Pasadena CA Real Estate

Well, I've written about the lack of photos in our Multiple Listing Service and vented about this issue long enough here and on my other real estate blog - PasadenaViews.  Now, I wish I could say that someone has listened at our real estate board, but that's not the case.  Fortunately, the implementation of a new system called CARETS and the data integrity issues associated with that system, facilitated this change. 

As of June 15th, all real estate agents in Pasadena are REQUIRED to have at least one photo uploaded with their home listing.

Also, real estate agents are finally required to mark their properties for sale to correctly identify whether or not a home listing is a short sale or a foreclosure.  I can't tell you how often, I've shown a home to my home buyers only to find out later on that the home is a short sale and not a regular sale.

Oh... and how about the third rule about updating information about a home listing timely.  Home buyers want to know whether or not a home is in escrow or sold or had a price reduction.  It's only common sense!

Here's what the Multiple Listing Service Announcement looks like:

KEY i-TECH RULES CHANGES

Beginning Monday, June 15th, the CARETS Data Integrity Standards will apply to all i-Tech listings. Most of the rules that you have been following will remain the same. Below are three key differences.


1. MANDATORY PICTURE: At least one (1) picture related to the listed property MUST be included within five (5) days of listing entry.

2. SHORT-SALE/REO: You may not include any information regarding a short-sale or REO/bank owned property in the Public Remarks of a listing, including that the listing is Not a Short-Sale or REO. Shortly i-Tech will add mandatory entry fields for both sale types. In the mean time, use the Short Pay and REO fields under TERMS to designate the type of sale. Special information on the sale may be placed in the Agent Remarks section.

3. SUBMISSION DEADLINES: Entry and changes to listings must be made within 48-hours of the event, excluding weekends and holidays.

 

 

Now if it was me, I'd add some additional rules.  Let's see... how about:

• No more BLURRY PHOTOS!
• Let's have a minimum of 6 photos to ensure that Pasadena home buyers will have a better understanding of what a property is all about and not waste their time.
• No photos with old "stamped" dates allowed.

I am sure there are quite a few more things that should be disallowed and actually insisted upon.  Ultimately, it's what separates a great real estate agent that cares about the homes they sell and their clients from mediocre ones.

What do you think?

READ MORE:

Pictures are worth a thousand words!

Photos that will NOT sell your home

What makes a Great Real Estate Agent

 

 

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

 

 

http://www.pasadenacarealestatehomes.com/009867

Pasadena California is the place to be!  I get phone calls constantly from home buyers saying that they want to live in Pasadena.  Pasadena California is wonderfully located. It's close to the beach and it's close to the mountains.  Pasadena is minutes from downtown LA.  Pasadena is a walkable city.  It is filled with restaurants specializing in the most delectable cuisines, spectacular museums, boutiques, and coffee houses.

Pasadena has historic and character homes like California bungalow and craftsman.  Homes that literally have been built from a box and still grace our historic and landmark neighborhoods.  Pasadena has tree lined streets.  Pasadena is known for its Rose parade and its Rose Bowl.

No wonder we have so many people relocating to Pasadena!

This post is a compilation of articles that I have written on my various Pasadena real estate websites.  This post will be updated constantly as new information is available to help you buy a Pasadena home.  This is your ultimate Pasadena Real Estate Guide!

SELECTING A PASADENA REAL ESTATE AGENT:

How do you find a great real estate agent?

Here's a fun post with a hilarious video.  I get a kick out of it every time I see it - How to find a great real estate agent.  Don't forget to place those hidden cameras during your Open Houses. :-)

Does your real estate agent utilize the latest technology tools to sell your home and help you buy your home?

The real estate market has changed.  What's the saying?  "Out with the old and in with the new."  Well, it's quite true in many ways.  If you are interviewing for your Pasadena real estate agent, take a look at this post - Is your real estate agent using cutting edge technology?

How do you interview your Pasadena real estate agent?

Every real estate agent market the homes they list a little differently.  What does your real estate agent do for you?

PASADENA REAL ESTATE GUIDE:  HOME BUYER TIPS AND ADVICE

Tips for getting more home for your money - stretch that $.  Read 5 tips for getting more home for your $.

Every industry, real estate included, has its own "rules of the game".  It is important to understand the proper etiquette when you are shopping for a home in Pasadena.

An absolutely "must read" when buying a home - 9 Stupid Things Buyers do to Mess Up their Home Purchase.

 

PASADENA REAL ESTATE GUIDE: UNDERSTANDING THE HOME BUYING PROCESS

Okay, so you have an accepted offer, you down payment is lined up... what will you be paying in closing costs?  Read what kind of home closing costs should I expect during escrow?

Did you know that there are two types of closing costs when purchasing a home:  Understand the difference between recurring and non-recurring closing costs.

What are home purchase contingencies?  And, can the escrow be cancelled by a seller?  Yes... read how at Pasadena home sale escrow can be cancelled by a seller.

When you buy a home in Pasadena, it's usual and customary to put a 3% earnest money deposit.  Make sure that you understand how to protect that hard earned money by reading the fastest way to lose your earnest money deposit.

Now that you found your home, what kind of inspections should you be ordering?  A physical home inspection and sewer line inspection at a minimum!

One of the things that home buyers need to decide on while they are in escrow is how to hold title.  Take a look at Property Title Insurance - What is it for and what are your options?

 

 

PASADENA REAL ESTATE GUIDE:  HOME SELLER TIPS AND ADVICE

Selling your home in 30 days or less - a three part home seller series:

Sell Your Home in 30 days - Part 1 - how to prepare your home for sale and price it correctly!

Sell Your Home in 30 days or less - Part 2 - how do you make your home stand out?  Why should a real estate agent show your home vs. your competition?  What differentiates your home from the rest of the avialable inventory?

Did you know that there are power words that will help sell your home?  Really - there are!  Take a look at The Power of words to sell your Pasadena home.

We all love photos.  The more photos the merrier.  When I talk with a potential home buyer, they always want to know if there are any additional photos of a home that they are interested in.  Of course, we're doing so much research on line when thinking of buying a home.  Pictures truly are worth a thousand words!

Marketing your Pasadena property:  Property Brochure - the do's and don'ts.

Ever wondered how real estate agent come up with home prices?  Read Pricing Your Pasadena Home to Sell.

Proper Seller Etiquette?

Seller Bloopers: What not to do when you are selling your home!

 

FORECLOSURE INFORMATION

Steps to a Foreclosure - find out what options are available to you if you are behind on your payments, need a loan modification or are considering a "short sale" or a foreclosure.

Short Sale -It's all about forgiveness! - short sales, overall, are very difficult for both the property buyer and the home seller.  As a home seller going through the short sale process, you need to ensure that there's appropriate forgiveness language included in the acceptance letter from the lender.

PASADENA REAL ESTATE GUIDE:  HOME SEARCH

For property information and specifics, please click on the links below:

Search All Pasadena Homes for sale

Search All Pasadena Condos and Townhomes for sale

Search All Pasadena Bank Owned or Foreclosure property for sale

Click on the Pasadena zip code below for a list of homes (SFR) for sale in tht zip code:

91101

91103

91104

91105

91106

91107

 

PASADENA REAL ESTATE GUIDE:  HOUSING AND STATISTICS INFORMATION

The chart below will show you statistical trends in Pasadena for the last five years, the full report with analysis can be found at Pasadena's Real Estate Housing Analysis and Trends for 2003 through 2008.

State of the Pasadena housing market - update by Leslie Applton, Chief California Association of Realtors economist.

 

If you are thinking of buying or selling  a Pasadena home, Pasadena 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

 

 

 

 

 

http://www.pasadenacarealestatehomes.com/0096D5

If I was a home seller and this was my house, I'd be pretty unhappy with my real estate agent. I don't know about you, but it pains me to look at this home listing's photo. This is the only home photo that is in the Multiple Listing Service.

The description of this home claims that this Arcadia home is a "nice and lovely 2 bedroom". The real estate agent goes on to say that "this property has great opportunity for all types of use" (misspellings corrected by yours truly) and that this Arcadia home has an "additional 2 bedroom and 1 bathroom without permit". What exactly does "all types of use" mean? Real estate is zoned for a specific use. This is residential real estate zoned for a single family residence ONLY! There should be no additional illegal additions and advertised impications that this is okay. YIKES! Now, this Arcadia home seller is in trouble. They are trying to sell this home as a short sale. This means that the home seller owes more money to the bank on this home than what it is worth. They are hoping that this real estate agent will be able to effectively negotiate with the bank or banks (depending on how many loans they have on this property) on their behalf to save their credit worthiness. Would you hire a real estate agent that would market your home for sale like this? Most consumers do more research when they buy a computer or decide to sell their car. It really, really saddens me to see this. What do you think?

READ MORE HOME SELLER ARTICLES:

Pictures are worth a thousand words

Make a first great impression

Formula for selling your home in 30 days or less

Formula for selling your home in 30 days or less - Part II

5 tips for getting more house for your $

Pricing your home to sell in today's real estate market

Is your Realtor using the latest technology to give your home listing an edge?

http://www.pasadenacarealestatehomes.com/0093BB

 

I've been posting monthly real estate market report updates on this site for cities around Pasadena. One of the key real estate indicators that I refer to is the Market Action Index or MAI.

What is the Market Action Index ? And, why does the Market Action Indicator matter?

Residential house prices are a function of supply and demand, and market MARKET ACTION INDEX conditions can be characterized by analyzing those factors.

My research company, Altos Research uses an algorithm to divide a Buyer's Market from a Seller's Market. The red line at 30 is that line.

For example in the graph below for Pasadena's real estate market, it has been a COLD, BUYER'S MARKET since end of 2007 with the MAI hovering quite a bit under the balanced market of 30, closer to 15. Now, this graph is for the entire Pasadena real estate market. Each zip code within the city has a different MAI.

Come back to this site to watch this index for sustained changes: if the index falls into the Buyer's Market zone for a long period, prices are likely in for a downward correction.

The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory.

An MAI value greater than 30 typically indicates a "Seller's Market" (a.k.a. "Hot Market") because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "Cold Market") where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.

If you are interested in receiving a weekly real estate market reports with the Market Price Index, you can request Market Real Estate Report here and it will be emailed to you automatically each Monday. This is a report that I order specifically for the readers of my website from Altos Research who specializes specifically in real estate housing market activity throughout the country.

I currently offer real estate market reports for Pasadena, Alhambra, San Marino, South Pasadena, Monterey Hills (under Los Angeles 90042), Arcadia, Altadena, San Gabriel and more.

If you have additional questions about the state of the Pasadena housing market, please call me at 626-627-7107 .

Irina :-)

http://www.pasadenacarealestatehomes.com/0092AF

This week, I was privileged to attend a presentation by Leslie Appleton-Young.  Leslie is the Vice President of California Association of Realtors and their Chief Economist.

I have never heard Leslie speak before and was surprised with her vibrant personality and down to earth style.  it's always hard to deliver bad news to a room full of Pasadena realtors, but she did with style and ease.

It turns out that Leslie is a resident of Pasadena and has been living in our community for the last year and a half.  Pretty exciting for me since I'm hoping that I'll run into her one day at Pete's and will have an opportunity to pick her brain a bit. 

I will be writing a post over the next few days to share my thoughts on real estate market expectations for 2009 in Pasadena, but in the meantime, here's what Leslie shared with the real estate community.

Personal Consumption:

American consumers have been spending more and saving less.  For the first time since 1992, personal consumption dropped.  Simply, this means that people buy less which causes employers to cut back jobs.

California is losing more jobs on average - California's unemployment rate in August 2008 was 7.7% while United States as a whole was 6.1% in September 2008.

California Housing Permits:

New Housing Permits are down by 45.1% year to date in California - under 50,000 units compared to over 100,000 in 2007.  Builders are waiting for the existing inventory to be absorbed.

National Economy Outlook through 2009:

READ ENTIRE ARTICLE BY CLICKING HERE - ORIGINAL POST ON THE STATE OF PASADENA CALIFORNIA HOUSING MARKET

http://www.pasadenacarealestatehomes.com/007772