Steve made a great point about the concept of buyer hesitancy, regardless of when. When I moved my family to San Diego from Phoenix 30 years ago, we sold our house there for about $60K. But, yikes! The house we wanted to buy in San Diego was $250K. 4x more! Talk about sticker shock. But we pulled the trigger anyway and fast forward to 2022... our house is worth about $1.8M. Full disclosure, it's not the same house. That first one went bye-bye in the 2007 Witch Creek fires. Comps for the old floorplan are about $1.5M.
Exactly. Real estate has always been expensive. Just ask anyone who bought an oceanfront home in Delmar in the 80s. We look back on those prices and say wow what an obvious investment but people were told they were crazy back then
