Monterey County Real Estate Market
Demand for real estate in Monterey County remains high going into 2022, with inventory down 42% since this time last year. Homes continue to bring in multiple offers above asking, even more than they did in January of 2021. We are seeing properties remain on the market slightly longer than they did in January last year, about 7 DOM longer on average.
Similar stats are found in condo, townhome, and single family home sales, reflecting the trend we have been seeing all year: everyone wants to buy in Monterey County and they are willing to pay top dollar in this highly desirable market no matter the type of property. The median single family home price in Monterey County in January 2022 was $875,000 for single family homes and $730,000 for condos and townhomes.
We saw a 5% decrease in inventory from January 2021 to January 2022, but there were many more homes on the market in January 2022 than December 2021, with a 50% increase in single family home listings and a 131% increase in townhome and condo listings.
For more information about the Monterey County real estate market, contact our office at any time!
View The MLS Listings Silicon Valley and Coastal Regions Single Family Home Market Overview
San Mateo County Real Estate Market Update January 2022
San Mateo County remains a hot sellers market, with only a slight increase in inventory since December of last year. With 37% less townhome and condo inventory and 45% less single family home inventory compared to January 0f 2021, even the slight increase in recent months has not brought demand or prices down.
The median single...
What happens when you fall out of escrow?
When your real estate listing goes from “active” to “pending,” it means you have accepted an offer, but that the sale has not yet closed. During the time your home is pending, a lot of things happen. Having your home loan application denied by the lender impacts your escrow and purchase plans in a few ways. A loan that falls out of escrow does not necessarily mean your deal is dead, but the process of getting the application back on a track likely will delay your closing. An extension of escrow, a seller notice to perform and cancellation of the contract are some options, depending on your specific escrow and the loan issues you are facing.
Example
A common scenario is when a buyer fails to qualify for financing ultimately is not approved for their mortgage. Although mortgage lenders pre-approve a lot of buyers, circumstances can change. For example, the buyer might lose his or her job, accrue new debt, or do something that negatively impacts his or her credit score. Perhaps you have an executed purchase agreement and escrow is opened and the buyer was pre-qualified by a lender but not fully loan approved. Pre-qualification can be done over the phone with all of the pertinent information necessary to qualify and pull a credit report.
A professional home inspection is part of the real estate process. It allows the buyer to see if there is anything grossly wrong with the home, and gives them the ability to walk away without losing their earnest money or deposit. Home inspections can reveal issues,...
What are capital gains?
Capital gains are the profits you make when you sell a stock, real estate or other taxable assets that increased in value while you owned it. The capital gains tax is based on that profit. The long-term capital gains tax rate is typically zero, 15 or 20 percent, depending on your tax bracket. Capital gains taxes apply to the sale of stocks, real estate, mutual funds, and other capital assets. The tax is based on the profit you made or the price you sold it for minus the price you paid, and how long you held onto the asset.
The long-term capital gains tax rate, for assets held for more than one year, depends upon your taxable income. Short-term capital gains rates are higher and are based on your income tax bracket. A capital gains tax is a tax you pay on the profit made from selling an investment.
You don’t have to pay capital gains tax until you sell your investment. The tax paid covers the amount of profit — the capital gain — you made between the purchase price and sale price of the stock, real estate or other assets. When you sell, your gain (or loss) is referred to as “realized.”
How much you pay in taxes depends in part upon whether you made a short-term or long-term capital gain on your investment, and each is taxed in different ways.
Short-term capital gains are taxed as ordinary income, such as the income tax you pay on your salary, at your standard federal income tax rate. This tends to be a higher rate than for long-term capital gains taxes, which are based on defined tax brackets that are adjusted each year for inflation.
Capital gains and losses are calculated by subtracting...
