📰 NEWS HIGHLIGHTS

National Mortgage Rates Fall Below 6% for the First Time in Years

U.S. mortgage rates have finally fallen below 6% for the first time since September of 2022. After the lows of the pandemic years, when the average mortgage was closer to 2.5%, the Federal Reserve began raising interest rates, and mortgage rates surged along with them. This week, the average 30-year, fixed-rate mortgage is at 5.98%, according to a new report from the Federal Home Loan Mortgage Corp (Freddie Mac).

Real estate experts say it's a psychologically important milestone for homeowners who've clung onto their older, cheaper rates and would-be buyers scared off by high interest payments, creating an uncomfortably tight housing market.

Want to learn more? Check out this article.

Goodbye to Carlsbad Village Plaza…

If you haven't heard, the entire Carlsbad Village Plaza is being redeveloped into housing and retail space. For a lot of locals, this is not just a shopping center — its been part of their weekly routine. The shopping center has been a staple in the community for over 60 years -- home to Smart and Final (the only “affordable” grocery store for miles), a laundromat, a hardware store, a pharmacy, a non-profit thrift store, and a French café. A few of the businesses have been there for over a decade. The city approved the redevelopment plans back in 2024, citing state housing laws.

Want to learn more? Read this article

New Short Term Rentals Rules for Encinitas and Del Mar

The San Diego Coastal Commission has approved two very different guidelines for short-term rentals (Airbnb, VRBO, etc.) in Encinitas and Del Mar. In Del Mar, there are only approximately 2,500 homes in the entire city. The new rules cap short-term rental permits at 129 total; owners have to live in the home at least half of the year, non-hosted rentals are no longer allowed, and there is a three-night minimum stay. Around 150 rentals will be grandfathered in, but no new permits will be issued until that number drops below the cap of 129.

Encinitas appears to take a different approach. Non-hosted rentals (meaning the owner doesn’t have to live there) will be capped at 2.5% city wide, and 4% west of the 5. They have reduced the minimum stay to two nights, and hosted rentals won’t be capped at all.

Balboa Park Brings Back (some) Free Parking

As we all know by now, paid parking officially launched at Balboa Park last month. It was quickly met with backlash from the community, and many of the meters were vandalized. San Diego Mayor Todd Gloria announced last week that city of San Diego residents can now park for free in select lots around the park. It includes Pepper Grove, both Inspiration Point lots, Marston Point, Palisades, Federal, and the Bea Evenson lot. Premium lots like the Organ Pavilion and Casa de Balboa are still paid — $5 for up to 4 hours, or $8 for the day.

Unfortunately, residents of North County are not included in this resident-free deal, and are still required to pay at all lots.

Want to learn more? Read this article.

Restaurant of the week: Monarch Ocean Pub

This laid-back, beachfront restaurant in Del Mar is one of the best American restaurants in town. Not only is the view stunning - their food is too. Their nosh board paired with a glass of wine is the perfect sunset combination. Their happy hour is also entirely under $10 (Monday-Friday 4-6pm)

Check out their website here!

💬 Thinking About a Move? Just Curious? I’ve Got You.

If you’re considering buying, selling, or just want a quick pulse check on your home’s value, reach out any time. I’m always happy to help make sense of this market and plan your next step … And your referrals are always appreciated!

 Feel free to give me a call 760.807.7113 or just click here to send me an email: [email protected]

Best,

NS