The local real estate market between La Jolla and Carlsbad has been fairly healthy lately, and feels in better shape than it did last year at this time when we were still getting over the initial shock or higher rates.
How will the rest of this year turn out?
The recent burst that pushed up mortgage rates – now near 8% – will cause most people to sit out the rest of the year. Heck, it’s the holidays! Sales in the fourth quarter of 2023 will plunge and probably set the all-time low. I’m hoping we have 300 sales!
Want to know the history?
In 2007, we had 460 closings in the fourth quarter, and in 2008 we had 461 closings. By 2009 the market was already on the upswing, and there were 671 4Q houses sold between La Jolla and Carlsbad.
Last year, we saw some successful fourth-quarter lowballing where sellers dumped 10% or more on price to get out, and we’ll see more this year! But only for those buyers and agents who cause it to happen.
Stay in the game and Get Good Help!
