Pasadena Real Estate

There are more than 1/2 a million real estate licensees in California alone!  Department of Real Estate is reporting that as of the end of August 2009, there were 514,320 licensed real estate practitioners.  Last month, over 1,500 real estate agents and real estate brokers received their license and close to 3,000 took the real estate exam.

What does that mean to you?  Well... it means that you have a choice as to who to work with when looking to buy or sell a home.

It's not too difficult to become a real estate agent in the state of California.  You do not need to have any experience, just have to pass an exam and take a few courses.  Having said that there are variety of agents waiting to serve you all with different levels of education and expertise.

Most home sellers do a pretty good job interviewing agents before they choose an agent to sell their home.  They usually schedule appointments with several realtors to get a better understanding of the experience, marketing plan and reputation prior to signing a contract with any individual agent.

READ MORE:  What can you expect from a great real estate agent?

Home buyers though seem to have a bit of a different approach.  Most usually find their realtor by chance.  They will either run into a real estate agent at an Open House or will call on an ad or an internet inquiry.  Some work with multiple realtors justifying it by saying something like "whoever finds me a home I like FIRST will be my agent".  Not the best approach, but one that is used by many with lack of understanding of the value that a buyer's agent brings to them.

The natural question here is what exactly is a buyer's agent vs. a seller's agent?  Are they different from a regular real estate agent? 

It's easier to understand who a seller's agent is.  It's a real estate agent that has been selected to sell a home, condo, townhome, land or income property representing an individual seller.  A seller's agent has only one goal to represent the interests of the seller ONLY and to gain him/her the highest possible price and the best terms for the property.  A seller's agent usually has an exclusive contract with the owner of the property and a fiduciary responsibility to that owner ONLY in selling the property in question.  The seller's agent will share their commission with the buyer's agent - an agent who brings an offer to purchase a home from a home buyer and successfully closes the transaction.

A buyer's agent, on the other hand, is someone that works with a particular buyer to represent their interests only.  Their job is to ensure that the buyer gets the best possible property at the best price and terms.  Buyer's agents just like seller's agents are not equal.  Some will work with a multitude of home buyers hoping that they will find stength in numbers.  Others take a more targetted approach and work only with a few home buyers at a time.

Since there are so many different agents, each working differently, I thought that I'd take the time to explain how I work with my home buyers. 

Here's an overview of what to expect when you contact me to help you buy your next home.

First of all, I look at a home buying experience holistically.  It's not just about finding you a property.  Anyone, for the most part, can do that.  Home buyers have multiple resources right now including individual agent sites like this one allowing them access to see all the homes for sale, as well as huge aggregators like Zillow, Realtor.com, etc.  But, it's not just about finding a property that you think will work for you.  It's about being prepared and being knowledgeable enough to understand how to position yourself to buy the home of your choice. 

Step 1:  Set up a Buyer's Consultation

This can be done in person or over the phone.  Usually, I prefer to meet in person, but do have clients contacting me from overseas or clients that are relocating and are not physically in Pasadena or have other conflicts - phone is the next best thing, but remember if you are local and are too busy to meet with a realtor, how do you know that they will be the right one to help you?  It's as much about connecting (human interaction - seeing whether or not you're comfortable with an agent) as about their expertise.

During the consultation, I will ask lots of questions so that I have a very clear understanding about your real estate needs, short term and long term goals and your financial situation.  I will also explain what is going on in the local real estate market and most importantly I will educate you about the process involved in buying a home.  By the time you leave my office, you should have a clear picture of what to expect and what your next steps should be.  Knowledge is power!

At this point, we will also set up a home search so that you can get familiarized with your home buying options and the types of homes available for sale.

A buyer consultation should take about 45 minutes to an hour.

Read More:  Pasadena Real Estate Guide - Everything you ever wanted to know about buying a home!

Step 2:  We will get you pre-approved with a reputable lender.

You can not be seriously looking for homes unless you are fully approved for a loan.  Not only do you have to be approved for a loan, but you have to be approved with a lender that can do what he or she says they will.  Unfortunately, there have been so many changes in the lending industry that getting a loan is not as easy as it was before. 

8 out of 10 home buyers that I meet, tell me the same thing - "I am not worried about the loan.  I will not have any problems getting one."  Well, it's my job to worry about your loan for several reasons. 

First, it's important that you consult with a lender to see what kind of options are available to you as far as down payments/closing costs, monthly mortgage payments and the price range that you are looking for.  

Second, get the paperwork out of the way so that there are no unpleasant surprises in escrow and you can fully concentrate on the house that you want to buy - not on your loan.

The moment you see a home that you like and get your offer accepted, you will put a deposit (in Pasadena - it's customary to have a 3% deposit) and you start incurring some costs like inspections and appraisal fees.  You do not want to put your money in jeopardy or start spending your hard earned $s only to find out that you are unable to get the type of loan you thought you could or get a funky request from a lender that you can not satisfy.

It's my job to protect your pocket book.  So... don't argue with me, get pre-approved with the lenders that I trust and recommend to ensure that you are protected.

By the way, you can get pre-approved over the phone and fax or email over supporting documentation to the lender.

READ MORE:  5 Tips to Improve your FICO Score

Step 3:  Once you're pre-approved, we will start scheduling home showing appointments.

To ensure that you are able to view homes at a time that is convenient for you, I have a team of showing agents that assist me with showing appointments.  If I am unable to meet with you personally, one of my showing agents will be available to take you out to look at homes.  Since I know what my clients are looking for, I usually preview most of the homes for sale that fit your criteria and in most instances, chances are I have already seen the home that you might fall in love with.  So no worries... if I'm not with you when you see a home of your dreams and I did not see it yet, I'll make sure to see it before advising you on how to approach writing an offer on it.

Step 4:  Get together to write a Residential Purchase Agreement.

You found a home that you really like, now it's time to strategize on how to get it for you.  We will take a look at the comparable market analysis for home sales around that home.  I will call the seller's agent to probe about the seller's needs, activity on this home and anything else that I can find out which can help us in writing our offer.

We will strategize on how to position us in both price and terms.  We will also present a complete, clean package to the seller and her agent including proof of down payment funds, a pre-approval letter, a letter to the seller from you amongst other items.

I will also review the purchase contract with you explaining the different contingencies involved to ensure that you understand what you are signing.  Expect to meet for about an hour - maybe a bit longer depending on how many questions come up or how complex the situation is.

There's nothing better than a clean, well written and thought through offer from a qualified buyer.  Seller's agents are looking at both the proposed buyer and the reputation of the buyer's agent.  If they are not familiar with the buyer's agent (there are over 1/2 a million agents in California) then they look to see how well the offer is written, how complete it is and how it is packaged.  It speaks volumes!

Step 4:  Open escrow!

I will oversee all the transactional details and ensure that you are focused on the appropriate steps.  We will order a physical inspection, a sewer line inspection if needed, an appraisal, shop for insurance etc.  Our goal here is to ensure that you understand all the critical timeframes and that our process flows smoothly with no surprises.

We will coordinate all activities with the escrow company, seller's agent and the title company.

I have a Transaction Coordinator overseeing all the paperwork to ensure that we get everything we need timely for us to review and return. 

We will sit down together or over the phone to review the escrow package and how to complete it.  I will track every step of the loan process through full loan approval and funding.

The first 10 days or so are going to be very busy for us, as well as the last week before closing. 

Step 5:  Congratulations - you bought your home!!!

Once the loan is funded and the property title is transferred to your name, I will help you with references to moving company, contractors, utility information and anything else that you might need to settle in to your new home.  It's amazing how many questions come up after the sale.  No worries, you are not alone.  We're here to help.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The last question that seems to come up a lot is about how busy I am.  I get calls or emails asking me if I have time to work with new home buyers.  Yes... I do.  It's very important to me that my clients get the best possible care and attention.  That is why I structured my team of real estate professionals a little differently from other real estate agents.  After we meet for our consultation, you will get a very clear understanding of how I work.  So... no worries.  I am here to help you find your next home.

If you are looking for a real estate advocate to guide you through the process of buying or selling your home in Pasadena, please give me a call to discuss your needs.  I'd love to help!

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

I get multiple phone calls from home buyers and home sellers weekly.  Most folks that call me are very courteous and need guidance and advice with their real estate decisions.  Some, unfortunately, are not as up front and honest and call me to pick my brain so that they can then turn around and advise their real estate agent (who is usually working in real estate part time and in many cases is a friend or relative) on how to approach a situation or understand the local Pasadena real estate market.

Let me be very clear, I do not have a problem helping fellow realtors.  All your realtor has to do is call me directly and ask for help.  I do have a problem when people call me and pretend that they're going to use my services when they know that they will not.  I've heard it all and have seen it all over my years as a real estate broker.  You can call it a 6th sense... whatever it is, I have it.  I know that I shouldn't get irritated, but honestly, I still do.  So here is my list of when NOT to call a real estate agent.

When NOT to call a real estate agent:

1.  Do NOT call a Realtor if you are working with another real estate agent.  Most people work for a salary.  Real estate agents work on commission.  We do not get paid until we find a property, negotiate a home price, oversee all the transactional details, and close escrow.  We will get paid last - after the home seller gets paid, the lender is paid off, title and escrow fees are taken care of, etc.  it's similar to working on a contingency basis - we get paid after the transaction closes - not a moment earlier. 

Our time is limited.  There is one agent to multiple clients.  A smart real estate agent will work with a small number of pre-approved home buyers and a small number of motivated home sellers.  The agent's sole responsibility is to help their clients understand the real estate process, narrow down their choices by having a comprehensive home buying or home selling consultation, address most of their clients' concerns and find resources to address the ones that they can't and help them accomplish their goals successfully with as little hassle as possible.

If your agent is not doing that - find another.  But, do not call me because your agent doesn't have time to answer your questions.  And, please do not call me because your agent is too busy with other clients or their personal life or another job to show you a property.

2.  Do NOT call a real estate agent unless you are ready to engage in a two way conversation.  People call because they want information, but start acting evasive when we ask questions back.  The questions real estate agents ask are usually three-fold: 

• We ask questions to pre-qualify a potential client prior to setting up an appointment to meet with them.  For example, are you currently working with an agent?  Have you talked with a lender?  When do you anticipate buying or selling a home?  And, so on...  It's important to make sure that we are not interfering with another agency relationship and are working with willing and able clients.
• We ask questions for our personal safety.  it is important to get a feel for the person on the other end of the line before heading out to meet with them.
• We ask questions to see if we're the right agent to help the client.  I do not want to waste my time nor the client's time.  I need to clearly understand what the potential home buyer is looking to buy.  Maybe, they are looking to buy a home in an area that I do not specialize in, etc? 

Most real estate agents will not ask questions just to be intrusive and nosy.  They are legitimate questions that we need answers to.  If you do not feel comfortable answering honestly or feel that as one of my callers told me yesterday, that the information is "irrelevant", please don't call me.  If I ask, it's relevant.

3.  Do NOT call a real estate agent if you are not ready to follow their advice.  I am so impressed with many of my readers who call me after doing substantial research on-line and have a pretty clear idea of the steps they need to take to begin their home search.  Some, though, just want to do things their way and only their way.  My responsibility  as a real estate agent is to guide you through the process to make a home buying or home selling experience as smooth and as hassle-free as possible.  There is a strong and compelling reason for everything that I ask my clients to do.  I take the time to explain these reasons and will only work with clients that will take the time to understand the process and follow my guidance.  If you are going to fight me every step of the way, there's no reason for us to work together.

If you fall into any of the above categories, there are plenty of resources on this real estate site that are free and available to anyone with access to the Internet.

Free Home Search:  you can set up a VIP account that allows you to search all MLS (Multiple Listing Service) listings for sale.  These include properties like single family homes, condos, townhomes and income.  There's also access to land and lease listings.  Foreclosures can be easily found here as well.  You can even program free mls system to send you emails anytime a listing that fits your criteria is available.  You can search homes for sale in Pasadena as well as the surrounding areas.  In fact, you can search most property for sale in Southern California.  As of the time of this post, there are over 74,000 properties available for sale on this site.

Free Real Estate Market Analysis:  I have hired Altos Research, one of the premier real estate market tracking companies, to provide my readers with real-time real estate data and statistics for Pasadena, South Pasadena, San Marino, Los Angeles, Alhambra, Altadena and San Gabriel.  You can sign up to receive weekly emails directly from Altos on a  weekly basis.  This subscription is a service that is offered to all my readers and does not cost you a dime.  In fact, it's pretty cool the amount of information that you can get.  I also do my own analysis on a monthly basis for different cities in the area.  You can find it in the real estate market report section of my site.

Home Buyer and Home Seller "how to" articles and posts - including advice on how to stage your home, how to find a loan, what kind of closing costs to expect, how to get your offer accepted and much more. 

Read More:  Pasadena Real Estate Guide

Area information including schools, restaurants, shopping and attractions can be found in individual city guides below:

Alhambra City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide

If you are looking for a real estate advocate to guide you through the process of buying or selling your home in Pasadena and items 1 through 3 above do not apply to you, please DO give me a call to discuss your needs.  I'd love to help!

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

Price per square foot for single family homes in Arcadia dropped a little as we entered fall to $401 per sq. ft.  However, during the summer months, we've seen stable increases in the same statistic.

 Arcadia Single Family Homes Real Estate Data for April 2009 through September 2009:

*All real estate reports are published Oct. 2009, based on data available at the end of Sep. 2009.
All reports presented are based on data supplied by CARETS. CARETS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by CARETS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

Arcadia Single Family Homes - 5 year over view of For Sale Vs. Sold:

Read more »

http://www.pasadenacarealestatehomes.com/009E43

It has always been surprising to me to see a very stable turnover of homes in San Marino California.  Overall, San Marino is a pretty small town with only 4,500 housing units.  All of them are single family homes - no condos or townhomes.  However, for the last several years, each month, we see about 40 available home listings and somewhere around a dozen sales.

Here's a visual representation of home value available for sale vs sold in San Marino over the last five years:

Just to make it a bit clearer, take a look at the volume data below:

1 month			1 year			5 years
	Aug 09	Sep 09	% Change	Sep 08	Sep 09	% Change	Sep 04	Sep 09	% Change
For Sale	40	45	12.5%	49	45	-8.2%	104	45	-56.7%
Sold	13	13	0%	8	13	62.5%	33	13	-60.6%
Pended	12	12	0%	7	12	71.4%	29	12	-58.6%

San Marino real estate activity for the months of June through September 2009 including median home price is below:

The highest priced home in San Marino for sale is at 1221 Virginia Road.  It is listed for sale at $9,288,000.

The lowest priced home in San Marino is listed for sale at $948,000 and is located at 2225 S Los Robles Avenue.

All homes for sale in San Marino are listed below:

To see San Marino home details, please visit San Marino homes for sale.

For additional information on any of these homes or a private consultation about your real estate needs, please contact Irina Netchaev, your San Marino real estate agent at 626-204-3340.

Summer is now over and we're well into our first fall month.  Pasadena's real estate activity has truly been on fire during the summer.  Many home buyers were out trying to take advantage of the first time home buyer $8,000 tax credit, as well as, the lower home prices.

Some observations:

• Single Family home sales volume in Pasadena peaked at 101 homes sold in July and dropped to 65 in September.
• Price per square foot of single family homes is stabilizing just under $400 for Pasadena overall.
• Pasadena median home price is in the low to mid $600K for single family.
• With only a bit more than 4 months of inventory, we're considered to be in a seller's market.
• Pasadena condos have done extremely well with average price of sq. ft. rising from the low of $330 to $369.

• Pasadena townhome prices have also been on the rise during the summer with an average selling price of $584,885 in September 2009.

Pasadena Real Estate Trends and Data for June through September 2009:

It is also interesting to take a look at the five year trend of what Pasadena home sellers are pricing their property at and what it is actually selling for.  Based on the graph below it seems like the home sellers are a bit unrealistic in recent months and the gap between reality and fantasy pricing has grown.

For those of you interested in buying a Pasadena home or are just curious about Pasadena property for sale, please take a look at the Pasadena homes for sale below.  Feel free to sign up for a FREE membership to the MLS (Multiple Listing Service) listings by creating a VIP accounts below.

For details on any of the above Pasadena homes, please visit Pasadena homes for sale.

Read More:

Getting More House for your $

9 Stupid Things Buyers do to mess up their home purchase

The fastest way to lose your earnest money deposit

Homes for Sale Information:

South Pasadena City Guide

Pasadena Real Estate Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List

If you are thinking of buying or selling your Pasadena home, condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-204-3340.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340