The 2009 Monterey Peninsula real estate market has been greatly affected by the housing crisis that has impacted the nation as a result of the "collapse" of the sub prime mortgage market and the failure of major corporate and financial institutions.

As a result, Buyers have moved to the sidelines or have been cautious in their offers, even though our local housing market decline has not been affected to the same degree as the rest of California.

In the Pebble Beach/Carmel market, there has been a disconnect between the Buyers and what Sellers feel their properties are worth. This means Buyers and Sellers have trouble agreeing on a sales price and the selling timeline for homes has increased.

In the last quarter of 2009, we look forward to a rebound in activity and a resurgence of home values due to the Federal Reserve interest rate cuts which have resulted in historically low mortgage rates.

The incomparable lifestyle and natural beauty that this area has to offer, has helped maintain home values in Pebble Beach and Carmel even though sales have slowed in this tough economic climate.

Today's Buyer's will buy homes only if they feel they have purchased value and will not overpay for a property.