It’s true that anyone sitting on a 2.5% mortgage is going to very reluctantly sell, particularly in beautiful San Diego – a market that is renowned for being impossible to get back into once you leave.
Investors that have ridden the capital appreciation wave may decide to cash in at this point of the cycle. The yields will not be there for any recent buyer.
Jobs will be key as well as the stock market and crypto (huge losses). If you purchased or HELOCed anticipating major RSU income you could be in trouble. If you are in a venture capital or growth start up that isn’t making money you could be in trouble. Fiscally responsible folk with steady income and well financed homes should be just fine. Let’s see what happens with inventory as we head Into the fall.
