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

There are multiple announcements about how home buyers can now use the $8,000 tax credit to use as the down payment on their home purchase. Let no one say that I'm a "party pooper", but somehow, I can not get excited by this announcement.

Why?  Well... let's take a look at the announcement made by HUD (US Department of Housing and Urban Development) first:

 

DONOVAN ANNOUNCES RECOVERY ACT'S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOME
FHA plan will stimulate new home sales and help stabilize housing market

WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website.

"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."

 

First of all, let's get this straight.  You will only qualify for the full $8,000 if your adjusted gross income is not over $75,000 if you are single or $150,000 for joint filers.  If you are make anywhere between $75,000 and $95,000, this tax credit begins to phase out.  And, if you are fortunate enough to make over $95,000 or $170,000 for joint filers, you will not qualify for any tax credit!

Second, the tax credit is only 10% of purchase price UP TO $8,000.

Third, let's face this... this loan will be considered as DPA or better known in the lending industry, Down Payment Assistance.  Any type of down payment assistance has to be accounted for in the borrower's Debt to Income Ratio.  If you are an FHA buyer and already are trying to qualify for 96.5% of the value of a home and now you will have yet another DPA on top of that, the chances are no bank will ever approve you for the mortgage.

Fourth, this essentially is a short term, bridge loan.  I do not see HUD stating anywhere that this loan is going to be free.  Short term bridge loans are usually expensive.  Would you, as a first time home buyer, be willing to pay 8% to 10% interest on this money?

Five, how long do you think it will take the government to approve you for this loan?  Do you think that they'll be able to make the 7 to 10 day loan contingencies that we're seeing on our contracts now?  I doubt it!

And, finally, how much will the banks charge to set up this loan, to print loan docs or any other expenses associated with processing tihs loan?

Sounds like a lot of fairy dust to me.  What do you think?

READ MORE:  Pasadena's Real Estate Market Activity:  Back to Basics

Pasadena Real Estate Guide

Read 5 home buyer tips for getting more home for your $.

9 Stupid Things Buyers do to Mess Up their Home Purchase

Multiple Offers on Pasadena Homes?

State of the Pasadena Housing Market by Chief C.A.R. Economist

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

 

 

 

 

http://www.pasadenacarealestatehomes.com/0097EB

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

I am working with several Pasadena home buyers who are looking for a character home in Pasadena.  When one thinks of a character home, Pasadena Craftsman or California Bungalows come to mind.

Pasadena craftsman homes in particular have been very difficult to come by.  In April, to date, only 5 new Craftsman homes for sale appeared in the Multiple Listing Service.  A total of 29 Craftsman homes are available for sale in Pasadena with 22 of these homes listed at over $500,000.

If you are a Pasadena home seller with a craftsman home under $500,000 and worked diligently to prepare your home for sale, you know that your home will most likely sell the first weekend with multiple offers.  Why?

For the first time in a very long while, home buyers are realizing that there's a tremendous opportunity to finally buy and own a home of their own. 

• Pasadena interest rates are still under 5%, the lowest that they've been in years. 
• Pasadena's home prices are the lowest they've been in years.
• Obama's Stimulus Incentive for first time home buyers and a potential $8,000 tax credit is extremely inviting.
• And, we're begining to see more and more Pasadena foreclosures available.

Since February 1, 2009, 9 craftsman homes have closed escrows and have been sold for an average of $631,544.  This interprets to about $382 per square foot.  There are also 10 homes that are currently in escrow or under contract, with smart sellers pricing them in the $375 per sq. ft. on average.  It'll be interesting to see the price that these homes close at.  Based on what I've seen over the last month of so in the Pasadena real estate market, I'll take an educated guess and say that they will sell over asking price.

Ready to start your home search?

Contact a Pasadena Realtor today at 626-627-7107.

In the meatime, take a look at the Pasadena homes for sale:

 

 

More property details:

Pasadena California Real Estate and Homes for sale

If you are thinking of selling your Pasadena home, 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/009694

The Housing and Economic Recovery Act of 2008 was signed by President Bush on July 30, 2008.  While the primary intent of the Act was to improve confidence and stability in the housing market by providing mortgage relief by keeping American families in their homes, another area of the Act provides a huge tax break for first-time Pasadena home buyers.

First time home buyers (means any individual who had no present ownership interest in a principal residence during the 3-year period ending on the date of the purchase of the principal residence) may receive a tax credit up to $7,500, and for couples using the standard deduction to receive an additional $1,000 deduction for property taxes ($500 for individuals). 

READ MORE:  How are property taxes calculated on your Pasadena home?

In order to receive this tax credit, the home purchase must take place between April 9, 2008 and July 1, 2009.

This temporary Act was designed to get home buyers who were thinking of purchasing a home to act now to stimulate home purchases, and help home builders and real estate agents sell more homes.

Here are some key provisions of The Housing and Economic Recovery Act of 2008:

Who is Eligible?

• The $7,500 tax credit is available for first time home buyers only.
• The law defines first time home buyers as a buyer who has not owned a home during the past three years.
• All U.S. citizens who file taxes are eligible to participate in the program.
• All homes, whether single family, townhomes or condominiums apartments will qualify, as long as the home will be used as a principal residence.

Income Limits:

• Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their adjusted gross income (AGI) is less than $75,000.
• For married couples filing a joint return, the income limit can not exceed $150,000 AGI
• Single or head-of-household taxpayers who earn between $75,000 and $95,000 AGI, are eligible to receive partial first time home buyer credit.
• Married couples who earn between $150,000 and $170,000 AGI are eligible to receive a partial first time home buyer tax credit.
• The tax credit is not available for single taxpayers whose AGI is greater than $95,000 and married couples with an AGI greater than $170,000

Tax Credit Refundable:

• A refundable credit means that if the taxpayer pays less than $7,500 in Federal income taxes, the government would write the taxpayer a check for the difference.  (If the taxpayer owed $3,500 in taxes, he would pay nothing and receive a check for $4,000 from IRS.)
• If the taxpayer were to receive a $1,000 tax refund from the IRS, the refund would grow to $8,500 ($1,000 refund due, plus $7,500 from the home buyer tax credit).
• Home buyers may take the tax credit in their 2008 or 2009 tax return.
• If the purchase took lace in 2008, the tax credit would be taken in the 2008 tax return.  If the purchase takes place in 2009, the tax credit can be taken in 2008 or 2009, at the home buyers' option.

Payback Provisions:

• The tax credit is essentially an interest-free loan to be repaid over 15 years.
• For example, a home buyer claiming $7,500 credit would repay the credit at $500 per year over 15 years.  if the home owner sold the home then the remaining credit would come from the profit of the home sale.  if there was insufficient profit from the sale of the home, the remaining credit payback would be forgiven.

Are you ready to take advantage of this Tax Break and buy your new Pasadena home or Pasadena condo?  If so, here's a list of homes for sale in Pasadena for your review:

 

Posted by Irina Netchaev, your Pasadena Real Estate Agent with Keller Williams Realty.

Information provided by Jeff Elias

http://www.pasadenacarealestatehomes.com/009410