On Nov. 17 Congress reinstate the loan limit formula and maximum cap for FHA insured loans for two years. This is especially important to home buyers in Carmel, Pebble Beach, Carmel Valley and other Monterey Peninsula communities as our FHA loan lmits dropped from $729,750 to $483,000 on OCtober first when the previous extension expired; the largest reduction of any county in the country.
Buyers with cash have always been an important part of the buyer population on the Monterey Peninsula. All cash buyers can often secure more attractive terms, especially in the middle market where competing buyers must secure a jumbo loan to buy a million to two million dollar home in Carmel, Carmel Valley, or Pebble Beach. A recent National Association of Realtor survey found that nationally 26% of transactions over the last few months have been closed by all cash buyers. … Continue reading Number of Cash Buyers in Carmel, Pebble Beach, and Nationally Grows