Yesterday, I met with Joanna Beresford of Pasadena Weekly. Joanna is a report writing a weekly real estate column for this local Pasadena periodical. As we chatted about the health of the Pasadena real estate, she asked me if I saw any changes in the real estate market since the Wall Street bail out announcement.
Absolutely! I thought I'd share my real estate blog's statistics and personal observations with you to give you a sense of what is going on in the Pasadena real estate market.
This Pasadena real estate blog is barely six months old. It is still visited daily by about 100 readers and gets somewhere around 500 to 800 hits a day. I usually get one to three people each day signing up for the free home search option allowing readers to find Pasadena home listings from the comfort of their home.
Since the announcement of the bail out recovery bill and the volatility that we've been experiencing in our economy over the last week or so, I have not had one person register to search for homes.
I have also spoken to some of my colleagues in the real estate industry. Pretty much across the board, I hear the same thing. The phones stopped ringing and the existing home buyers are taking a wait and see approach.
Now... I am not predicting doom and gloom for the state of the real estate market in Pasadena. September's Pasadena Real Estate Market report shows signs of stagnation in sales which is normal as we start heading into the slowest part of the real estate cycle - fall and winter months. And, I am getting phone calls from cash heavy real estate investors that are recognizing amazing opportunities to pick up Pasadena homes in this buyer's market.
But, the average Pasadena home buyer is concerned about the bank's tightening of credit and is feeling a lot of fear and uncertainty at this time. I'd love to hear your opinion on the Pasadena real estate market. If you were thinking of buying a home in Pasadena, are you taking a wait and see approach or are you actively taking advantage of the opportunities that a buyer's market is offering us?