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Address

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

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831-747-0310

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What’s the Latest?

Week of March 25th-31st

Property Tips and Tricks

Carmel CA Realtor

Spending More to Gain Value

If you’re looking to get the best value on your next home purchase, it might seem counterintuitive, but spending more could be the key. How does this even make sense? Let me elaborate.

Typically, homes at lower price points attract more competition. If you’re aiming for value, you might want to avoid homes priced around the median range in your target area. Once you explore above a certain price point, demand often decreases, creating more room for negotiation and the potential to find properties that are priced well below replacement cost, or are priced less per square foot.

Generally, pricier homes take longer to sell, and the longer a property is on the market, the more open the seller might be to negotiation. A graph illustrating the sales price to original list price for homes at different price points sold over the past 15 months in Monterey County reveals a direct correlation between the price bracket and the sale to list price ratio. Another useful data set is the price per square foot, but to keep things simple, just remember that the incremental cost of more property generally decreases as the price increases.

So, when you’re next in the market for a home, consider the level of competition at different price points and remember, the more you’re willing to spend, the harder you can negotiate, and the more property you can get for your money.

Real Estate in Carmel CA

Real Estate News

Balog Properties in Carmel CA

Slow and Steady Wins the Race?

Nationally, the sale prices of new homes have seen a 20% decrease over the past 16 months, while the inventory has grown by 24% in the last year. Despite these figures making headlines, it’s important to note that new homes represent only 15% of the total available housing stock. Homebuilders are enticing buyers with incentives such as lower mortgage rates and price reductions. As we approach the Spring and Summer months, this trend is worth monitoring due to the expected increase in market inventory.

Despite the recent dip in new home sales, Home Depot is making a big bet on the housing market, and housing shortage, as it recently acquired a Texas-based company specializing in residential trade distribution, serving various contractors. This $18.3 billion acquisition is the largest in Home Depot’s history.

Shifting focus to the Monterey Peninsula, we’ll have updated sales statistics next week as March concludes. If you’re eager for data, I’ve compiled a table of sales stats for the final full week of January, February, and March for both 2023 and 2024. The figures represent total sales of single-family homes, with parenthetical numbers indicating sales over $2 million.

Spoiler alert: there’s no cause for alarm. Our market has historically been steady, not prone to drastic fluctuations. If anything, these figures demonstrate consistency. However, remember that this is just one dataset.
Carmel CA Real Estate

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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.

OUR WEEKLY UPDATE

Stay Smart

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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