Pasadena Real Estate is a Win-Win Right Now

Looking to buy or sell a home in Pasadena, California? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (626) 441-3449 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I have some great news for everyone in the Pasadena area looking to buy or sell. It appears that we have a win-win situation here whether you're buying or selling. There are a few reasons why this is true, and allow me to fill you in on why this is:

1. Interest rates are still very low: Mortgage rates are hovering around 4-5%, and these historically low rates are making mortgages more affordable than ever. If you're selling, this will spur buyers to purchase. If you're buying, this is only another reason to buy now rather than later when interest will be rising.
2. Prices are holding steady & rising: For example, just last month in Pasadena, there were 74 homes that closed Escrow, yet 26 of them closed at list price or above.

• The same thing happened in San Marino, where 6 of the 7 properties were sold for much more than their listing prices. The same thing goes for South Pasadena too!

1. Inventory is still low: This helps to raise the price of properties by creating a great demand for them. This will mainly help sellers, but as spring comes around the corner more homes will be popping up, and that will help buyers too. There will be more homes to choose from, so prices will not be shooting up as high.

If you've been delaying a real estate transaction, then now is the time to enter the market. Whether you're buying or selling, you can get a good price on a home, and I can help you. Contact me with any inquiries about Pasadena real estate and I would be more than willing to help you out.

How to Price Your Property Accurately & Efficiently to Get Top Dollar

Looking to buy or sell a home in Pasadena, California? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (626) 441-3449 for a FREE home buying or selling consultation to answer any of your real estate questions.

The other day I was talking to a client in Pasadena, and she was asking me why it was so important to price homes correctly. She assumed that asking for the highest price and then coming back down would be the best strategy, but that is a common misconception about pricing. Pricing very high and then going low should be avoided at all costs. Let me explain why...

The Nuances of Pricing Correctly

 

Every realtor has a different pricing strategy, but every realtor will probably agree that starting very high and then going low is definitely not the correct pricing strategy.

• When you list your property at too high a price, buyers will not even want to see your home. What will happen is that they will walk down the street and look at other homes that are priced lower, and they will be more likely to buy them.
• In effect, you are selling other homes by pricing your property too high!
• When you list your home at a high price it will likely sit on the market for a while and not receive any offers. By this point other buyers will see this and wonder, "What else is wrong with this home?"
• When this happens, your home becomes stale. The longer a home is on the market, the less money you will get for it.
• My average days on market last year at this time was 15 days, just for your reference.

If You Price Attractively...Expect a Higher Overall Price

When you price correctly by finding a nice median value, you might find it hard to keep buyers away from your home. Buyers will see great value in your home, and will begin competing with each other for the best offer.

• This competition will result in a higher price for your home which is driven by buyers' perceptions of value.
• Instead of scaring buyers away with a high price, draw them in and make them compete for your home by pricing it attractively based on similar market values.

While there is no magical formula to create the best possible price for your home, there is a benefit to talking with an experienced realtor like myself who can gauge prices based on changing market conditions.

I would be glad to sit down with you to formulate a functional price for your home, or to discuss Pasadena real estate. You can call me at (626) 441-3449 or email me megmiddleman@gmail.com

In the meantime, feel free to use my home market value tool to assess a value for your property.