Mar
24
Who opened the doors to Carmel?
Filed Under Uncategorized,
I heard from a very reliable source that once interest rates went up there would be a flood of buyers in the market that would come in with their all cash offers. Well, I think we are at that point. I am busier than I have been in two years and yes, with the exception of one, they are all cash buyers, not that we have been hit like the rest of the state or country over the last year or two. Our sales in Carmel and Pebble Beach real estate have been much more stable than other areas. If anything, homes are staying on the market longer and are more price sensitive but we are not experiencing the short sales and foreclosures that other areas have been subject too. The nice thing about purchasing real estate in Carmel and Pebble Beach is that most owners have the money to hold if they want, plus we have the constant influx from other areas that keeps our market moving, it’s not dependant solely on the local market in other words. This in return provides for a much more stable investment than other real estate markets.
For example, I have a Buyer moving here from the Sacramento area. Unfortunately for her, she sold her home in Carmel Valley 8+ years ago in the $900,000- range. That same home is now on the market for $2,500,000-. She put the home she bought in Sacramento back on the market 2+ years ago for $1,999,000- and ended up closing on that home in December of 2007 for a mere $1,300,000-. She is now trying to get back into this market but look at what she has lost in her golden years! She lost the $1,600,000- she could have gained just staying put PLUS she lost the difference between what she purchased the home for in Sacramento and what she took for it in December. So she is twice behind the curve ball. Now she is worried that it is so expensive here but what I am explain to her is that she can’t afford to NOT buy here. Look at what she has lost already. She needs to protect what she has left for her future investments by purchasing in one of the most insulated areas she can purchase in and get her money to start working for her again.
So even if she does not bite right now, there are plenty more buyers to take her place. People are seeing this as a prime opportunity to buy at the best prices we’ve seen in years. And even for those who need to get loans to purchase, the interest rates are still at historic lows. So charge! Let’s make it a banner year in Carmel and Pebble Beach real estate!