“In the Spring, I have counted 136 different kinds of weather inside of 24 hours.” – Mark Twain
Happy March madness everyone! The month we enter spring, experience crazy weather shifts, watch endless amounts of college basketball, and enjoy the hot spring real estate market. Inventory levels are staying well below demand here in North County San Diego and savvy buyers are recognizing that they are better off buying now versus waiting for the proverbial bottom when bidding wars could start again. Although the Feds are trying to taper off demand with high-interest rates, they’re also tapering off supply as most developers pause during these times, and many sellers are deciding not to sell as they don’t want to leave their > 3% home mortgage rates. Many believe that once inflation and rates settle that there will be another explosion in real estate within target-rich specific zip codes.
The top 10 U.S. towns where millionaires are buying second homes are: Miami, Florida, The Hamptons, New York, West Palm Beach, Florida, Napa, California, Aspen, Colorado, Santa Barbara and Montecito, California, San Diego, California, Jackson Hole, Wyoming, Carmel-by-the-Sea, California and Boca Raton, Florida. 40% of the Top 10 towns are located in California, 30% in Florida. (Henley and Partners)