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
Stimulus Impact on Monterey County Home Buyers
A quick summary on the stimulus Bill of 2009 as it relates to home buyers in Carmel, Carmel Valley, Pebble Beach and other areas of Monterey County. > First Time Homebuyer’s Credit – First time homebuyers (which is defined as not owing a home within the past three years), are now eligigle for a tax credit of $8,000 or 10 percent of the purchase price, which ever is less. The entire $8,000 should apply for Monterey County as we’re not … Continue reading Stimulus Impact on Monterey County Home Buyers
The Stimulus Package and its impact on Carmel, Pebble Beach, Carmel Valley
Admittedly many of the homes that sell in Carmel, Pebble Beach, Carmel Valley and over the hill in Monterey and Pacific Grove are priced such that most buyers need a “jumbo” or “non-conforming” loan. “Jumbo” loans are the loan product that has been most changed by the current credit crunch. The cost of these higher principal loans is much higher and the hurdles that have to be overcome to be approved can be extremely tight. Lenders used to make these loans … Continue reading The Stimulus Package and its impact on Carmel, Pebble Beach, Carmel Valley
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Loans for Homes in Carmel, Pebble Beach, Carmel Valley Update
As I have stressed in my Carmel Report and Pebble Beach Report, the credit crunch has made it difficult for many Carmel and Pebble Beach buyers that in the past would have opted for “no-doc” or “low-doc” loans. My friend Steve Woods at Blue Adobe Mortgage has provided the following update on the state of the mortgage market. Steve can be reached by email at stevew@blueadobemortgage.com or by phone at 831-917-4462. Give him a call for a quick quote and advice on how … Continue reading Loans for Homes in Carmel, Pebble Beach, Carmel Valley Update
