Low rates. Low inventory. Location, location, location. Enough said.
The Monterey Bay is simply one of the most beautiful places on Earth to live. We have clean air, clean water, the ocean, mountains, and people-centered communities teeming with moving bodies and smiling faces. There are so many of us that want to call this area home and there are simply not enough homes.
Buyers: Keep the faith and keep putting your best foot forward. Rents are high and not going down. Rates are still low. Do not be afraid to do what it takes to win the house that you want. Buying insulates you from rent increases and evictions. It allows you to have pets, knock down walls, plant trees, and pay less taxes. Make bold moves now if you have the chance. You will not regret it.
Sellers: Prices should continue to rise into next year, but interest rates, predicted to reach 3.6% – 3.7% by Fall 2022, may cancel out the gain. For every 1% increase in interest rates, buying power decreases by 10%. Just as water finds level, so do markets. Sell sooner than later if you can. Hire an agent and start prepping your house now in order to be ready for the Spring market.