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. Cash buyers represented 15% of buyers in October of 2008 and only 12% in May of 2009.
