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

San Marino's real estate prices have always been driven by their top rated public schools, a small knit community and close proximity to Pasadena and downtown LA.  As expected, San Marino real estate activity has stayed strong even in the down market and as Pasadena's real estate started picking up, San Marino housing market immedicately followed.

Inventory of homes remained pretty much the same last month, but the sales activity has picked up significantly and so did the price per square foot that home buyers are willing to pay.  Take a look at the data below.

San Marino Real Estate Statistics for February through May 2009:

Search all San Marino homes for sale - live feed from the Multiple Listing Service below:

For more property detail, please visit San Marino Homes for Sale post.

READ MORE:

San Marino City Guide

South Pasadena City Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List

If you are thinking of buying or selling your San Marino 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

Check back here often to see all Pasadena real estate foreclosure listings.  This feed is straight from the MLS (Multiple Listing Service) and updates as new Pasadena property foreclosure is available.

For detailed property information, please visit Pasadena foreclosure list - REO for sale.

RELATED POSTS:

Altadena Foreclosures List

Burbank Foreclosure Home List

South Pasadena Foreclosure Home List

If you are interested in seeing any of these Pasadena foreclosures, please give us a call, we'll be happy to set up an appointment to show them to you.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

Here's the latest "Dusty Deals^TM" list for South Pasadena, California.

What is a "Dusty Deals™" list? It is a list of homes for sale in South Pasadena including homes, condos and townhomes that have been on the market for over 100 days. Are all of these great deals? Not necessarily. BUT, the seller has been actively marketing their homes for a very long time and is probably ready to deal.

Why are these homes on the market still? The most likely reason is that they were overpriced to begin with. The first few weeks of marketing a home for sale are the most critical weeks for any seller. If the property is overpriced, or not marketed correctly, it gets stale. Local real estate agents ignore these homes and avoid showing them to their buyers.

Potential home buyers look these homes up on the internet or receive property listings from their real estate agents from the Multiple Listing Service, but wonder what is wrong with them since they didn't sell. My take on this is, if you are looking for a deal, these homes are the best place to start. Why? Home sellers are tired of showing their homes and most are ready to NEGOTIATE their price and SELL!

South Pasadena Homes Dusty Deals™

South Pasadena Condos Dusty Deals™

List extracted from the Multiple Listing Service (ITEC)

I have previewed some of these South Pasadena condos over the last few weeks and have to tell you that they were in terrible shape. Unkept and not clean, smelly and unpleasant to walk through. If you can see beyond that, this might be an opportunity.

All South Pasadena homes and condos for sale on the real estate market today:

For South Pasadena Property details, please visit South Pasadena homes for sale and South Pasadena conods for sale.

If you are thinking of buying a South Pasadena home, South 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

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