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

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Week of December 11th-17th

Property Tips and Tricks

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Journaling your home care

Most are acquainted with the concept of journaling, a practice that involves writing down experiences, thoughts, and emotions to foster reflection and clearer understanding. Home journaling follows a similar vein, albeit focused on documenting home maintenance performed throughout your ownership.

As an avid auto enthusiast and a frequent purchaser of cars, one crucial factor influencing my ideal purchase is the presence of meticulous service records, typically stored in a binder. While I advocate for pre-purchase inspections, akin to a home inspector's role, having comprehensive records of services and repairs on the car from the seller instills confidence in the purchase. It elevates the vehicle's value, setting it apart from similar ones lacking such detailed records.

Initiating a home improvement and service journal at any time can be beneficial. This log allows you to record all property-related work, including details like service providers, dates, and approximate costs of repairs or enhancements. In my view, maintaining such records significantly bolsters the property's appeal during a sale, instilling confidence in potential buyers and serving as a helpful reference or guide. There are tangible home improvement journals available online for purchase but even keeping a simple Google Doc, like this one, for home journaling could be all you need. It offers convenience, allowing easy updates from various devices and even collaboration with service providers or home managers for regular updates.

Real Estate News

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What happens when Christmas comes early

In the recent week, market speculators reacted positively to the Fed's announcement, suggesting an early appearance of the Santa Claus Rally this year. Historically, the stock market exhibits more volatility than real estate. However, will the recent Wall Street rally directly correlate to the housing market in the near term?

Currently, the median sales price is up approximately 2-3% year-over-year nationwide, with a similar trend reflected in Monterey County, showing an increase of around 3.5% so far in 2023 compared to the previous year. A clearer picture on where the median sale price lands will emerge as we finish out 2023.

Looking ahead to 2024, it's challenging to envision a scenario of significant price declines or substantial price increases in the real estate market based on existing data. Overall, prices seem poised to hold up better entering 2024 compared to the start of 2023, at least at a national and local level, such as on the Monterey Peninsula. However, the story may differ for those eyeing condominiums in downtown San Francisco or houses in Austin.

Why the lack of a forecasted boom or bust in the housing market for 2024? Forecasts do not predict significant drops in mortgage interest rates soon, and there's no anticipated surge of properties entering the market. This suggests a sort of holding pattern, which may not necessarily be a bad thing.

Last week, I covered the recent drop in mortgage interest rates; research from John Burns Research and Consulting indicates that most homebuyers aren't inclined to purchase at rates surpassing 5.5%, given that 90% of current borrowers pay less than that. Additionally, consumers are psychologically tethered to low rates, having become accustomed to them from 2008 to 2021. Nearly 90% of consumers expect rates to dip below 5.5% within the next five years, so until reality aligns with expectations for those buyers, they may try to hold off on making a move.

Turning to sellers, borrowers with current mortgages above 5% are nearly twice as likely to have plans to sell their home in the next three years than those with lower rates. Borrowers with higher rates face little to no disincentive to trading their current mortgage for a new one. We may see more inventory come from homeowners who purchased their homes recently, but those who have owned their homes for more than 18 or so months are not yet incentivized by the current 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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