As we wrap up another eventful year, and get ready to gather with family and friends to celebrate the season and each other, I hope this note finds you well.
I am grateful to continue to have had the privilege to help guide many of you in accomplishing your real estate goals. So many moments of kindness were shared among our communities, and I’ve also experienced moments of personal growth in working with each of you. Thank you!
So what were the good and the bad gifts this year in housing?
- The biggest lump of coal this year - INFLATION!
- 7 interest rate hikes! Enough to make any economist’s head spin!
- Home Buying opportunities like we had back in 2018 - almost no competition for home buyers right now!
- Rents soared over the summer, and as we conclude the year, we see these start to drop a little bit too
- Housing supply continues to be low, which remains good news for home sellers (building permit requests are down year over year)
- More passive real estate income earning opportunities arose: Senate Bill 9 is official in California! This automatically changes the zoning on every single-family residential lot, to allow more living units to be built, to house an elderly parent, earn additional rental income etc.