Steve Welty

Issue# 15

August 2024

Happy Saturday Housing Heroes!

I’m writing this newsletter after reading an article where Redfin’s CEO sounded the alarm on the housing market, breaking down earnings, the state of housing, and how rising interest rates are shaking up home sales.

(If you want to know his exact words, check them out here.)

I put together a 60 second video talking about this. Click here or tap the thumbnail below to watch! 👇

Key Highlights of This Video 👇

Mortgage rates are dropping, but it’s not moving the market.
60% of homeowners are locked into rates below 4%, making them hesitant to sell.
72% of homeowners want to move (up from 35% last year), but most stay put unless they face one of the “5 D’s”: Diamonds (marriage), Diapers (children), Divorce, Downsizing, or Death.
A 1% drop in mortgage rates only reduces home prices by 2%—small relief when prices are up 7%+ in markets like San Diego and Orange County.

So, what’s next: Tight inventory, rising prices, and low seller motivation mean a bumpy road ahead for the housing market.

Have questions about managing your property?

My team is here to support you. Schedule a call with us, and let’s chat about how we can help you navigate your property management journey.

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That's it for this week! We hope you enjoyed the content and found it useful. Be sure to check your inbox next Saturday at 6 AM for our next update. Have a fantastic week!

P.S. Feel free to share this newsletter with a friend—you never know who might want to join the conversation!

P.S.S. I’d love to connect with you! Find me on Instagram and LinkedIn. Links below 👇

Steve Welty

CEO @ Good Life Property Management

DRE #01744610

5252 Balboa Ave #704, San Diego, California 92117
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