I’ve been making this point for some months now. I track three zip codes where I have rentals: not coastal but a good cross section of North county, 92127, 92078 and 92027.
There is less and less supply for SFH with 3+BR
When I check zipRealty, there are 1100 SFR 3+BR (non manufactured) with 1200+ sf below 750K in the entire county going about 10 miles east of I-15. So no there is not much inventory and some of these 1200 homes are surely over priced by normal criteria.
same criteria below 650K is: 874 homes
In more exclusive areas, many owners may just realize the property is irreplaceable and thus will never sell unless a major tragedy occurs.
If one considers that in a given year, several hundred properties get bought by investors, then the remaining homes for occupancy drops further.
Scary to think that the entire “affordable” housing stock could be bought by a couple of plane loads of investors from any country of origin.
