Is it a buyer’s or seller’s market for homes in Carmel, Pebble Beach, and Monterey? The number of homes for sale is low, interest rates remain historically low and there are more buyers than sellers all leading to the conclusion we have a seller’s market.
However, the luxury home market behaves somewhat differently than the general home market. Even though inventory may be low, luxury buyers are discriminating and often wait for the right home to appear before making their purchase. It’s not unusual for buyers to bring all cash offers making them independent of borrowing rates. These luxury home buyers are more influenced by broader US and international economic conditions. One can easily argue the luxury home market is stable or a buyer’s market.
No matter what your thoughts are regarding the type of market we are in, the current US economic expansion is considered mature by most economists and a recession in the near term is not unlikely.
In deciding whether to sell now, in a few months, or in the next few years one of the first steps is to understand the current market value of your home. While some real estate internet sites can provide a value for a house, these are algorithm-based and do not take into consideration the special features your home may have in relation to others that have sold in your neighborhood.
If you would like our assessment of your home’s market value, the process begins with a discussion with us and a home walk-through. Schedule your personalized market value assessment with us today.
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