Pasadena Real Estate

Real estate is changing.

No longer can a realtor sign a listing, update information on the Pasadena MLS (Multiple Listing Service) and sit back and wait for buyers.  When I first started selling homes, I used to go into the real estate office early each day to be the first one to look at the big (and I mean big - yellow page size) MLS book which held all the new and existing home listings.  That was the only way for a real estate agent to know what was going on in the real estate market.  Review the MLS book daily, visit broker's open houses's and network with other agents.

Boy, how things changed - thank goodness!  Today, Pasadena real estate agents and their clients get automated home notices via email as soon as new properties are listed.  Of course we still visit other broker's open houses and network with agents.  But, what is new and exciting is the advent of the internet and how the internet is changing the Pasadena real estate market place.

Most of my real estate business personally has come from referrals and repeat clients.  Recently, I've been getting a lot of phone calls and emails from people that have been referred to me by google, yahoo and msn.  What does this mean? 

Home buyers start their search for Pasadena homes on-line by searching the internet.  They put key terms like "Pasadena homes for sale" or "Pasadena real estate" or "Pasadena home listings" into the search engine of their search and then surf the web.  Once they see something they like, they email or call the real estate agent.

Personally, I have been preparing for this change for the last several years and have built a multitude of websites and blogs like www.pasadenacarealestatehomes.com, www.sanmarinoluxuryrealestate.com, www.montereyhillscarealestate.com, www.pasadenaviews.com , www.activerain.com/blogs/irina4realestate , www.irina4realstate.com,  providing buyers access to the information they crave like market reports and free home search tools.  I have featured homes on realtor.com for Pasadena and San Marino amongst a few others so that the buyers will see my seller's homes immediately - exposure = more money for the seller.

I also participate extensively in social networks like twitter, facebook, plaxo, utterly, friendfeed, linkedin and many more. 

Why is internet presence important to you as a home seller?

It's simple... this is the new face of real estate.  Real estate is not about putting your house in a local newspaper anymore!  Any real estate agent worth their salt will tell you that newspaper ads do not bring in home buyers, but they sure pacify the home sellers.  I say that home sellers are very savvy these days and understand the power of exposure via the web, of getting as many "eye balls" on their home as possible - that's how you sell homes!

So if you are thinking of selling your home, please ask your real estate agent the following questions:

1.  Does your real estate agent have a website that provides timely buyer information and MLS home search tools?

2.  Does your real estate agent have a real estate blog?  A blog is simply an interactive website.  A Pasadena real estate blog like this one allows consumers to interact with a real estate agent in a non-threatening atmosphere, learn and search for homes.  Blogs are the Web 2.0 version of a website.

3.  What kind of traffic does your realtor get on their website or real estate blog?  Remember, traffic = exposure to your home for sale which in turn creates more money for the seller and a quicker home sale.  A good real estate site should drive about 100 unique visitors a day and about 500 - 800 hits.

4.  Does your Pasadena real estate agent create a personal home website for each and every home that they are listing?  Where do they market these websites?  Will they provide you with weekly statistics on how many home buyers visit these personalized home websites. 

5.  Which social networks do they belong to and how do they use them to your "seller's" advantage to market your home for sale?  How active are they on these networks?

6.  Most importantly GOOGLE your real estate agent.  Do they have a presence on the internet.  For example - see google results for Irina Netchaev.  As you can see, there were close to 8,000 internet pages for Irina Netchaev.  That's a lot of internet presence!  Of course, my name is pretty unique.  If your realtor's name is John Smith, you'll get a lot more pages!  But, for the most part you'll get a pretty good idea of how active your real estate agent is on-line.

Another cool tool to use is www.searchme.com It is a great site that allows you to put anyone's names and actually see some of their internet presence.  For an example see Irina Netchaev's search me results.  Try putting your name in the search and see what comes up.

This post is not to brag about how many social networks I am on or how many websites I sponsor.  It is to bring light to the fact that real estate indeed is changing.  Demand the best of your realtor.  The real estate market is changing and the way the real estate is being marketed has already changed.  It's just that some real estate agents haven't figured it out yet.

Connect with Irina on the following networks:

Irina Netchaev on Twitter

Irina Netchaev on Facebook

Irina Netchaev on Flickr 

Irina Netchaev on LinkedIn

Irina Netchaev on Google

Irina Netchaev on Trulia Real Estate Voices

FriendFeed

Irina Netchaev on Utterli

Irina Netchaev on Realtor.com

Irina Netchaev on Plaxo

Irina Netchaev on Technorati

the following networks:

Irina Netchaev on Twitter

Irina Netchaev on Facebook

Irina Netchaev on Flickr 

Irina Netchaev on LinkedIn

Irina Netchaev on Google

Irina Netchaev on Trulia Real Estate Voices

FriendFeed

Irina Netchaev on Utterli

Irina Netchaev on Realtor.com

Irina Netchaev on Plaxo

Irina Netchaev on Technorati

 

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http://www.pasadenacarealestatehomes.com/00763C

By Brian Brady

Remember I told you to sit tight on that mortgage rate lock until after the Bailout Bill was passed?

Well, the Bailout Bill failed.

Pasadena mortgage rates are a little better than they were this morning. This morning a 30-year fixed par rate was at 6.0%; this afternoon, it was at 5.875%.  If you're closing on your Pasadena home loan in 30 days , there is more risk that you'll get a rate over 6% than under 6%.  Lock your mortgage rate if you're closing in October.

If you have time, wait it out.  The bailout bill failed but it isn't dead.  If the bailout bill DOES ultimately fail, mortgage rates will skyrocket, housing prices will tank, and you'll probably renegotiate or cancel that home purchase.

When the bailout goes through (and the whining on Wall Street will be so loud that it WILL go through), mortgage rates will come back down.

PS:  If you're a baby boomer, this is your worst nightmare. Most of the people over 55 have most of their retirement assets in the stock market, through mutual funds in their 401-k plan.  If you're a real estate investor or Pasadena home buyer, this might be really good news.

PPS: Did you know that Main Street already got bailed out? I'll talk about that next time.

Brian can be reached at (858) 777-9751.

http://www.pasadenacarealestatehomes.com/007672

I woke up to a beautiful rainbow right over my home in San Marino.  What a way to start a Monday... Enjoy!

http://www.pasadenacarealestatehomes.com/007721

I just saw an interesting video of a Pasadena real estate agent describing the process that his team uses in pricing a home to sell.  The real estate agent shall remain anonymous here, but having watched the video, I was petrified in what consumers, home sellers that are relying on the real estate agents to price their homes to sell, think.  As the saying goes - "perception is reality!"

In the real estate video, the home pricing process went something like this:

Real estate agent #1 - "We need to price this Pasadena home.  This home doesn't show well, has a lot of deferred maintenance and really doesn't compare to any recent solds on the street."  Turns to his partner and says "What do you think?"

Real estate agent #2 - " I think we price it at $649,000"

Real Estate agent #1 - "How can you justify this home sales price of $649,000 when other homes, in better condition, on same street sold for the same?  I think that it's worth around $540,000"

Real estate agent #2 - "If we start out low and this home doesn't sell, we will not have room to go down in price!"

Real estate agent #1 - "Let's table this and address when we meet at the property later."

Several days later, both agents meet at the home that they are getting ready to list.

Real estate agent #1 - "So have you given any more thought to pricing this home?"

Real estate agent #2 - "Let's price this Pasadena home at $579,000 - just split the difference."

Real estate agent #1 - "Great idea!"

Shall I say more?  I know that the home sellers that I work with rely on me, their Pasadena real estate agent, to do my due diligence and come up with a price that will not only help them sell their Pasadena home or condo, but also sell with the highest possible return to them.

So what goes into the decision process of pricing a home to sell in today's real estate market?

First of all, what you think a home will sell for and the price the home is presented for to the buyers are two totally different things.  Pricing is yet another strategy or tool to use in selling your Pasadena home.

The saying in the real estate industry goes something like "pricing is 80% of the sale".  That is very true.  If a home seller overprices their home, it'll just sit there, get stale and ultimately result in a much lower selling price.

If a home seller drastically underprices their home, it'll sell fast, but will it sell for top dollar?

Should a seller "fix price" their home?  Or, should a home seller "range price" their home?

What kind of homes are selling in their immediate neighborhood?  What are the home's competition?  Will these homes help sell your home or will your home help sell these other Pasadena homes for sale?

What was the last home price sold, price per square foot, condition of the home in the Pasadena neighborhood that the house is in?

What is the absorption rate for Pasadena and specifically the neighborhood that the home is located in?

What are the trends in the real estate industry?

How will the price help drive home buyers to see your home?  Will the house's price deter potential home buyers from looking at your home?

Does the condition of the home support its price?  Has the home been staged to support a higher selling price?

There are so many questions to ask and address before deciding on how to price a home correctly!  It's not as simple as "let's look at the comps and come up with something in the middle."

If you are a home seller and see a video like the one I referred to, please know that not all real estate agents are created equal.   Interview your real estate agent and demand the best!

Posted by Irina Netchaev, Pasadena real estate agent.

http://www.pasadenacarealestatehomes.com/0076A6

One of the most frequest real estate questions that I get from Pasadena real estate buyers is "How can we get more house for our money?"

Here are the top 5 home buying tips:

Home Buying Tip #1:  Do not be afraid to ask the seller to contribute towards your closing costs.  Most banks will allow up to 6% of non-recurring costs to be contributed by the seller.  These dollars can be best applied towards buying down the interest rate on your home loan.  The lower the interest rate, the lower the payment, the more house you can afford. 

READ MORE:  Recurring and Non - Recurring Closing Costs

Home Buying Tip #2:  Always get a home inspection before buying a home.  A home inspection is different from a home appraisal.  A home inspection will help you not only undertand the condition of the home's major systems, but will also help in negotiating concessions, repairs or to renegotiate the price if problems are found.  It is also very important to get a separate sewer line inspection since most general inspectors will not be able to tell the condition of the sewer lines.  There are specialized inspectors that will snake the lines and will give a home buyer pretty good idea what is going on under the house.

Home Buying Tip #3:  Don't just shop for a home loan rate.  Ensure that you find a knowledgeable and reputable lender that can discuss various options available to the home buyer.  There are still wonderful down payment assistance programs and first time home buyer programs available.  Also, there are various conventional loan programs that can be tailored to the home buyer's specific needs and lots of school districts like LAUSD have negotiated special home buying loans with various lenders.

Another consideration in today's real estate market is that banks are much tighter with their money.  Once you find a Pasadena home that you love, a buyer needs to ensure that the lender can follow through on what he or she promised and close the loan.  Otherwise, you will be out of pocket for appraisal, home inspections and other fees.  Your Pasadena real estate agent will be able to provide you with references to lenders with proven results.

Home Buying Tip #4:  Look for homes that have been on the market for awhile.  Real Estate agents, as well as home buyers tend to only look at homes that are newly listed.  That is all nice and well, but the home sellers that have possibly overpriced their homes originally and have reduced since or waiting for an offer, any offer, might be willing to negotiate the home price more aggressively than the ones that just put their Pasadena home for sale.  Check my monthly Dusty Deals™ list for these "stale" homes for sale.

Home Buying Tip #5:  Work with an experienced real estate agent.  A real estate agent can make or break a home sale.  She is the resource for reputable lenders, inspectors, contractors and others critical parties to the home buying process.  A real estate agent that is knowledgeable will be able to write a home sale contract in a way that will protect the buyer and bring the positive aspect of buyer's offer to the seller.  A local real estate expert will be able to provide a home buyer with home selling trends and advise on the appropriate offer price and negotiate like a bulldog to ensure that you get the most home for your dollar.

READ MORE:  What can you expect from a great real estate agent?  This post has a really funny video to entertain you, but underneath is a list of what I would expect from my real estate agent.

Posted by Irina Netchaev, Pasadena Real Estate Agent -    626-627-7107   

http://www.pasadenacarealestatehomes.com/007697