You may have noticed the last few months of amazing local real estate activity. We are encouraging those who have been considering selling to list for a few reasons:
- Buying Power
- High Prices
- Low Supply
- Uncertain Times
Buyers are able to afford more house than ever right now with the best interest rates in history. There are many qualified buyers in the marketplace looking for both primary residences and vacation homes on the Monterey Peninsula. There are also many investors finding great value locally whether they are coming out of a 1031 exchange or just looking for a great location for their long term investment. Wealthy buyers are taking money out of the stock market and putting into tangible assets like real estate, and the California coast is one of the most ideal places for that buy and hold strategy.
After a slow end to 2019, we have seen competitive offers and great prices for sellers in 2020 throughout the majority of the pandemic. In addition to great rates creating interest from buyers, sellers are seeing high prices per square foot for their homes due to buyer’s increase in affordability and very low supply.
We have seen some listings sell with multiple offers when priced competitively, which tells us that the buyers are out there despite all that is happening in the world. Even during our recent fires, we were getting showing requests. Our market has not slowed, and we anticipate it will continue to remain strong as we round out 2020.
Although we have no reason to believe the market will slow down in the near future, markets always cycle so we need to be prepared for a slow down. We don’t know when that will come, but it is inevitable, so we are encouraging sellers to take advantage of the recent action and the strong demand for homes on the Monterey Peninsula.
We are working with buyers from the Silicon Valley, Central Valley, Texas, local buyers, and even military families from across the country. Everyone has different reasons for why they would want to sell and what steps it would take to make it work. If you have any questions or want to discuss your options, we would love to help.