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Local residents struggle to buy homes on the Monterey Peninsula

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SEASIDE, Calif. (KION) -- For people who live on the central coast -- we've seen the cost of living increase-- which makes finding an affordable home here that much more difficult.

The housing market is hot and the housing crisis continues to worsen on the central coast. Property prices are going through the roof.

"It's been on fire for the last year and a half now," says Erik Bildman, the Vice President of Sundae.com which specializes in investment properties for home-buyers.

Finding a home on the central coast has been especially hard some home-buyers on the peninsula.

"It's not something I was quite expecting right now. I've been looking at buying a house now for over a year and I've put in multiple offers," says Monterey Peninsula Resident Bernadette Kuchinsky.

In this type of market, realtors say it's good to have some extra cash.

"If a potential buyers really likes the property and wants their bid to be competitive they should be prepared to come in over the asking price," says Bildman.

Real estate experts say, right now, one in three properties on the central coast is selling within two weeks or less. Sometimes that extra cash is not enough.

"We're super qualified we both have credit in the 800s. we have cash down, we have more than 20% down, and always put in offers over the asking price. and we didn't get any of them. we're always outbidded," says Kuchinsky.

The market is also hot for investment properties too according to sundae.com -- and there's simply a lack of supply.

"Its hard to find properties whether your looking to move into a home or a income property or a flip property," says Bildman.

As for home-buyers on the Monterey peninsula, the waiting game for another potential home continues..

"We're just going to continue to rent. we've been in the same house for three years and we talked to our landlord about if he ever wanted to sell… to buy the property," says Kuchinsky.

Realtors say median home prices in the Monterey - Salinas area is up about 10% year over year.

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Max Tarlton

Max Tarlton is a morning anchor at KION News Channel 5/46.

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