I was hanging out with some Carmel Valley moms few days ago. Was talking housing with two of them.
One was a renter. Been watching for three years. Hoping for prices to come down. Said even if they do, she still may not be able to afford one.
The other recently leveraged her house to buy a business. Had to try 7 appplications and persistent negotiations. Was very surprised at how little her excellent credit helped in the approval process.
She said CV is holding up pretty well, but admits prices have clearly started to drop. I was surprised to hear anyone admit this, espeicially someone who borrowed so aggressively.
Said she hopes the market flies so she could “refinance and redecorate.” That’s a direct quote.
I thought these two ladies gave me a good feeling for the sentiment there. They have seen some prices coming down, but not really expecting that trend to continue in a dramatic fashion.
I see a banking crisis and wonder how anyone can imagine buying a house anywhere right now.
