The meandering through Flatsville is predicted to continue for the next 12 months – at least. The areas that have single-digit sales will have fewer comps to rely on and be particularly hard to accurately predict the values. Expect some wild fluctuations on occasion!
It probably means we’re in for a long slow grind downward on price – saved only by the first-quarter flurries that should happen every year. Unless mortgage rates dip into the 5s.
Carlsbad NW – 92008
Carlsbad SE – 92009
Carlsbad NE – 92010
Carmel Valley – 92130
Del Mar – 92014
Encinitas – 92024
La Jolla – 92037
Rancho Santa Fe – 92067
Solana Beach – 92075
And rent is going down exactly as predicted.
https://www.google.com/amp/s/fox5sandiego.com/news/local-news/san-diego-rents-dipped-slightly-in-may-compared-to-2024-new-report-finds/amp/
Sellers can sit on an unrealistic price and banks can let “homeowners” live in houses for free. But, this will only create more and more rental opportunities which lowers the price of rent. As this is happening homeownership becomes less and less appealing because renters know home prices will be the same or maybe a little lower in a year and rents will perhaps be even cheaper.
I’d be willing to bet that if interest rates come down, appraisals will get tighter.