How Did We Get Here?

For the last number of years, the housing market has been one of the hottest topics, for better or worse, flooding feeds with headlines and grand statements about everything from bidding wars to price declines and housing crashes.

And for the most part during the “Unicorn Years” between 2019-2021, the trends and insights being reported applied to nearly every market in the country. Prices were appreciating, mortgage rates were low, bidding wars were high, and average days on market were short. 

It was a total feeding frenzy, and business was booming. 

And then, like the flick of a switch, that all changed. 

The shock of rising mortgage rates stopped many buyers and sellers in their tracks, waiting in a holding pattern for them to go back down again. While they’ve budged a little from their peak of 7.08% last October, they’re unlikely to go back down significantly any time soon. 

However, that uneasiness has seemed to have worn off as consumers get used to the “new normal” of today’s housing market.  

“Real estate markets are showing resilience, especially as buyers

have accepted mortgage rates in the new normal of 6% – 7% range,”

said George Ratiu, Chief Economist at Keeping Current Matters. “This

has kept a steady pace of sales over the past few months.”

The key word to focus on here is resilience. Despite the rollercoaster we’ve seen the past number of years with everything that’s been thrown our way – real estate continues to stay strong. Some experts may even say this is one of the strongest housing markets we’ve ever experienced, and it won’t be slowing down anytime soon.

So investing in Real Estate still makes sense, especially in San Diego County.

If you need help buying, selling, investing, or an evaluation of your home, please give us a call!

Teresa and Sam