When you have a home for sale, whether it is here in Pasadena CA or elsewhere, you want it to both show well and to be seen by as many buyers as possible. So there are a few key things to keep in mind as you place your home on the market to ensure that your home will be seen and shown to its best advantage.

READ MORE:  Pasadena Real Estate Guide

First time home buyer programs are so importnat that Pasadena Real Estate Blog welcomes our new guest writer - Sean Thomas Furlong of The OCD Group who specializes in first time home buyers. Sean is an expert when it comes to government assistance programs for first time buyers. He will be sharing his wealth of experience with us in a series of posts.

In case you haven't read, seen or heard, now is the time to buy a Pasadena home.   Prices have fallen and inventory is high. There are bargains to be had all around us. What you may not know, however, is that there are still First Time Home Buyer programs available that make the great deal you're getting on your Pasadena house or condominium, an even better deal.

You can find many of these first time home buyer programs on your own with a bit of research. The problem with self-research is that there are many "fine-print" guidelines for these first time buyer programs which make it difficult or impossible for the programs to work with each other. Occasionally, the programs aren't even funded. What you want to do is find a Lender who is an expert on the programs that are available, and will be able to explain how they work with each other.

For the sake of this article, we will be covering the most usable products available through the California Housing Finance Agency (CalHFA). All of these program have Income, Property and Geographic limitations. For more details, you will want to call me at The OCD Group at 800.963.4623.

CalHFA is a State run agency providing secure loans to First Time Home Buyers in California. They offer competitive rates, eased credit restrictions, and up to 102% financing! CalHFA also offers a variety of specialty programs and Down Payment Assistance (DPA) programs to qualifying borrowers. These programs can lower your first mortgage and keep your monthly payments LOW. A First Time Pasadena Home Buyer is someone who has not owned a property during the past three years. These programs include, but are not limited to, the following:

1^st Mortgage Products: 30 Year Fixed, 35 Year Fixed with 5 Year Interest Only Period, 40 Year Fixed

• HICAP - 4% of the Purchase Price of your home.
• CHDAP - 3% of the Purchase Price of your home.
• CHAP - 2% of the Purchase Price of your home.
• ECTP - $15,000 towards the Purchase Price of your home for qualifying teachers, and the lowest 30 Year Fixed Rate available through CalHFA.
• Home Choice Program - for homes with a Permanently Disabled Person in the household provides for a 30 Year Fixed Interest Rate of 4%

Keep in mind that ALL programs, even within CalHFA, do *not* work together.

In the coming weeks, we will be covering additional first time home buyer programs that remain funded and available. These programs can provide you thousands of dollars in buying power, while keeping your payments deferred. In the meantime, for more information, please call 800.963.4623.

To start your Pasadena home search call Irina at 626.629-8439.  Required reading - Pasadena Real Estate Guide - Everything You Need To Know about Buying a Home!

Is it the right time for you to buy your Pasadena home? I honestly don't know. It depends on a lot of factors that are specific to you.

Until I sit down with a client for a full blown real estate consultation, it's impossible to tell. But, I do know one fact and that is that "you can't time the market!"

Many people have tried with varied results. There are too many variables involved to play this real estate game successfully and just looking at one factor like prices.

Today, I wanted to focus on just three reasons why buying a Pasadena home today would make sense even though the house that you buy today might be worth less a year from now.

1. Mortgage Rates are Low Today - But may not be next year. According to economists and industry executives, interest rates are expected to rise from the current 6.00% to around 6.50% by December and to around 7.00% in mid 2009.

Here's an example of what the bottom line can look like if you buy today versus waiting for a 5% drop in value next year:

You could realize a savings of $156 per month if you buy today vs. waiting for a 5% drop in value.

2. Rates on Jumbo Mortgages - The best rates available for your Pasadena home are for conforming loans. Conforming loans are considered loans at $417,000 or less. Loan amounts higher than this are considered jumbo loans. Jumbo loans are typically 1.00% higher than conforming loans.

Congress has passed legislation to temporarily increase the conforming limit in Pasadena to $729,750. This means that loans at $417,000 to $729,750 currently have a similar rate as those at $417,000 or less.

However, once January 2009 rolls around, those rates are expected climb drastically. As well, the guidelines for these types of loans are expected to tighten up, making loan approval more difficult.

3. Inventory, Inventory, Inventory - Currently, there is a large amount of homes for sale in Pasadena California. This means today, you can pick and choose the home that is right for you. Additionally, sellers are now willing to pay for the buyer's closing costs including points to buy down interest rates. This alone can add up to many thousands of dollars in savings. Once the market turns, expect these seller incentives to go away.

If I can be of any assistance with your Pasadena Real Estate needs, please do not hesitate to email me or call me at (626)629-8439. Thank you!

In my previous posts, I mentioned that Los Angeles County Assessor is working on reassessing Pasadena California homes purchased between July 1, 2004 and June 30th 2007.

ALSO READ: Property Tax Increases on your Pasadena Home

How are Property Taxes calculated in Pasadena California

Get your Property Reassessed by the LA County Tax Assessor

Rick Auerbach, Los Angeles County Assessor just released a press statement that this project has been completed by his office. 128,000 Los Angeles County homeowners will be notified in writing by June 30th of this year that they will be paying lower real estate taxes.

The average reduction in assessed value is about $73,000, he added, amounting to an average property tax savings of approximately $750.

Below is the full press release for your review:

NEWS

RICK AUERBACH

LOS ANGELES COUNTY ASSESSOR

CONTACT: ROBERT KNOWLES MAY 27, 2008

(213) 974-3101 FOR IMMEDIATE RELEASE

DECLINE IN VALUE REVIEW

PRODUCES PROPERTY TAX SAVINGS

Los Angeles County Assessor Rick Auerbach today announced completion of a decline in value review of homes in Los Angeles County. Auerbach said that due to the declining real estate market, it was his responsibility to review values to make sure homes are properly assessed.

"We looked at homes and condominiums that were purchased between July 1, 2004 and June 30, 2007, based on our analysis of market trends in Los Angeles County," Auerbach said. "The review included 318,000 homes and condos. Our analysis will result in lower assessments on 128,000 homes and condos and will be reflected on the tax bills to be issued in October."

The average reduction in assessed value is about $73,000, he added, amounting to an average property tax savings of approximately $750.

"In addition, this review will eliminate the need for many taxpayers to go through the formal appeal process," Auerbach said. The 128,000 homeowners who will be receiving a value reduction will be notified in writing by June 30 of this year. If they disagree with the amount of the reduction they should contact the nearest Assessor's District Office and discuss the results. If owners still disagree with the value, they may file an appeal with the county's Assessment Appeals Board. The deadline for filing an assessment appeal is November 30.

Homeowners who purchased their properties outside of the time period for the review (July 1, 2004 to June 30, 2007) and believe that their property is assessed above its actual value as of January 1, 2008, should file the simple, one-page Decline-in-Value application. The form can be downloaded from the Assessor's Website at http://assessor.lacounty.gov or an application can be requested by calling 888-807-2111.

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Decline-In-Value

5/27/08

Page 2

Auerbach also noted that there are several private companies offering their services to homeowners to pursue a reduction in property taxes. These companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner.

"Solicitations of this type may not be illegal," he said, "but property owners should be aware that their property may have already been reviewed and the value reduced.

"There is no reason for someone to pay for a review that has already been completed by my office," Auerbach said. "Even if their property was not included in this review, the Decline-In-Value form is easy to complete and readily available from our offices or on our website."

It's that time again for the California cities of Pasadena, San Marino, San Gabriel, Alhambra, Altadena, Arcadia, Glendale, La Canada Flintridge and South Pasadena to dispose of their household hazardous and e-waste. This summer's round up will be held in two locations:

1. Saturday, June 14 from 9 am until 3 pm at Pasadena's Rose Bowl, Parking Lot K (1001 Rose Bowl Drive)
2. Saturday, June 28th from 9 am until 3 pm at Southern California Edison in Rosemead. SCE is located on the southwest corner of Walnut Grove Avenue and Klingerman Street.

ADDITIONAL DATES ADDED:

1. Saturday, August 16th from 9 am until 3 pm at County of Los Angeles Departmetnt of Public Works Headquarters - 900 South Fremont Avenue in Alhambra. Open for all LA County Residents. Enter the facility from Orange Street.
2. Saturday September 13th from 9 am until 3 pm at 900 South Fremont. Same as item #1.

Household items to be accepted include:

• Motor oil
• Paint, medicine
• Garden care products
• Computer Monitors
• Cell phones

No explosive or radioactive materials, tires or waste from a business is welcome.

Please do not mix materials together when preparing for the disposal. Keep original lablels on packaging and put the products ina box in the trunk of your car.

These roundups are serving the cities of Pasadena, Alhambra, Altadena, Arcadia, Glendale, La Canada Flintridge, San Gabriel, San Marino, Sierra Madre and South Pasadena.

ADDITIONAL ONE-DAY HHW / E-WASTE COLLECTION EVENTS THROUGH MIDDLE OF 2009:

Saturday, October 25, 2008 9:00 AM - 3:00 PM City of Montebello HHW / E-Waste Collection Montebello Town Center Mall - Map Saturday, November 1, 2008 9:00 AM - 3:00 PM Unincorporated South Whittier HHW / E-Waste Collection LA County Sheriff's STAR Center - Map Saturday, November 8, 2008 9:00 AM - 3:00 PM City of South El Monte HHW / E-Waste Collection Community Center - Map 9:00 AM - 3:00 PM City of Bellflower HHW / E-Waste Collection Simms Park - Map Saturday, November 15, 2008 9:00 AM - 3:00 PM City of El Segundo HHW / E-Waste Collection Raytheon Company - Map 9:00 AM - 2:00 PM Unincorporated Lennox HHW / E-Waste Collection Park & Ride Lot - Map Saturday, November 22, 2008 9:00 AM - 3:00 PM City of Monterey Park HHW / E-Waste Collection Stadium Parking Lot - Map Saturday, December 6, 2008 9:00 AM - 3:00 PM City of Malibu HHW / E-Waste Collection Malibu Civic Center - Map Saturday, December 13, 2008 9:00 AM - 3:00 PM City of Lomita HHW / E-Waste Collection City Hall Parking Lot - Map Saturday, December 20, 2008 9:00 AM - 3:00 PM City of La Verne HHW / E-Waste Collection Brackett Field - Map Saturday, January 10, 2009 9:00 AM - 3:00 PM City of Bell Gardens HHW / E-Waste Collection John Anson Ford Park - Map Saturday, January 17, 2009 9:00 AM - 3:00 PM City of El Monte HHW / E-Waste Collection El Monte Airport - Map Saturday, January 24, 2009 9:00 AM - 3:00 PM City of Hermosa Beach HHW / E-Waste Collection Clark Stadium - Map Saturday, January 31, 2009 9:00 AM - 3:00 PM City of Santa Fe Springs HHW / E-Waste Collection Rio Hondo College Fire Training Academy - Map Saturday, February 7, 2009 9:00 AM - 3:00 PM City of Claremont HHW / E-Waste Collection Claremont Corporate Yard - Map Saturday, February 14, 2009 9:00 AM - 3:00 PM City of Hawthorne HHW / E-Waste Collection Betty Ainsworth Sports Center - Map Saturday, February 21, 2009 9:00 AM - 3:00 PM City of Diamond Bar HHW / E-Waste Collection Gateway Corporate Center - Map Saturday, May 16, 2009 9:00 AM - 3:00 PM City of West Covina HHW / E-Waste Collection West Covina Maintenance Yard - Map Sunday, June 14, 2009 9:00 AM - 3:00 PM Unincorporated Agoura HHW / E-Waste Collection Calabasas Landfil - Map

For more information, please visit www.lacsd.org or call (888)CLEAN-LA.

Pasadena home buyers asking home sellers to pay for some of their closing costs need to be very careful at how the California Purchase Contract is written.

There are two types of closing costs. They are Recurring and Non-Recurring costs.

Recurring Closing Costs are charges or fees which will occur more than once. For example, home property taxes, fire insurance, mortgage insurance, HOA (Home Owner Association) dues.

Non-Recurring Closing Costs are charges or fees which only occur one time during the purchase of your Pasadena home. These charges include escrow fee, title insurance, recording fees, notary public fees, loan origination and discount point fees. In essence, anything that is a one-time fee and will not be paid again.

The reason that it is important to specify the types of closing costs a buyer is asking the home seller to pay is because as a buyer, you'd want to use the full amount of closing costs allocated to you by the seller.

For example, your offer is asking the Pasadena home seller to pay $5,000 of your closing costs. The costs are not described as recurring or non-recurring. Most lenders will allow the escrow company to credit you non-recurring closing costs only. If these non-recurring closing costs come up to only $4,000, you will not be able to apply the remaining $1,000 towards your Pasadena home purchase.

Make sure to work with your lender and Pasadena Real Estate agent to understand what kind of closing costs your mortgage lender will allow and the percentage of the sales price that can be applied towards these costs.

Don't be caught unawares. Be an informed home buyer!

READ MORE: How much can you expect to pay in closing costs and what are they?

If you are ready to start your Pasadena home search, please call me at 626-629-8439 or email me here.

My last post identified the price point for luxury homes and estates for sale in San Marino, California.

It is clear that the top 10% of the San Marino Real Estate market is for homes costing $3,000,000 and above. I wanted to take a look at the 13 luxury homes in San Marino that were sold in 2007 and see what affluent San Marino home buyers expected to get for their money.

Below is a list of amenities and features of almost all the San Marino luxury homes reviewed:

• LOCATION: All of these San Marino estates were North of Huntington Drive in close proximity to the Huntington Library or Lacy Park.
• LARGE LOTS: Affluent San Marino luxury home buyers can expect at least 1/2 an acre of land. A lot of these homes had an acre of land or more.
• FIVE is an IMPORTANT NUMBER: Almost all these San Marino estates had five or more bedrooms and offered more than 5,000 square feet in living space.
• FORMAL DINING ROOM and FAMILY ROOM: All these San Marino homes had a formal dining room and a family Room
• TWO STORIES: 12 out of 13 San Marino homes sold over $3,000,000 last year were two stories. Some had lifts.
• POOL & SPA: Most of these homes had a pool and a spa
• FIREPLACES: All San Marino estates had fireplaces.
• CLOSET SPACE: All homes listed walk-in closets.

Surprisingly, the following list of features that you would expect be necessary for most of San Marino home buyers were NOT a given in the luxury San Marino market place.

• GUEST HOUSE: Less than half of these San Marino Estates had guest houses.
• LARGE GARAGES: Most of these San Marino homes had a two to three car garage
• TENNIS COURTS: Only 3 out of 13 estates had tennis courts.
• RENOVATION: Quite a few of these San Marino luxury estates required significant renovations and upgrades.

Some additional amenities listed included gourmet kitchen with Viking appliances, a butler pantry, bomb shelters, finished basements and area zoned Air Conditioning units.

SEARCH SAN MARINO HOMES FOR SALE

My question to you is, if you were to spend over $3,000,000 for a luxury estate, what would you expect to get? Are the amenities and features above in line with your expectations? Please comment below.

If you are ready to find your dream home in San Marino or need a FREE market analysis of your San Marino home, please do not hesitate to call me at 626-627-7107 or email me.

An average price of a San Marino CA home for 2007 is $1,750,000. With San Marino Real Estate prices being so high, are all homes in San Marino considered luxury homes?

It's hard to come up with a definition of a luxury home. What's luxurious to some is just average to others.

Real Estate Agents in San Marino California and the rest of the country usually agree that a luxury home is usually at the top 10% of the MLS (Multiple Listing Service) prices for a particular area.

Looking at the last 136 home sales in San Marino, it's clear that if we apply the definition above, the luxury price point in San Marino starts at $3,000,000.

Currently, there are three luxury homes in San Marino California that fall into this category:

1390 Oxford Road, San Marino

Offered at $2,980,000 (a little below the $3 million point, but by just a touch.

2065 Courtland Avenue, San Marino

Offered at $4,530,000

1385 Old Mill Road, San Marino

Offered at $9,300,000

READ MORE: What can you buy for $9.3 million in San Marino

For a list of luxury homes or estates in San Marino California available for sale today, please click the link below:

SEARCH SAN MARINO LUXURY HOMES AND ESTATES HERE

To start your dream home search in San Marino, California, please call Irina at 626-629-8439 or email me.

Happy Memorial Day everyone!

I woke up this morning to an email from Laurie Manny of Long Beach Real Estate informing me that I've been tagged for the Memorial Day 2008 Super MEME.

Read Laurie Manny's MEME here - Laurie's Memorial Day 2008 Super MEME

A MEME is an idea, a contest, a survey, a fun fact that is repeated from person to person. Yes... it is sort of like a chain letter. This particular MEME is a way of to get to know the person being MEMEd by having them answer questions about themselves.

This Memorial Day 2008 Super MEME was started by Mary McKnight of RSS Pieces. She decided on a MEME with a theme of 8. I agree with Mary, the number 8 has been a powerful number throughout history. If you lay it on the side, it signifies infinity and has been associated with the myths around the Knights Templar and other historical figures. Katherine Neville wrote a book titled The Eight - a fascinating read!

Read Mary McKnights's MEME here - Mary's Memorial Day 2008 Super MEME

Given that I can't say no to Laurie and I still have a few minutes before I have to make breakfast for my kids, here we go:

1. Who is your favorite musical artist? (post a youtube video)

This one is easy. Don't laugh now, but I LOVE ABBA! It's a European band that has been on the number 1 charts all throughout Europe for years. It hasn't been as popular here in the states.

There is nothing like being 17 and discoing the night away to ABBA.

2. Who is your favorite artist (post a flicker photo)

Vincent Van Gogh

I was fortunate enough to visit Vincent Van Gogh's museum last year in Amsterdam. His work is just breath taking. His colors and compositions are spectacular.

3. Who is your favorite blogger?

It would have to be Seth Godin.

4. If you could meet anyone (alive or dead), who would it be and what is the most interesting thing about them?

I'll have to pick two people. I can change the rules, can't I?

The first one would have to be my grandfather. He died pretty young, before I was born and I always wondered what he would be like. I'd love to have a conversation with him and talk about his life and his challenges. Why he married my grandma? What he wanted to accomplish in his life, etc.

The second person would have to be Robert T. Kiyosaki of Rich Dad, Poor Dad. I love the way he challenges the conventional thinking and approach towards money by the wealthy vs. the average Joe. Fascinating! Hopefully, one day I'll have an opportunity to meet him.

5. What did you want to be when you grew up?

I still don't know what I want to be when I grow up. Seriously though... I wanted to be a great traveler. I wanted to have the freedom to travel around the world and see how people live, meet new people, try different foods and just have fun.

6. What is the most interesting piece of trivia you know?

I find the similarities between J.F.K and Lincoln fascinating. Below excerpt taken from www.USATrivia.com

ONE HUNDRED YEARS
Abraham Lincoln was elected to the House of Representatives in 1846; John Kennedy, 1946. Lincoln failed to win the vice presidential nomination in 1856, Kennedy in 1956. The republican conventions of 1860 and 1960 were held in Chicago. Mr. Lincoln was elected to the presidency in 1860, John Kennedy in 1960. Lincoln defeated Stephen Douglas, born in 1813; Kennedy defeated Richard Nixon born in 1913. John Wilkes Booth, the assassin of President Lincoln, was born in 1839, Lee Harvey Oswald, the accused assassin of President Kennedy in 1939.

Both presidents had vice presidents named Johnson. Andrew Johnson served in the House of Representatives in 1847, Lyndon Johnson, 1947. In 1860 and 1960 both VP's were serving as Senators. Andrew Johnson was older than Lincoln and was born in 1808, Lyndon Johnson, born in 1908, was older than Kennedy. Even though Lincoln was a republican, both vice presidents were democrats. Andrew Johnson was defeated for re-election, Lyndon Johnson elected not to run for a second complete term. Andrew Johnson died of a stroke; Lyndon Johnson a heart attack.

OTHER SIMILARITIES

• Both presidents won their respective elections with less than fifty-percent of the popular vote.
• Each was concerned with the issue of civil rights.
• Both presidents while in their thirties, married women in their early twenties.
• Both wives suffered the death of a child while in the White House.
• Lincoln and Kennedy repeatedly spoke of, and had dreams regarding, assassination attempts.
• Each was subsequently warned by advisors not to attend the events that led to their death.
• Lincoln and Kennedy were shot from behind, in the head.
• They were killed on a Friday, and in the presence of their wives.
• The assassins, Booth and Oswald, were southerners who favored unpopular ideas.
• Booth shot Lincoln in a theater and was captured in a barn, a warehouse. Oswald allegedly shot Kennedy from a warehouse, the depository, and was arrested at a theater.
• Lincoln was killed in Ford's Theater, Kennedy was killed in a Ford automobile; a Lincoln.
• Both Booth and Oswald were killed before going to trail. The popular belief is that the two presidential tragedies were conspiracies with subsequent governmental cover up.
• The names Lincoln and Kennedy contain seven letters.
• The names Stephen and Richard, their political opponents have seven letters each.
• The name Johnson contains seven letters.
• The fathers of the presidents, Thomas and Joseph respectively, each have six letters.
• The names Andrew Johnson and Lyndon Johnson each contain 13 letters, as do the names of their wives, Eliza McCardle and Claudia Taylor.
• The names John Wilkes booth and Lee Harvey Oswald both total 15 letters.

7. If you could live in any point in history what would it be and why?

I've always been fascinated by Egypt and Cleopatra. I'd live - just for a day - mind you in Cleopatra's time around 45 BC.

8. What is the most interesting job you have ever held?

Okay, this is totally off what you would probably expect my answer to be, but I'd have to say being a MOM. Since both my kids were born, my outlook on life has changed. It opened my eyes to the mysteries of life. So... yes... it would have to be being a "mom." Pretty boring, I know.

Now... it's the time to nominate the next 8 unsuspecting victims. This means that you are required as Mary McKnight says by "meme law" to answer the same 8 questions above and then tag 8 more bloggers.

Richard Bolen - Lake Tahoe Real Estate

Lynda Eisenman - Orange County Real Estate

Faina Sechzer - Princeton New Jersey Real Estate

Ted Mackel - Simi Valley Real Estate

Jeff Dowler - Carlsbad Real Estate

Ricardo Bueno - Industry Report (World Wide Credit)

Cyndee Haydon - Clearwater Real Estate

Diane Aurit - Lake Norman Real Estate