I work primarily on the Monterey Peninsula( Carmel, Pebble Beach, Pacific Grove, Monterey, Seaside, Marina ) and in the Salinas , California area and I've been doing this for over 20 years. Having been so long in the business I've been through multiple business cycles and I think the hardest part is the transition period from one cycle to another.
This market was surely overdue but that doesn't make it easier for most. The beauty of being where we are at is the acknowledgement by buyers and sellers that the market really did change and it doesn't look like we're in Kansas anymore..,During the transition process everybody sits on the sidelines- sellers in disbelief that their home is worth less and buyers afraid of trying to catch a falling knife.
I consider this market a huge opportunity for many. Investors and would be homeowners have a window into prices we thought we'd never see again.
This area is unique in the many micro markets that we have. The higher end properties seem to have been hit less compared to the first time homeowner and lower priced neighborhoods. The bank owned properties coming on the market in the lower priced areas with aggressive list prices are selling quickly and helping to create the "new" lower property values. We are seeing some bank owned properties coming on the market that are priced to undercut the competition, receiving multiple offers and selling over list price within days because the investors recognize and will buy great value. It just goes to show that there is always a market as long as you price and market it right.
Let me know if you have any questions about our area.
831.596.1214 or you can email me at firstname.lastname@example.org