Our 2017 remodel on 4164 Mount Hukee in Clairemont just resold. I cant believe the home prices in San Diego now. The low interest rates and lack of inventory due to COVID-19 has really created a buyer frenzy this year. After the remodel in 2017 we sold this house for $780,000 which was high at the time. It just resold 3 years later for $950,000!
I am still pretty bullish on the market. I don’t see interest rates increasing in the next few years. Inventory has to come from somewhere but it seems nobody wants to move and millennials are finally buying now so that’s a contributing factor. There is certainly net negative migration in California, especially now with higher taxes. Consumer confidence is still good but we will see what happens after the election. Affordability will slow the run for sure, we have already started to see appraisals come in low from flips that are getting overbid. It’s a good thing that the appraisers are holding the prices back a bit for the market as a whole.