Low Inventory, Higher Prices


Warning: preg_match(): Compilation failed: invalid range in character class at offset 4 in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 1384

Warning: preg_match_all(): Compilation failed: invalid range in character class at offset 4 in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 700

Warning: Invalid argument supplied for foreach() in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 707

Warning: preg_match_all(): Compilation failed: invalid range in character class at offset 4 in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 700

Warning: Invalid argument supplied for foreach() in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 707

Could low housing inventory replace Location, Location, Location as the primary factor determining home values?

Buying a home today is analogous to enrolling a child in private kindergarten. The enrollment process involves visiting 4-5 area schools, paying an application fee and then waiting to see if your application has been accepted. To help eliminate the odds, you do this several times, hoping that one of the schools will accept your child for Fall enrollment. As you go from school to school, you begin to see the same people vying for those available few spots.

Buying a house today is much the same. A new listing hits the market, the agent holds an open house with a specific deadline to submit an offer. All of the offers are submitted, the better offers receive a counter and then one buyer is chosen. As you move from open house to open house, you begin to see the same prospective home buyers all previewing the same properties.

Another Sellers Market

If you are attempting to buy a house, you are well aware of the issues and obstacles you face. You know how tough it is. If you haven’t been following Pasadena Real Estate, you are more than likely unaware that we are in another sellers’ bull market. It pretty much appeared overnight.

Homes are selling within the first week, with multiple offers over asking price. There is a lot of cash out there all waiting to be invested. The market is advancing so fast that values are moving ahead of appraisals and creating problems for buyers with high loan to value ratios.

Low Housing Inventory is the New Location

Low Housing Inventory is the New Location


This market is anything but predictable, most never thought it would fall to the degree it did, let alone rise like a Phoenix so quickly. Predicting prices has become a moving target.

The house used in this post just closed escrow on April 1. Listed for $399,000 it sold for $525,000. Lots of character and charm in its 1153 square feet with 2 beds & 1 bath. However it sits right on the corner of the 210 freeway access road. This selling price is more characteristic of a home surrounded by other houses away from the busy intersection, speeding cars and emergency vehicles.

But then again, this market is unpredictable.

Helping Pasadena Homeowner’s in Foreclosure


Warning: preg_match(): Compilation failed: invalid range in character class at offset 4 in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 1384

Warning: preg_match_all(): Compilation failed: invalid range in character class at offset 4 in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 700

Warning: Invalid argument supplied for foreach() in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 707

Warning: preg_match_all(): Compilation failed: invalid range in character class at offset 4 in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 700

Warning: Invalid argument supplied for foreach() in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 707
About 650 Homes in Pasadena are in some stage of the Foreclosure process

About 650 Homes in Pasadena are in some stage of the Foreclosure process

If you are a homeowner, the word foreclosure can send chills up your spine. It can be an intimidating process simply because you don’t know what to do, where to turn or what help if any is available. Now is not the time to become timid, but rather this is your opportunity to be proactive and explore the options you have available to you. Don’t be misled, the clock is running. The actions you take today may help you keep your home or at least delay the foreclosure process.

Investigate Your Options

If you have been late on your monthly mortgage payments, you are likely to receive phone calls from your lender as well as notices in the mail. DO NOT IGNORE THIS! I an assure you that inattention will not make it go away. You absolutely need to develop a line of communication with your lender. All of them. If you have a second on your home, discuss your situation with them as well. Get the name and phone number of the person you speak with and tell them you would like to discuss a loan modification. The State of California recently announed a 90 day moratorium on foreclosures. Also the Obama administration just increased the loan ratio’s to help more homeowner’s qualify for this program, since the previous ratio’s were too tight and did not offer much assistance for California home owners. These programs seem to be changing quickly with new ones being offered and exisiting ones being altered.

The Short Sale Option

If a loan modification cannot be worked out, there is still an alternative to foreclosure. It’s called the short sale. This happens when the market value and corresponding purchase price are less than the balance owed on the property. A short sale will more than likely offer you a better alternative than a foreclosure. Its been reported that it will have a much less negative impact on your credit score than a foreclosure and if an offer is submitted to the bank they may halt the foreclosure process long enough to consider allowing you this option. One thing however, just because you agree and accept an offer, it is still contingent upon the banks final approval.

The unique benefit of a short sale is there is usually no increased cost passed on to the homeowner. The bank will typically agree to pay the title and escrow fees, the real estate commissions, back taxes, HOA dues, city transfer fees and maybe some miscellaneous expenses. Now I will also preface that by saying this may depend on how your loans are structured. If you have a first and a second, one of the parties to the transaction (buyer or seller) may be asked to pay a contribution which is usually in the form of $3000 (example) to payoff the second lien holder which in many cases is likely to receive nothing other than a total write off.

The Paper Trail

Navigating the short sale process can be very cumbersome for the uninitiated. Dealing with the banks who may not return calls or the mountain of paper that must be submitted can be overwhelming if you are not prepared. The short sale submission package will usually include a hardship letter (why you have to sell and cannot pay the mortgage), pay stubs, bank statements, tax returns, and your mortgage statement.

All that is left is the waiting & waiting. A short sale I am involved with took about two months to provide an approval and this is one of the better banks to deal with. Then add another 30 day escrow period.

Summary

There is no doubt that this can be a very stressful time for you. However the worst thing you can do is to not do anything. We would be glad to come out and review your situation and discuss your options. I guarantee you it will be a very informative and productive meeting and I would welcome the opportunity to meet you. Please give me a call at 626-432-4615 or email me.

Pasadena’s Purple Trees


Warning: preg_match(): Compilation failed: invalid range in character class at offset 4 in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 1384

Warning: preg_match_all(): Compilation failed: invalid range in character class at offset 4 in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 700

Warning: Invalid argument supplied for foreach() in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 707

Warning: preg_match_all(): Compilation failed: invalid range in character class at offset 4 in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 700

Warning: Invalid argument supplied for foreach() in /home/customer/www/pasadenarealestateguide.com/public_html/wp-content/plugins/lightbox-plus/classes/shd.class.php on line 707
The Jacaranda Tree

The Jacaranda Tree

Driving through town is really a pleasure this time of year as the Jacaranda trees are in bloom. The purple blossoms are in full view and have been on display for quite sometime. Maybe it’s the cooler overcast weather we have had since the beginning of June that allows the purple blossom to remain on the tree a little longer than usual. Whatever it is, the grey skies, the cooler weather, a dry spring, the cascading lavender flowers are finally beginning to fall and bathe the streets in soft purple petals fit for a Lakers Championship Parade.

Possibly its just Pasadena’s way of congratulating the team since the parade route doesn’t come anywhere close to Pasadena. After all, how many parades can a city have, and if I am not mistaken it does seem that Pasadena does have a parade around the first of each year.

These trees bloom two times a year usually in mid to late May and again in the fall. Some of the best streets in town for viewing are Del Mar, from Lake Avenue to Arroyo Parkway and also on Paloma from, Allen to Altadena Drive.