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6th Avenue 2SW of, San Carlos St.
Carmel-By-The-Sea, CA 93921

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831-747-0310

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[email protected]

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What’s the Latest?

Week of November 6th-12th

Property Tips and Tricks

Determining the ripe time to buy

Determining the ripe time to buy

Over the years, I have worked with a number of experienced real estate buyers who will only seriously look at properties after they've sat on the market for a while. Let’s look at some of the data to better understand why this may be a good strategy to employ.

During the past five years in Monterey County, homes selling within 30 days after being listed achieved an impressive sales price averaging 100.5% of the original list price. Properties lingering between 30-60 days on the market sold at 94.8% of the original list price, and those on the market for 90 days or more closed at 88.3% of the original price.

If you are shopping in the luxury market here, homes that sit offer even better metrics for buyers, selling at 99.5% of the list price within the first 30 days, but dropping to 85.4% of the original list price if the home sits on the market for over 90 days.

Various factors may contribute to this trend, including starting out priced too high. Other times, a home could have a poor presentation, with lackluster photos or staging, poor marketing, or difficult showings times, that all could contribute to it sitting on the market for a bit longer. Homes on the market for an extended period might be perceived as "stale," yet they often present excellent opportunities as sellers become more motivated. Some of the most advantageous deals I've encountered emerged from properties that lingered on the market.

As we approach the winter months, characterized by fewer new listings and reduced buyer activity, it's an opportune time to strategize for homes with prolonged market presence.

Real Estate News

Real Estate is like the weather

Real Estate is like the weather

This past week, mortgage rates slightly eased from their recent highs, but local inventory remains tight. While a significant rate drop might prompt more listings, I don't anticipate this in the near term. Adding to the inventory challenge is the seasonal shift; as winter nears, fewer new listings emerge. Reflecting on the past week, I've noticed notable weather changes, particularly in the early mornings in Carmel Valley. This prompted some contemplation.

Ever noticed how real estate and weather share intriguing parallels? Let's explore.

1. Local Dynamics: Real estate markets operate on a hyper-local scale, much like the weather. Yet, they're not entirely isolated. Just as weather patterns traverse regions, neighboring real estate markets can influence one another.
2. Constant Flux: Both real estate and weather are perpetual in their state of change. Recent times have witnessed an amplified dynamism, mirroring the evolving nature of both weather patterns and real estate markets.
3. Data Synthesis Mastery: A skilled meteorologist adeptly deciphers complex data sets, swiftly drawing impactful conclusions. Similarly, an astute real estate advisor excels at synthesizing information from diverse sources to derive substantiated insights.

In essence, whether navigating the local nuances or deciphering the ever-shifting landscape, mastering the dynamics of real estate is akin to understanding the nuances of weather—a dynamic, ever-changing phenomenon.

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Jonathan Balog Luxury Realtor Carmel Pebble Beach

Jonathan Balog

DRE# 01980970
Broker
M: 831.747.0310
[email protected]

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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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Carmel and Pebble Beach Real Estate

JONATHAN BALOG

Broker Associate

831.747.0310

[email protected]

DRE 01980970

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This website is not the official website of Compass, Inc. Compass, Inc. does not make any representation, warranty, or endorse any information, including without limitation its accuracy or completeness, contained on this website. Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527235. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation

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