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Greater Pasadena real estate market trends, valuable news about market conditions, including foreclosure information in Pasadena and surrounding cities plus much more.
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See a list of all La Canada homes by clicking below:
Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.
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San Marino and foreclosures are not synonymous. There were only 2 bank owned homes in San Marino last year. Well, we have a new one on the market now.
This home features 4 bedrooms and 3 baths and is listed by the tax assessor to have 2,839 square feet. It sits on a 12,000+ sq. ft. lot. I have not had an opportunity to drive by and take a look at the property, but as soon as I do, I'll post some pictures.
September 2005: Home purchased for $1,220,000. The home buyers put a 30% down payment and financed the difference with a $854,000 loan.
July 2006: Home owners took out an equity loan of $150,000
February 2007: Home owners refinanced their loans to combine into one - $1,000,000 trust deed.
August 2007: a 2nd loan was obtained for $500,000.
Notice of Default filed by the Trustee on 12/12/08
Notice of Trustee Sale was filed on 3/23/09
Actual Auction Sales date was on 11/6/2009
It took the bank 2.5 months to actually list the property for sale. Information on the listing is at the bottom of this post for your review.
There are currently, 3 homes slated to go to auction between now and the end of February and 5 San Marino homes are in pre-foreclosure process with Notices of Default already filed.
Unfortunately, San Marino is also beginning to feel the pain of this market place.
If you are interested in seeing this home or getting information on upcoming foreclosures in San Marino, give us a call. If you are a home owner in distress and need help in negotiating with your bank(s), let us know, we might be able to help.
Pasadena Real Estate Agents
There's a lot of talk about the "shadow foreclosure inventory" across the country - homes that are in the pipeline for a foreclosure or have been foreclosed by the bank, but not released or listed on the real estate market and are not part of the existing inventory.
On December 17, 2009, Bloomberg reported:
The number of homes that may be in the pipeline for a sale because of foreclosure and delinquency climbed about 55 percent to 1.7 million at the end of September, according to estimates by First American CoreLogic.
We are constantly getting calls from home buyers asking about available foreclosures in Pasadena California. Unfortunately, the volume has been pretty darn low. Almost nothing to choose from. If a nice REO home comes up on the market, it is sold (usually with multiple offers) immediately.
Single Family Homes available for sale - 9
Condos available for sale - 4
Townhomes available for sale - 3
Single Family Homes available for sale - 203
Condos available for sale - 152
Townhomes available for sale - 50
But, are we sitting on a ton of "shadow" foreclosure inventory? When will these REOs be released? How will that inventory affect the current Pasadena home prices?
Let's look at some hard data as of January 10, 2010
Since we know that only 16 REO homes are actually listed for sale, the other 72 are MIA. That's 82% of foreclosures that are sitting on lender books waiting to hit our real estate market. That's also approximately 16% of additional inventory to the existing listing inventory. Here's the break down:
Single Family - 53 homes
Condos and Townhomes - 35
Read More: See Pasadena Foreclosure List of Properties
To receive a Notice of Default, otherwise known as NOD, a home owner has to be behind on their payments. They usually would have missed at least 3 payments and the Notice of Default is the beginning of a foreclosure process. Here's the break down:
Single Family - 143
Condos and Townhomes - 63
Most of these homes will be auctioned off in January or early February unless the home owners are able to either get current on their mortgage, negotiate a short sale with the bank, or get the bank to postpone the auction date.
Single Family -232
Condos and Townhomes - 66
It's interesting to note that only a few of these home owners are trying to negotiate a short sale with their lender. Only 9 condo/townhomes are listed for sale as short sale and 30 single family homes.
As you can see, we will definitely be seeing quite a few foreclosures on the Pasadena real estate horizon. When will they hit? I don't know. We've seen continuous efforts by the government to help home owners hold on to their homes including lender moratoriums delaying the foreclosure process. Unfortunately, that is not helping the majority of Pasadena property owners who are in trouble.
If you are a Pasadena home buyer, 2010 will be a year of opportunity.
If you are a home owner who is in trouble and is in jeopardy of losing your home, don't wait for the bank to foreclose. A short sale is a much better option. Give us a call for a free consultation and we'll try to help.
To see how your neighborhood is affected by foreclosure, take a look at our FREE foreclosure neighborhood data and analysis tool here.
Additional Reading: 2009 Real Estate Home Sales Recap and 2010 Pasadena Real Estate Forecast
See all Pasadena foreclosures by clicking on the Pasadena Foreclosure Homes for Sale
Pasadena Real Estate Agents
Pasadena, CA 91105
As 2009 wrapped up, it's interesting to see how Pasadena and surrounding cities real estate market performed. So instead of writing our monthly report, I wanted to take a look at the last few years of home sales.
Last year was difficult for many families, short sales and foreclosures were showing up in both low end and high price spectrum of the real estate market. However, 2009 presented many opportunities for both investors, first time home buyers, as well as long term renters waiting for prices to come down to a point of affordability.
The prices have not moved down as much as expected in Pasadena California and surrounding neighborhoods, but the interest rate remained historically low and coupled with tax incentives, home buyers were out in force.
Let's take a look at the home sales statistics below.
Throughout this year, I've been saying that Pasadena was very low on inventory. The moment a home came up on the market, if it was priced correctly, it was gone immediately. We were expecting to be hit with a wave of foreclosures, but that never realized. We've seen some bank owned properties hit the real estate market, but moratorium after moratorium kept the majority of the foreclosures from hitting the streets.
There's been a lot of talk of "shadow" foreclosure inventory. The inventory of foreclosure homes that are still sitting on bank books. 2010 might be the year for the shadow inventory to be released especially in the higher priced end of the market.
As you can see, 2009 had a higher number of home units sold at 841 an increase of 28% over 2008, but still far short of the 1,300 to 1,400 units in 2003 and 2004.
Take a look at the average listing price per square foot vs average sold price per square foot. This pretty much tells you the story of the Pasadena real estate market in 2009 - multiple offers! Prices were bid up by the buyers and on average the price per sq. ft. was almost 22% higher than the original listed sq. ft. price - pretty darn amazing!
The actual average closing Pasadena home sales price was at $900,582, way higher than 2008's $851,702. Don't let anyone tell you that there are no home buyers out there. The home buyers are there and ready to buy. The prices are right and the financial conditions - interest rates, government tax incentives are making this a perfect storm for many.
|# of Units Sold||1402||1390||1294||1069||811||657||841|
|Ave List Price/Sq.Ft.||$339||$402||$472||$502||$496||$440||$382|
|Ave Sold Price/Sq.Ft.||$336||$408||$479||$497||$489||$428||$433|
|Ave List Price||$620,750||$717,994||$835,039||$938,407||$977,794||$880,432||$739,797|
|Ave Sales Price||$616,489||$728,126||$847,985||$928,328||$959,394||$851,702||$900,582|
|% of Sold to List||99.3%||101.4%||101.6%||98.9%||98.1%||96.7%||121.7%|
|Ave # of Days on the Market||27||24||26||37||51||96||71|
Read More: See all Pasadena homes for sale
A similar situation with condos and townhomes, the volume of home sales is down, but not as signifcantly as we see in Pasadena's single family homes. Pasadena condo and townhome buyers are seeing prices at the 2004 level. Think of rolling the home prices back 5 years - not bad!
It is taking longer to sell these condos and townhomes, but still less than 3 months. Remember the post about whether or not we are in the buyer's vs seller's market? We are still in a pretty strong seller's market - these properties are selling if priced correctly.
|# of Units Sold||664||744||731||683||597||374||488|
|Ave List Price/Sq.Ft.||$268||$341||$410||$437||$442||$409||$359|
|Ave Sold Price/Sq.Ft.||$269||$346||$420||$431||$432||$388||$348|
|Ave List Price||$343,168||$425,945||$499,323||$526,625||$571,055||$529,495||$464,392|
|Ave Sales Price||$344,487||$430,696||$507,887||$519,946||$557,042||$504,093||$449,964|
|% of Sold to List||100.4%||101.1%||101.7%||98.7%||97.5%||95.2%||96.9%|
|Ave # of Days on the Market||24||23||31||50||66||95||85|
Read More: Pasadena's New Construction Condos for Sale
South Pasadena home sales were on fire... great school district and a small town, family oriented atmosphere was driving real estate sales last year. The volume went up drastically from 2008, but buyer were much more finicky.
South Pasadena is known for older, character homes. The homes that were staged and updated sold immediately with multiple offers. Homes that had deferred maintenance or were not presented as well as they should took a bit of time to sell.
Sold price per square foot dropped from the high of $513 in 2005 to $477 in 2009 - still a pretty high number considering that an average home sold cost almost a million dollars.
|# of Units Sold||255||180||179||185||145||79||117|
|Ave List Price/Sq.Ft.||$344||$401||$481||$510||$518||$524||$488|
|Ave Sold Price/Sq.Ft.||$344||$415||$488||$513||$517||$510||$477|
|Ave List Price||$656,128||$796,551||$937,169||$1,037,107||$1,023,445||$1,152,025||$1,027,664|
|Ave Sales Price||$646,771||$819,416||$957,034||$1,042,387||$1,017,776||$1,095,100||$993,201|
|% of Sold to List||98.6%||102.9%||102.1%||100.5%||99.4%||95.1%||96.6%|
|Ave # of Days on the Market||37||34||32||42||44||81||67|
Read More: See all South Pasadena homes for sale
There were really some amazing deals to be found in South Pasadena's condo and townhome market. First of all, families were able to buy homes within one of the top school districts in the area for as little as $349 per sq. ft. On average, a So Pas home buyer would need a bit over $500,000, but that's still half the price of a single family home.
One of my lucky home buyer clients, were able to buy a 3 bedroom townhome for only $420,000. That would have been truly unheard of a few years ago. The best advice for families that are waiting to get into the South Pasadena real estate market is to be prepared - work with a real estate agent that cares about your needs, get pre-approved and be available to view properties as they come up on the market.
|# of Units Sold||54||71||76||65||55||30||42|
|Ave List Price/Sq.Ft.||$252||$314||$399||$426||$431||$399||$349|
|Ave Sold Price/Sq.Ft.||$252||$317||$404||$422||$429||$390||$342|
|Ave List Price||$338,313||$404,019||$477,004||$560,290||$607,253||$550,240||$517,996|
|Ave Sales Price||$337,435||$407,825||$483,327||$554,302||$602,763||$537,503||$506,375|
|% of Sold to List||99.7%||100.9%||101.3%||98.9%||99.3%||97.7%||97.8%|
|Ave # of Days on the Market||21||27||25||38||60||95||58|
This has been a truly amazing year for San Marino real estate. Prices held quite well and homes were selling higher than they did in 2007!
San Marino is known for its huge lawns, amazing school district and a very close-knit community. With Huntington Library, Lacy Park and luxury estates, it's truly an amazing place to live.
A home buyer still needs a bit over $1.7 million to get an average priced home. There are homes available in the low 1 million dollar range and sometimes one can find a home under a million, but for the most part these homes need quite a bit of attention.
San Marino was not immune to foreclosures. We did see two foreclosure homes - both homes sold over a million still. If you are interested in tracking potential foreclosures in San Marino, bookmark this San Marino foreclosure post. It will update, real time as new foreclosures come up on the market.
It's also interesting to note that there are no condos or townhomes in San Marino. However, there's a complex of townhomes on the border of Pasadena and San Marino that is assigned to San Marino schools. There are also certain homes in San Gabriel and Pasadena that fall under the San Marino schools boundaries.
|# of Units Sold||304||303||203||192||169||110||126|
|Ave List Price/Sq.Ft.||$399||$470||$529||$579||$617||$595||$597|
|Ave Sold Price/Sq.Ft.||$375||$454||$526||$569||$611||$582||$575|
|Ave List Price||$1,189,954||$1,363,619||$1,500,824||$1,588,317||$1,802,251||$1,684,134||$1,797,913|
|Ave Sales Price||$1,094,214||$1,291,828||$1,438,804||$1,519,560||$1,729,589||$1,562,207||$1,721,617|
|% of Sold to List||92.0%||94.7%||95.9%||95.7%||96.0%||92.8%||95.8%|
|Ave # of Days on the Market||42||41||41||48||57||54||56|
Read More: See all San Marino homes for sale
Well San Gabriel didn't fare as well as some of the other cities near Pasadena. It's taking longer to sell a home as well as the price sold has rolled back to 2004 levels. This is great for home buyers. Inventory of homes has increased and there's quite a bit of choice. Even though, we are seeing multiple offers on some of the homes, overall buyers are able to find a home to fit their needs and check book. Homes are being priced fairly and are selling close to aslking price - just a percentage or so below.
|# of Units Sold||445||452||406||368||294||207||278|
|Ave List Price/Sq.Ft.||$267||$332||$398||$409||$412||$372||$356|
|Ave Sold Price/Sq.Ft.||$267||$331||$404||$413||$404||$361||$350|
|Ave List Price||$429,918||$530,420||$615,726||$672,220||$673,120||$600,296||$572,244|
|Ave Sales Price||$436,074||$528,448||$630,230||$675,388||$658,664||$584,949||$563,219|
|% of Sold to List||101.4%||99.6%||102.4%||100.5%||97.9%||97.4%||98.4%|
|Ave # of Days on the Market||9||8||11||16||23||24||57|
Read More: See all San Gabriel Homes for Sale
Price per square foot has decreased to $271 for San Gabriel condos and townhomes, but the average sales price is actually a bit higher than in 2008. Home buyers are getting more square footage for their money.
The selection of condos and townhomes is quite nice. Inventory has doubled from last year and is higher than the year prior. Home buyers are nicely surprised with the choice of homes. This can also be seen in a longer marketing period of 105 days compared to previous years of only a month or less on the market.
|# of Units Sold||91||77||104||80||54||37||74|
|Ave List Price/Sq.Ft.||$201||$258||$317||$333||$330||$325||$275|
|Ave Sold Price/Sq.Ft.||$199||$257||$315||$371||$320||$310||$271|
|Ave List Price||$275,367||$325,205||$458,785||$481,131||$502,924||$458,387||$447,410|
|Ave Sales Price||$272,193||$323,450||$456,743||$516,066||$488,083||$437,135||$441,052|
|% of Sold to List||98.8%||99.5%||99.6%||107.3%||97.0%||95.4%||98.6%|
|Ave # of Days on the Market||11||18||25||36||31||39||105|
Read More: Search San Gabriel Condos and Townomes
I was actually quite surprised to see the inventory increase towards the end of 2009. Monterey Hills condo and townhome owners have been holding on to their homes and not putting them on the market. However, we did see quite a bit of distressed sales in the area which helped increase the inventory.
The price per square foot fell under $300 to $277 and is rolling prices back to the 2003 level. Folks working in downtown LA or have kids attending USC love Monterey Hills for its geographic convenience. A lot of investors are itching to buy units because they are so easy to rent and are conveniently located minutes from South Pasadena and Pasadena.
Overall, I think that we'll see more foreclosures and opportunities in 2010 in Monterey Hills. There's definitely "shadow" inventory to be found next year. We will be watching closely.
|# of Units Sold||129||108||99||61||52||35||50|
|Ave List Price/Sq.Ft.||$228||$303||$355||$375||$369||$325||$281|
|Ave Sold Price/Sq.Ft.||$224||$302||$358||$372||$361||$307||$277|
|Ave List Price||$259,226||$325,912||$407,407||$420,655||$406,281||$362,246||$333,350|
|Ave Sales Price||$254,996||$325,115||$409,962||$414,330||$397,217||$354,097||$327,107|
|% of Sold to List||98.4%||99.8%||100.6%||98.5%||97.8%||97.8%||98.1%|
|Ave # of Days on the Market||35||34||40||74||84||87||66|
Read More: See all Monterey Hills condos for Sale
As always, we will be providing monthly home sales reports for Pasadena and surrounding cities. In the meantime, please do not hesitate to call us should you have any questions about any of the real estate data above or need helping with buying or selling a home, condominium or townhome.
Pasadena Real Estate Agents
As the 2009 is coming to a close, I thought that it would be interesting to compare November 2008 to November 2009 real estate statistics for Pasadena California.
|Single Family Residence||Nov-08||Nov-09|
|Average Days on the Market||115||67|
|Average Price Per Sq. Ft.||$402||$368|
|Median Selling Price||$445,750||$620,000|
|Average Selling Price||$699,591||$714,001|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||26.9||14.2|
|Average Days on the Market||110||86|
|Average Price Per Sq. Ft.||$377||$377|
|Median Selling Price||$455,000||$485,000|
|Average Selling Price||$428,641||$491,121|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||40.5||25.7|
|Average Days on the Market||36||59|
|Average Price Per Sq. Ft.||$426||$397|
|Median Selling Price||$ 575,000||$520,000|
|Average Selling Price||$ 604,600||$539,267|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||58.9||19.4|
Take a look at the inventory of homes for sale vs sold below. The number of available Pasadena homes for sale has decreased by over 50% from September 2008 to November 2009.
Also, an intersting chart below graphing the number of newly listed homes in Pasadena to the number of closed sales. November usually seeing the end of year slow down had a spur of sales this year most likely driven by the tax credit and low interst rates.
The feeds below are direct from the Multiple Listing Service
To search for your new Pasadena home, and all other homes available in the Greater Los Angeles area please visit Search MLS for FREE.
If you are thinking of buying or selling your Pasadena home, condo or townhome and would like a free comprehensive consulation. We'd love to meet with you! We can be reached at 626-629-VIEW(8439).
Pasadena Real Estate Agents
This year, many calls and emails from potential home buyers came in about short sales and foreclosure homes in South Pasadena; every one is looking for that "Real Estate DEAL"! As we begin to evaluate the year that is coming to a close and look ahead for the goals of 2010, for many home ownwership will be at the top of the list. Don't limit your possiblities to foreclosure homes and short sales!
There are South Pasadena homes and condos for sale now that could be purchased for pretty good prices. And... when you are not dealing with banks, but are negotiating directly with home sellers, you can ask for concessions. For example, wouldn't it be nice to have the home seller buy down your interest rate to make your monthly payment lower?
A great place to start would be with homes, condominiums and townhouses that have been on the market for several months. Most home sellers at this point have either adjusted their home price or are open to negotiation. The houses below have been on the market for over 100 days (over 3 months!). There could be some pretty good deals hiding in there and incentives! With the first time home buyer tax credit still available through April of 2010, why not make your new home dreams a reality! We call them Dusty Deals™!
|5054 Collis Ave. So.Pasadena, CA 91030||3||2||699,900||467||22128522||119|
|1203 Pine St. So. Pasadena, CA 91030||5||2||899,950||368||F1808099||216|
|529 Floral Park Ter. So. Pasadena, CA 91030||3||1||918,800||639||22129027||105|
|1993 La Fremontia St. So. Pasadena, CA 91030||4||4||1,248,000||409||22129216||99|
|1719 Monterey Rd. So. Pasadena, CA 91030||3||4||1,349,000||505||22127961||127|
|611 Chapman Woods So. Pasadena, CA 91107||4||5||1,600,000||412||A09069006||174|
|1038 Magnolia St. So. Pasadena, CA 91030||10||12||1,795,000||361||22120591||325|
|989 Breawood Ct. So. Pasadena, CA 91030||4||5||1,858,000||445||22127834||139|
|224 Oaklawn Ave. So. Pasadena, CA 91030||4||5||2,280,000||580||22127834||138|
|335 Monterey Rd. So. Pasadena, CA 91030||11||n/a||3,990,000||925||22125798||183|
|Address||BR||BA||Price||Price/Sq.Ft.||HOA Dues||MLS #||DOM|
|909 El Centro St. #208 So. Pasadena, CA 91030||1||1||332,000||505||$471||O90382625||159|
|909 El Centro St. #209 So. Pasadena, CA 91030||1||1||332,000||454||$471||O90382637||159|
|909 El Centro St. #207||1||1||335,000||444||$471||O9382607||159|
Pasadena Real Estate Agents
I was fortunate to attend the National Association of Realtor's (NAR) convention earlier this month in San Diego. More than 20,000 US real estate agents and over 1,000 international Realtors were in attendance. It's always an exciting experience to meet agents from around the nation and world to share and learn new real estate practices.
1. We have partnered with DocuSign, an electronic signature service. No longer will our clients need to worry about faxing and scanning documents when signatures are required. This service will allow us to not only provide the latest in technology and ease of signature, but will also allow us to respond quicker to both buyers and sellers. In real estate, where timing is of the essence and a delay can mean a loss of a home, I am very excited to be able to offer this service to our clients.
2. GoogleVoice - we have set up a GoogleVoice account that will help our real estate customers find us faster and even dial us from the website. This service will help promote our home seller's listings, capture all buyer calls and just be much more readily available to consumers. GoogleVoice will also provide us with an auto transcibe service which will help my real estate team document and track all voicemail messages.
3. Open House and Broker Caravan Tour tracking - We are getting ready to roll out a website that will capture photos of homes for sale in the Pasadena and neighboring cities as they are held open first to the real estate community and then to the public. This website will provide insight into new homes for sale with photos and commentary that is not in the MLS system.
4. Buyer Home-Buying On-Line Diaries - This service will also be rolled out shortly. Every home buyer working with me or one of my real estate agents will get their very own on-line home buying diary. As we visit homes, we'll take pictures, make notations and that will be immediately updated to a password protected website that is accessed only by you (unless of course, you'd like to give access to your friends and family - that's doable too!) Sometimes when we visit homes after the first two appointments, it gets a little hard to remember what you liked or disliked about the house. With this service, the experience of buying a home will be more fun and memorable!
Let me know what you think about our new real estate services and we look forward to helping you with your next purchase or sale of your home, condo or townhome.
Pasadena Real Estate Agents
[gravityform id=3 name=Question? Just Ask!]
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.
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.
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.
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.
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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!
Pasadena Real Estate Agents
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