Pasadena CA Real Estate

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

Home staging (the art of preparing your home for sale and arranging your furniture to best showcase your home) has been proven to sell homes faster and for more money in any real estate market.  Feng Shui (the art of purposefully placing the things within your environment to create positive results) can help achieve even greater results faster.  Feng Shui creates harmonious rooms that feel good because they are in the flow with nature and there is balance among the elements.  Combining home staging with the principles of Feng Shui is a sure fire way to get greatest positive impact from your efforts.

Have you ever walked into a room and although it was gorgeous, it felt cold or somehow just off-putting?  Chances are that with a few Feng Shui adjustments, the room would feel warm and welcoming instead of stuffy.  It may be the arrangement of the furniture is the problem or it could be that one of the five elements is missing or is too overwhelming. 

The same principle applies to staged homes.  The furniture and accessories might be fabulous, but if the arrangements are off they are not doing the home justice.  I've seen luxury homes with fantastic items in them, but buyers just walk in and walk right back out.  After making the adjustments, the reaction is completely different.  The positive energy created by a space that is in harmony draws people in.  It feels safe and comfortable.  Buyers will linger longer in a space that is balanced and calm.

So if you find that your home is staged beautifully, but is not getting the reaction from buyers that you are looking for, evaluate whether or not you need some Feng Shui adjustments.  A few simple changes can make all the difference between sitting on the market for months and sold.

For more information, visit www.GetStaged2Sell.com/stageblog/ or call Nickie at 818-383-7502

Yesterday, we talked about why a Pasadena home seller should order a home inspection before listing their home with a Pasadena Real Estate Agent.

The following checklist will help you prepare for that home inspection or your buyer's home inspection.

The items below should be done PRIOR to the home inspection:

• Turn on all services including water, gas and electricity.
• Make sure that attic is made accessible.  If your real estate agent will be meeting with the home inspector, make sure she knows where the entry to the attic is!
• Make sure that under floor crawl space is accessible.  Again, make sure that your real estate agent knows where the entry point is.
• Heater(s) should be accessible
• Electrical panel needs to be accessible.
• Take your pets out of the house or backyard.  Have a friend pet sit them for awhile.
• Disclose any and all problems that you know about the property.
• If you have documentation like building plans, guarantees, operating instructions, etc, have it available.
• Write a note explaining any special operations of things especially if you have special switches operating certain lights, etc.  Don't forget about the pool and spa area, if you have one and any special instructions for these amenities.

Items that could enhance the outcome of the home inspection:

• Service and clean your air conditioning and heating systems.
• Make sure that all built-in appliances are operable and clean.
• Same thing goes for the exhaust fan(s) - operable and clean.
• Make sure that your laundry dryer vent is clean.
• Water heater has to be strapped.
• Smoke detectors have to be installed in correct locations.
• Have your pool cleaned and make sure that the equipment is operable and accessible.
• Make sure that the gutters are repaired and cleared of debris
• Have your chimney(s) cleaned.
• Ensure that windows and doors are operating and any broken parts are repaired.

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.

Here are the Top 5 Tips for Showing Your Home:

• Make It Available-Allow buyers to see your home at times that make sense.  Limiting showing hours to a couple hours a day or making appointment times difficult turns buyers and their agents off.  Houses can only sell when buyers are able see them.
• Let the Real Estate Agents Show Your Home-Resist the temptation to show your home yourself.  Buyers will be more comfortable exploring and getting to know your home when they don't feel like they are invading your space.
• Take Your Pets With You-If at all possible, take your pets with you during showings.  During the day while at work, consider leaving your pets with a neighbor, friend or family member. Hiring a pet sitter is always a great option as well.
• Leave the Lights On-Even during the day.  A home shows better when it is well-lit.  Be sure to leave all of the curtains and blinds open to let in as much natural sunlight as possible.  Remember climate control too.  You want the temperature in your home to be comfortable so that buyers will want to linger. 
• Do a Quick Tidy Up Each Morning & Evening-Keeping your home tidy and fresh is imperative to having it show well.  Now that you have packed your extra items, thoroughly cleaned your home & yard and staged it to perfection, you will want to give it a daily dusting, vacuuming and wipe down.  Pick up and tidy up every evening before bed and be sure to take out all trash.  Each morning before you head out for the day, toss the used towels in the washing machine and be sure all remaining towels are neatly folded.  Do not allow any laundry to accumulate.  Keep all toiletries in the drawers and cupboards.  Keep the sinks empty and if you are using fresh flowers, be sure to change the water daily.

Keep these simple tips in mind each day while your home is on the market and make it easy for buyers to see your home.  The easier it is for buyers to see your home, the easier it will be for you to get it sold!

For more information on staging your home and preparing it for sale, contact Nickie, 818-383-7502, or visit Get Staged 2 Sell.

As a Real Estate Broker working in the Pasadena, California market place, I have been monitoring homes as they come up on the market.  This, of course, helps me understand and to always be on top of the current inventory.  

As new listings come up in and around Pasadena, I have programmed my computers to send me an automated email with information on the property immediately upon the home hitting the Multiple Listing Service.

Over the last year or so, I have seen some, well... the only way I can describe it is "doozies" coming through my email.  I am constantly amazed that we have Real Estate Agents that literally throw the property on the market with no forethought or plan.

So¦ I decided to write a series of posts for sellers to give some guidance as to what they should expect from their Real Estate Agent and how they can check to see that their Agent is doing their job.

After all, no one cares about your home like you do.  In most cases, its your biggest investment.  So¦ please do not take marketing lightly and ensure make sure that you get what you pay for!

Your Number 1 Goal in marketing your home is quite simply to get as many EYEBALLS as you can to see it!  Simple, isnt it?

The more people I can bring in to see your home, the more likely your house will sell faster and at the highest price!  The first TWO WEEKS of the listing period (being officially on the market, in the MLS) will either make you or break you!

Sellers make sure that your Real Estate Agent doesnt just come in, sign the listing agreement and your home is in the Multiple Listing Service the next day!  OUCH¦ no preparation and no thought given to exposure.

At the very minimum, I would suggest that your marketing plan and preparation include the following:

• First, before marketing your home, make sure its been staged.  Make sure that your Realtor is working with a Staging Professional and brings one in for a consultation to talk to you about maximizing your homes appeal and get it ready ready for sale.  If your home doesnt show well, no amount of marketing/exposure will help.  The price will be the ONLY deciding factor.  Please refer to the following post for more information on staging - What Is Staging?  Also, heres a good example of before and after pictures on a vacant property at www.WhatIsStaging.Info.

• Once your house is ready to show, make sure that your Real Estate Agent takes LOTS of pictures of your home - inside and out!  Not just one picture - TONS of pictures!  Your home at a minimum should have 10 to 12 pictures in the MLS.  Remember, that based on the NARs (National Association of Realtors) 2005 profile of Home Buyers and Sellers, 77% of consumers start their search on the internet.  Price and location gets their attention, but the pictures entice them to actually set up an appointment and visit the home.  There are too many listings in the MLS that have NO pictures what so ever, or just ONE picture.  In todays age of digital cameras, that is just not acceptable.  Sellers, you can easily check the MLS to see how many pictures your home has and the quality of these pictures.  Would you want to visit your own home after seeing the way it looks on-line?  Pictures are worth than a thousand words, right?
• Make sure that there is a Real Estate Show (Flash Presentation) or a Virtual Tourassociated with your home on the MLS.  82% of all time spent searching for a home is being spent on Realtor.com.  If you go to Realtor.com, youll see that one of the search options allows you to search for homes with only Virtual Tours.  Why is that?  In my experience, we are all trying to save as much time as possible.  By looking at pictures and virtual tours on-line, consumers are quick to identify the homes they want.  I even had several of my buyers say to me that if they cant see the home on line, they think that theres something wrong with it - otherwise there would be pictures.  Also it will give your potential buyers a much better feel for the house.  

Talking about Realtor.com, the question to ask your Real Estate Agent is - Can you FEATURE my home on Featured homes in Realtor.com?  Folks, its really simple, if your home is featured on Realtor.com, it will get 500% more exposurethan a home that is NOT a featured home.  Also featured homes feed to sites like MSN.com, MOVE.com, AOL.com and more¦ Think Exposure.  Now, only 1% of all Realtors in each marketplace have the Featured Home marketing.  Try to find the ones that do.  At a minimum, Real Estate Agents should be able to Showcase (enhance) your listing on Realtor.com.  If a Realtor, doesnt have a Showcase or a Featured home package, your listing will still appear on Realtor.com, but will not stand out or have the same amount of exposure.  Again, ask before you list, and then follow up by visiting Realtor.com to see how your home looks.

• Your Pasadena Real Estate Agent should market your home to your neighbors.  Its been proven time and time again that your neighbors will know someone who wants to live in their area.  If your neighbors know about your house and are invited to participate in helping them select their next neighbor, your homes chances of selling faster and for more money increase.  I recommend sending out at least 200 to 400 Just Listed Cards to the neighborhood.  Also, your Realtor should hold a special Neighborhood only Open House - I like holding Twilight Open Houses and inviting neighbors to see the home before anyone else sees it. 
• Your Real Estate Agent should market your home to the Real Estate community.  Chances are that another agent will represent a successful buyer for your home.  Does your agent have a database with names and email addresses of top agents in the area?  Do they have established relationships with these agents?  How do they market their listings to the real estate community.  What format does the marketing take?  Your agent should utilize both email and the ˜old fashioned distribution of flyers to their fellow agents to encourage them to come preview your home.  Also, its critical to have your home advertised on a Broker Tour.
• Will your agent create a website specifically for your home?  Will it have its own domain name that can be advertised on the sign riders and in other marketing materials.  For example, visit http://www.1506Holliston.com
• What kind of brochures will your agent order?  Are they professional?  In color?  Printed on nice paper?  I sort of like to think of it as writing a resume for a job interview¦ the brochure represents your home and will be picked up by other real estate professionals, neighbors and potential buyers.  You want it to stand out!
• Is there an 800 number with a specific message about your home?  A lot of home buyers do NOT want to speak with a Real Estate Agent at the begining.  They are just not comfortable.  But, if they see an 800 number with information about your home that they can call 24/7, theyll do that.  Whats more interesting is that as an agent, I automatically get notified of any phone calls that come in on any of my assigned 800 number listings.  I can always follow up with the prospective buyer.
• Public Open Houses - I am not a huge proponent of Open Houses, but the first weekend that the house is on the market, is very critical.  Holding the home open both Saturday and Sunday makes it easier for potential buyers to stop on by and see your home first hand.

As you can see, theres so much to be done - taking pictures, creating website, publishing flyers, updating Realtor.com and other websites, creating 800 # messages, etc.  It can not be done in one day. 

There are so many steps along with the ones that I have listed here that need to be done before your home hits the MLS.   Its not as easy as just putting a sign in front of your home and saying that its now on the market for sale. 

Sellers please be aware of what your agent is doing for you!  Dont be afraid to ask questions.  Selling a home is a partnership, both agent and seller working in concert for a common goal.

Please ensure that your home is represented professionally!  Ensure that your agent communicates with you every step of the way.  Ultimately, your bottom line is impacted. 

GOOD LUCK with the sale of your home!

I have always believed that real estate is strictly a LOCAL business.  To this day, I am flabbergasted by the local Pasadena news media writing and panicking about national real estate trends.  What does that have to do with Pasadena home sales?  Very little! 

The real estate market in and around Pasadena, California has been pretty steady.  Its not as hot as it used to be, but were definitely seeing a shift to a more balanced market.

Buyers are being more cautious and are taking a little more time to find the home of their dreams.  Sellers are begining to be a bit more realistic about how fast their home will sell and for what price.

Is this a good thing?  Yes!  Pasadena home prices could not have sustained the 20% to 25% increases in home values for much longer.  The fact that the prices are stabilizing is great for everyone involved.

This list of the top ten mistakes are geared towards you, the potential seller.  Selling a home can and still is quite profitable in todays changing market.  So here you go¦ my list of the top 10 mistakes that I see sellers make today:

MISTAKE #1:  FSBO (For Sale By Owner) - Can you sell your home yourself?  Certainly!  Thousands of people across the country do it everyday.  Can you sell your home for top dollar, with less hassles and ensure that all the paperwork is completed correctly and the required disclosures are provided to the buyer?  Most likely not. 

• By trying to sell your home without the help of a professional agent, you automatically limit the exposure of your home.  Lets face it, most realtors will not show it AND as a FSBO, you will not have access the same resources that a professional real estate consultant has - Multiple Listing Services, Realtor.com, Trulia, LATims.com, Blogging platforms, etc.  It goes on and on¦.
• The number of forms/disclosures required to sell a home is mind boggling.  Contracts are changed and updated annually by the California Association of Realtors.  Each city has their own disclosure requirements.  Realtors take continuous classes to stay on top of the most current legal requirements. Most of our files are 2 to 3 inches thick.
• Negotiation - selling a home is not a simple matter of getting the buyer to offer the highest price.  Great realtors understand that selling a home is a factor of PRICE and TERMS.  We know that there are buyers out there that will come in with a high price and then try to negotiate at every step of the contract and wear you down.  By the time, the escrow closes - if it closes - you did not sell your home for as much as you anticipated.  The terms are critical - loan and appraisal contingency periods, down payment, physical inspection contingency, etc.

MISTAKE #2:  Hiring an Out of the Area Realtor to sell your home - Yes¦ I know¦ you have a friend¦ you have a distant cousin¦ you have a name of someone who sold a home for one of your coworkers, BUT they work 45 minutes away.  Its okay.  Its just putting the home into the Multiple Listing Service, right?  It is critical that you find a realtor that specializes in your neighborhood, knows the city requirements, understands and tracks the market trends on a regular basis and has a great reputation in the real estate community.

There have been countless times, where I was able to get a great deal for my buyers because the Realtor representing the seller, placed information about the home in question in the wrong Multiple Listing Service or under a wrong area.  Or, the realtor didnt understand the intricacies of pricing the home properly given the schools or other area idiosyncracies.

READ ALSO:  Pasadena Real Estate Agent Interviewing Tip

MISTAKE #3:  Hiring a SOLO Real Estate Agent to sell your home.  I am not saying that you have to hire a Realtor that is part of a huge team.  But, the Realtor that you hire should have a group of experts on THEIR team.  For example, my team consists of a Accredited Certified Stager, Transaction Coordinator, a Marketing Director, a Title Representative, a Termite Inspector, a Contractor, an Inspector, a Buyers agent, and an assistant.

MISTAKE #4:  Hiring a PART TIME Real Estate Agent - honestly¦ thats even worst than selling your home For Sale By Owner - the agent will not have the knowledge and experience required to sell your home and will charge you for it.  UGH!  Shall I say more?

MISTAKE #5:  Not having your home STAGED - Staged homes sell faster and for more money - period!  I am a complete believer in staging.  I bring in an Accredited Staging Professional for a consultation and a detailed report for each and every one of the homes I sell.  It is critical that your home shows its best and is optimized to create the most positive response with the potential buyers. 

MISTAKE #6:  Not getting a physical inspection performed prior to putting your home on the market.  By inviting a physical inspector, you are able to foresee and address potential issues down the road and avoid cancelled escrows.

MISTAKE #7:  Putting your home on the market too quickly! - Putting a house on the market is an orchestrated event.  It requires a lot of preparation and full and complete execution.  You can not just throw the house into the Multiple Listing Service and then add on photos, marketing, announcements later.  Think of it as a ˜roll out, a ˜blitz.  You need to create excitement and anticipation for the buyers out there.

MISTAKE #8:  Not using the internet to the fullest - Over 70% of all buyers start their search on the internet.  Multiple photos, Virtual Tours, Personal Address websites, Blogs - all these SELL YOUR HOME!  Make sure that your agent utilizes the most advanced technology.  Make sure that your home is entered in every local Multiple Listing Service in your area - most areas have several.  In the Pasadena area, there are 4 Multiple Listing Services that your home shoudl be in!  Make sure that your Realtor has Featured Homes on Realtor.com in your area (Featured Homes on Realtor.com generate 500% more hits to your homes information).  Make sure that they post your homes information anywhere and everywhere!  Its critical.

MISTAKE #9:  Ignoring your neighbors - always, always invite your neighbors¦ make them feel special¦ involve them in the selection of the new buyer.  Chances are that your neighbor knows someone - a friend, a family member - that wants to live next to them.  Have Twilight Open Houses for neighbors only.  Send out special invitations for them and their loved ones.  Let them know that theyre welcome to visit and to tell all their friends about your home.

MISTAKE #10:  Overpricing your home.  Many sellers are under the wrong impression that if they start out high, they will eventually sell at the price they want.  That is a fallacy.  A home needs to be priced correctly the moment it hits the market.  Work with your Real estate Consultant and review the current market condition for your area.  Take a look at your competition, as well as the closed sales. 

To sum this all up an appropriate pricing and marketing strategy coupled with staging and an experienced real estate consultant will help your home stand out and sell quickly and for more $$$$$s.

Good luck in the sale of your home!

Sellers what do you expect from your Pasadena Real Estate Agent? 

Most sellers will say to sell my home at the highest possible price with the least inconvenience.

But, how do Pasadena Real Estate Agents differ?

We all have different approaches and views on how to accomplish our sellers goals.  When you are interviewing a Realtor for the job of selling your home, I would urge you to first LISTEN to what the Realtor says:

Is he or she trying to identify whats important to you in selling your home? 

• Is the Realtors approach more consultative vs. ˜salesy?
• Do you feel like theres a connection between the two of you?
• Do they understand the market trends in your local area?  Can they intelligently predict, based on hard data, the pricing trend in your area?
• Do they know the inventory and how many months of inventory is there on the market currently?

Here are some of the questions to ask:

• How will you market my property?  A good Realtor will have a nice mix of internet, ˜snail mail, e-mail, paper/magazine advertising.  She will also market to top agents in the area, neighbors and current sellers that could fall into the move-up category for your home.
• How will you keep in touch with me throughout the process?  A Realtor should be updating their clients via phone at least once a week and should be able to provide access to a personal website where youll be able to track activities on the sale of your home.  If you like using email, is your agent email savvy?  How often do they check it?  Do they have set times for returning their voicemails daily?
• Do they have an assistant or helper for when theyre out of town or unavailable?
• Do they have a full blown campaign ready to go the moment the listing is ready to be put on the market with custom color flyers, personal websites, 800 number (IVR) technology?  It usually takes at least 7 to 10 days to line everything up so that your home is marketed correctly on day 1.  The first 2 weeks of putting your home on the market are the most critical.  Make sure that everything is perfect and not rolled out ˜piece-meal.
• Will they stage your home?  A staged home will sell for more money and in less time than a home that is not staged.  

Read more on Staging:  What is Staging?

• Does he/she have Showcase homes on Realtor.com?  Featured Homes?  Only very few Realtors have Featured Homes.  These spots give your home unprecedented exposure with hundreds of hits daily.
• Are there tracking reports available for all activities on my listing?  A good Realtor will provide you with weekly stats.
• How often will you reevaluate the market and my competition?  Its critical to make sure that you and your Realtor know what your competition is so that an appropriate strategy is used.
• What kind of pricing strategy would be best used for my home?  Theres a fixed price and a Value Range Marketing Price.  A good Realtor will be able to discuss the best pricing strategy and recommend the one that is right for you.
• How many Multiple Listing Services (MLS) are in my area?  In the Pasadena area, there are 2 distinct MLSs and another 2 that are on the border.  To get the maximum exposure, your home should be listed in ALL of them. 
• Where does most of the Realtors business come from?  You want to hear - REFERRALS!  What a great indication of them doing a spectacular job if their clients refer them to more.

Dont be afraid to ask for names and telephone numbers of past clients.  Your home, in most instances, is your largest investment.  ASK, ASK, ASK and LISTEN!

All Realtors are NOT created equal!  Do your homework and Good Luck!