Real Estate in 2024
Our local housing market has been "normalizing" ever since mortgage rates started rising in 2022.
The New Normal is for people NOT to move.
The annual inventory keeps dropping! In 2023, there were 17% fewer homes for sale between La Jolla and Carlsbad than last year, and also 47% lower than it was in 2019!
More Extremes in 2024!
Extremely low inventory (and that's including my expectation for 10% more inventory in 2024).
Extremely high demand for the special homes - expect wild bidding wars.
Extreme curiosity on whether mortgage rates in the 6s will cause more inventory (the answer is a resounding no - people are in their forever home, whether they like it or not. It's too hard to do better in the same area, so homeowners need to leave the state to justify moving).
Extreme angst because the market conditions are unprecedented and few have the skills to handle it.
Get Good Help!
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