Redfin CEO Glenn Kelman observed in an interview that artificial intelligence would become widespread in real estate because “Not all the people who go into real estate are William Shakespeare, and so they struggle with just composing an email that’s grammatically correct.”
Theres Sales CRM modules you can buy now that look through your email and use AI to automate contact touches. It even drafts custom emails + sends them for you.