Being a Real Estate Professional, the question I’m most often asked is, what’s going on with the market? People sort of expect me to say "it sucks!" Truth is, real estate is always local.
In some areas, I have no doubt it does suck, but where I’m at, the market is doing well (for me anyway).
What’s happening in Monterey County is increased sales. More transactions are taking place now then at the same time last year. Fully one third of the market is in escrow. Over 300 single family homes are selling every 30 days, and have been for quite some time. Sales are and have been very steady and stable.
On the other hand, prices continue to adjust.
In some areas, they have fallen by as much as 50% in one year’s time. Anyone who even dreams of playin the "flip" game is asking for trouble under these conditions. I hear we are going to get slammed with REO foreclosures this summer, At the same time I hear that the banks are going to "freeze" foreclosing and work out loan modificaitons. Who knows who’s right? All I know is the market is moving and buyers continue to show a healthy appetite to purchase homes. I hope you are someone who is in a good position to take advantage of the opportunities in this market.