Why real estate is experiencing a buying frenzy on the Central Coast

CARMEL, Calif. (KION)-- The coronavirus has changed so many aspects of our lives, and the housing market is no different.

In fact, just a quick search online and you can see just why realtors are struggling to keep up with demand in Monterey County.

“We have more buyers, looking for fewer homes and people are coming from all over—Silicon Valley, Fresno, LA, Texas because they get to work anywhere they want,” says Realtor Ben Beesley.

And that’s because the pandemic has caused remote work to skyrocket.

Beesley has been in the realty business for almost 20 years and says he’s never seen anything like this.

“The needs that people have in buying a home or living in a home are completely different. You need larger homes because you have to have your office there, or you need a teaching area for your kids for zoom.”

Homes are listed, and almost immediately sold.

But many locals have expressed their concern with how all the homes are being bought up by people outside the area.

Realtors say don't lose hope. Current interest rates are better than they’ve been, allowing more buyers to jump in.

“It is true, the competition is tough and there are locals here that are having a very difficult time buying homes. We’ve got some tricks up our sleeves that we can do when presenting offers to make them a little more favorable and to help get them accepted, so it’s definitely possible,” says Realtor Shannon Vereker.

But if you’re shopping, keep in mind the pandemic has also changed the process of scoping out properties.

“There’s no more open houses right now. A lot of things are done digitally and strictly by appointment only. The days of just showing up and going to tour a property and making a weekend of it need to be a little bit better planned now,” says Realtor Cory Otterness.

The question always is whether it’s a buyers or a sellers market. While it is good for both right now in Monterey County…

 “We’re not able to keep up with the demand of the buyers because there’s not enough houses to sell right now," says Beesley. "So if you’re thinking of selling, now might be a great time!”

To reach out to team Beesley for your housing needs, click here.