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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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What’s the Latest?

Week of July 10th-16th

Property Tips and Tricks

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Not so secret agents

If you're looking for effective ways to keep moles, shrews, voles, and mice out of your lawn without causing ground disturbance, there are a few options available. Recently, I encountered an issue on my own lawn that prompted me to try various methods to eliminate these intruders. Fortunately, I discovered a solution that worked exceptionally well and I wanted to share it with you.

I decided to try solar-powered repellant screws, which can be easily screwed into the ground. These screws emit periodic vibrations designed to deter unwanted ground and sub-surface animals. To my surprise, this method proved highly effective. The vibrations are similar in strength to a vibrating phone, yet they are powerful enough to drive out any unwelcome guests. What I particularly like about this method, aside from the fact that it works, is that these ground screws do not require any harmful chemicals, making them an environmentally-friendly option, also safe for pets and children.

While the screws are visible in your lawn, each one covers a considerable area, ensuring effective protection. If you're interested in learning more about this solution, you can find additional information through the link provided below.


Real Estate News

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It's more complicated than that

If you lived through the 1980s, you might think that today's mortgage interest rates of around 7%-7.5% are no big deal compared to the sky-high rates of 18% or more back then. However, to truly understand the impact of a 7.5% rate today versus an 18% rate in the 80s, we need to delve deeper into the numbers.

Currently, the median sale price in the USA stands at approximately $436,000 (Q1 2023), while the median household income hovers around $70,000. This means that the average household is spending around 6.22 times their yearly income to purchase a property. In the early 1980s, the median sale price was roughly $69,000, and the median household income was about $22,000. During that time, the average household spent around 3.14 times their yearly income to buy a home. When excluding mortgage/loan costs, homes were more affordable for most people back then.

Considering a 20% down payment, today's average buyer borrowing at around 7.5% will allocate around 41% of their income towards mortgage payments. In the 1980s, an average homebuyer borrowing at 18% spent around 46% of their income on mortgage payments. Therefore, for many buyers across the country, purchasing a home today is just as financially burdensome as it was in the 1980s, due to the comparable impact of a 7.5% mortgage rate now and an 18% rate back then.

What does this mean for the housing market going forward? When it comes to home affordability for most buyers nationwide, it seems we may be in a holding pattern for now. Inventory remains scarce, showing no signs of opening up in the near future, incomes are not experiencing significant growth, and interest rates are unlikely to decrease until there is a significant drop in unemployment rates.

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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

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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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