Single family homes hit $1m in April for SD county. (Spring Valley: mortgage, lender)

[C2BP]

Originally Posted by SAN_Man

I have a feeling the Fed is going to overreact to inflation, push rates up too fast and cause a correction in the RE market. We're already seeing the equity markets react to rising rates pricing in future rate increases.
Dow is down 6% for the year, Nasdaq down 11%.

The FED won't STOP until this CRAZY and INSANE housing bubble is DEFLATED. San Diego housing market is still very tight but active inventory has started to increase now.....10% MOM increase and still down -23% YOY .

Good Luck!

[NYSD1995]

Originally Posted by hitman619

It’s a very unique time we are in. You can’t really sell than buy a bigger house because every thing is high.
Entry level homes are nonexistent, never to return.
Most of the prop 13 people have already pulled their equity and bought a bigger home in their golden years all while renting out their Prop 13 Properties for Record Rents.
Crazy Times with no end in sight.

Had this convo with the wife last night, I don't see how we don't cash out when we're ready to retire / slow down. That will mean moving out of state most likely. Just doesn't seem possible to sell and downsize here.

[C2BP]

Just look at those LOVELY PRICE CUTS already happening.
https://www.realtor.com/realestatean...-reduced/sby-6

Good Luck!

[stablegenius]

Originally Posted by NYSD1995

Had this convo with the wife last night, I don't see how we don't cash out when we're ready to retire / slow down. That will mean moving out of state most likely. Just doesn't seem possible to sell and downsize here.

My wife and I have this same conversation often. We agree and are looking at out of state as well

[joosoon]

Our goal is to not have to cash out our primary residence to buy something else. We'd like a place within driving range of SD, particularly Utah. Part of the reason we built our ADU was to have the option to rent the main house and still have a place to live here and wherever we end up (hopefully) buying.


Agreed though that the concept of traditional downsizing is probably a thing of the past in San Diego.

[stablegenius]

Originally Posted by joosoon

Our goal is to not have to cash out our primary residence to buy something else.

We'd like to do this, but since new townhomes and condos pretty much go for as much as our house, I don't see it happening.

[NYSD1995]

Originally Posted by stablegenius

We'd like to do this, but since new townhomes and condos pretty much go for as much as our house, I don't see it happening.

At this point any townhome we want to buy would cost at least what we paid for our current place, so by the time we sell it's only going to be way out of whack. We discussed the ADU option for our rental, move back into it for a few years, split it and max out ADU units, rent out our current house, then rent the entire compound back out. We would need to borrow money to do the ADUs though.

[TacoSoup]

The way we’re going to cash out and stay in San Diego come retirement is via the reverse mortgage.

[Racer46]

Originally Posted by TacoSoup

The way we’re going to cash out and stay in San Diego come retirement is via the reverse mortgage.

No family to inherit?

[snpdragr]

It's incredible that things are getting worse for buyers even with all the rate hikes