The main cause of the ultra-low inventory is from homebuyers purchasing their forever home – whether they knew it at the time, or not. Between today’s higher rates and the difficulty of buying a better home, just about everybody is stuck in their current house.
How can today’s buyers get a leg up?
Just about everyone wants a newer house vs. older house.
But look at the data.
La Costa Valley, a 25-year old master-planned community of 1,073 houses has ZERO homes for sale today. La Costa Oaks South? That’s right – another zero!
More empty-nesters are staying put, and as a result, the market for newer homes will likely be frozen up for decades due to the lack of inventory.
Predictably, the percentage of older-home sales is on the rise:
The number of estate sales should stay fairly constant, and probably increase in the coming years – and they tend to be the older homes. I know you want to buy a newer home……but those who can get comfortable with fixing up an older home will open up possibilities that other buyers will be ignoring.
La Costa Valley includes El Camino Creek Elementary School, which in the beginning had 3-4 kindergarten classes every year.
In Fall, 2023, they will have one. For 1,073 houses.
They should change the name to Empty-Nester Valley!
My kids went to ECC and it was an amazing school. Across the street they built this HUGE and EMPTY grassy park w/ baseball fields. Would have been perfect for condos and apartments or zero lot homes. And would have been fresh blood for the school.