Eisrael Gomez Realtor - Monterey County Blog

Below is the link to Mr. Ben Bernanke's remarks:

http://www.federalreserve.gov/Boarddocs/speeches/2007/20070831/default.htm

Time will tell if consumer spending will be impacted here on the Monterey Peninsula and Salinas Valley.  We are seeing a huge impact on the limited buyer pool when it comes to buyers in our area who can qualify for loans.  Stay tuned...

The Eisrael Gomez Team

Century 21 A Property Shoppe

Call Eisrael's "sell" phone 831-809-8266 with any questions or comments

OK Monterey County home sellers!  Here's a nice third party article from MSN on how to sell in today's buyer's market. 

Summary 10 Steps

1. Recognize each market is different.
2. Get your home inspected
3. Shape up before marketing
4. Devise a marketing plan
5. Check into company relocation assistance
6. Interview real-estate agents (by the way my number is 831-809-8266)
7. Set a price
8. Understand your price
9. Get rid of the junk (you know where this is headed)
10. Stay on top of the market (did I mention my number is 831-809-8266)

:-)

Check out the article at:

http://realestate.msn.com/selling/Article_bankrate.aspx?cp-documentid=5255869

Currently in Monterey County.  We are seeing many offers coming in far below the asking price.   Often times it ends up insulting the seller and the offer has a slim chance of being accepted. 

This article was emailed to me and provides information on how to make a case if you are going to offer a lower price than what a home is listed for:

http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/HowToLowballAHomeSEller.aspx

To get that transaction complete, local lenders are saying the traditional full document loans are the way to go.  "Buyers are now looking at a lending climate similar to 5 years ago" said one mortgage broker. 

Here are some tips shared with me in the last few days:

• Full documentation (remove "stated income" from your vocabulary)
• Down payment 5 to 10%
• Have a co-signer ready to assist, should the bank require it
• Using a mortgage broker?  Try contacting a large retail bank direct as a backup

If you have any other's to share, please submit your post or call or email me.  Thanks!

Eisrael Gomez

831-809-8266

egomez@gomezhomes.com

Wall Street's Lehman Brothers also feeling the pinch during the current mortgage changes by closing a mortgage unit:

 Bloomberg article on Lehman

I guess there is a buyer after all!  Fed buys $19 Billion in Mortgage Debt securities.  See the Bloomberg article below!  Time will tell what impact this will have on the Monterey County Real Estate Market.   

 http://www.bloomberg.com/apps/news?pid=email_en&refer=news&sid=aCIPixWP9cmk