Happy New Year! Calendar of Events for 2012 on the Monterey Peninsula

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FHA Loan Limits Restored!

This just in! Congress has moved to restore the loan limits we enjoyed prior to October 1st. Loan limits fell to $483K in Monterey County on October 1st from $729,750. Monterey County was one of the hardest hit counties in the country as our county combines diverse regions such as Pebble Beach and Salinas. Other areas, like San Francisco, saw their loan limits fall to $625,500. Fortunately, last night lawmarkers voted to restore this higher loan limit of $729,750 for the next two … Continue reading FHA Loan Limits Restored!

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Fall Market Update

If you read the paper or watch the news it’s no doubt you’ve heard that the real estate market is not getting any better, and may even be getting worse – from a national perspective. Growth is flat at best, we have real structural issues to our economy that can’t be fixed overnight and we’ll probably have another 5-7 years of slow growth. But I’d like to make the case that Northern California is the anomaly. Real Estate is more … Continue reading Fall Market Update

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The 3.8% Medicare Tax

Beginning January 1, 2013, a new 3.8% tax on some investment income will go into effect. This new tax was passed by Congress in 2010 as part of President Obama’s health care bill. The tax has been dubbed the “Medicare tax” because the proceeds (expected to be $210 Billion) are to be used to cover the Medicare Trust fund which is expected to run dry in a few years. There are many misconceptions about this new tax, and it is complicated, but here is some … Continue reading The 3.8% Medicare Tax

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High Balance Conforming Loan Limits to Decrease October 1st

It is important for all active buyers and sellers to be aware of the approaching loan limit change as of October 1st. Currently, buyers can borrow up to $729,500 in Monterey County at conforming loan rates, which is called the High Balance Conforming Loan. This loan amount is decreasing in Monterey County to $483,000 on October 1st. Different counties have different loan limits, but because Monterey County not only includes higher priced areas such as Carmel and Pebble Beach, but … Continue reading High Balance Conforming Loan Limits to Decrease October 1st

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Market Snapshot

The past 6-8 weeks has witnessed a drop in buyer activity here on the Monterey Peninsula. For the most part, we believe that prices have bottomed in our market, although our recovery has been stop-and go. And the word “recovery” is really not the right word to use, as projections show prices to remain flat this year, and well into 2013 and  possibly 2014.  For those deciding whether to sell now or hold on for a few years, I would consider your carrying costs as … Continue reading Market Snapshot

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The Carmel School District and More

 Yes, Carmel is a fabulous place to retire, but this quiet ol’ town has a surprising number of young families. Here is some information to help you navigate our public school system. Carmel & Carmel Valley Carmel has been known for some time as having an excellent public school system. Carmel is broken into three elementary school districts: River school, Tularcitos and Captain Cooper. 1. I have many buyers who look only in Carmel for a home because of the school district. … Continue reading The Carmel School District and More

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New Loan Limits Expected to Hit Monterey County

Well there has certainly been a buzz in our community around a recent article in the New York times, “Federal Retreat on Bigger Loans Rattles Housing.” Monterey County was the main character in this article serving as an example of an area that will be affected more than others when it comes to the loan limit change slated for later this year. Essentially, the federal government has been backing mortgages up to $729,750, a limit that has been in place … Continue reading New Loan Limits Expected to Hit Monterey County

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Monterey Peninsula Real Estate Market Update

When I talk to buyers there is a clear divide between those that believe 2011 is the year of opportunity and those that believe the market will continue to decline. Yes, the media paints a gloomy picture of a “double dip,” a flood of new foreclosures are expected to hit the market and yes, unemployment is still dismal. Only time will tell which path we are on, but I argue that this year will be flat and IS the year … Continue reading Monterey Peninsula Real Estate Market Update

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The Rising Cost of a Declining Market

Interest rates were at an all time low last year and although historically speaking getting a loan is still a bargain, rates have been inching upwards. The jury is out whether our market is further declining or rebounding. I personally believe we are at the bottom and although the next couple of years may be a roller coaster ride, we will see a modest recovery. With that said, there are still buyers out there who are waiting for more foreclosures to hit and … Continue reading The Rising Cost of a Declining Market

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