Houses Are Selling In Monterey

Inventory is low, which has been causing some multiple bid situations on houses for sale in Monterey. The Monterey County Association of Realtors reported 1419 homes available in November, while the previous year showed 2570 that same month.

The lack of homes on the market is probably due to the banks holding back from releasing more foreclosed homes.

Buyers include investors who can come in with all cash or 20% down competing with first time homebuyers with FHA loans and 3.5% down.

Either way, it's a good sign that houses are moving.

December 2009