When's the right time to buy in Pasadena?

This is a question I'm asked by many people.  When is the best time to buy?  I answer that there are four main things to consider if you want to time the purchase of your home well:  Taste, Your Financial Situation, Mortgage Rates, and Price.  You can read the four part post on "When is the best time to buy in Pasadena?" at my Blog, if you want the full answer. 

 

Briefly, there is more to it than price alone.  Price isn't even the only financial variable you should consider.  Because of financing options and negotiation opportunities there is more to timing than waiting for "rock bottom prices" as the car dealers call it.  Read more...

 

And if you conclude the timing is right for you, or you'd like some individualized help in answering that question, you can let us know

  • June 10 2008 - Pasadena
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Answers (5)

Profile picture for !bank_owned!

whatever you do don't buy now! The nicer parts of Pasadena and Altadena are lagging behind in the housing correction. I subscribe to Realtytrak.com and you'd be amazed at the number of NODs and foreclosures being listed each day. So Cal as a whole is still doing very poorly sales wise, while hundreds of homes go on the market each week. Put simply, way too many homes and not nearly enough buyers...most potential buyers are like you: waiting it out for prices to drop even further. It will happen just be patient. I estimate late Q3 to early 2009 for things to be much cheaper. And if mortgage rates continue to rise, expect home prices to drop even further. Read this recent article for the state of affairs in So Cal:

http://dqnews.com/News/California/Southern-CA/RRSCA080616.aspx

 

  • June 17 2008
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!bank_owned!'s response like most experts that attempt to predict the future can make interesting reading a year or more down the road.  At the time of this post, mortgage rates have fallen to a historic low and well-priced homes in good condition are selling quickly.  REO's & short sales are not always great bargains, because multiple offers push the price up.  It is hard to negotiate repairs, etc. with a bank/lender, so you end up wondering whether it was such a great deal.  People should buy when it is right for them & you can't put your life on hold to wait for all housing conditions to be ideal.  Life goes on, so most of us buy a home or condo for more compelling reasons: job transfer, graduation, new relationship, marriage, kids, retirement, divorce, job loss, disability, death, etc.  If you think of it as an investment and not a home, you probably shouldn't be in the market. 

  • September 25 2009
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If you can afford it.
If you can get approved for a loan.
If you have some money saved.
If you are tired of spending a ridiculous amount of money on rent.
If interest rates are low.
If housing prices are down.
Now is a good time.
  • March 13 2010
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Profile picture for workabee
A realtor who says it's time to buy...Where my vomit bowl? I feel my meatball sub resurfacing.
  • March 14 2010
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Profile picture for blue screen exile
Look at the local trend info provided on Zillow's local-info pages.

The price correction is still occurring.  Interest rates are not going up in the next year.  The school district is still struggling.  Cultural institutions like the Pasadena Playhouse are having to shut down due to inadequate revenue.  The Pasadena Symphony has been a mess since a forced merger with the Pasadena Pops and the forced retirement of the Symphony director...

Open space standards and adequate pedestrian and bicycle provisions are still not properly addressed, especially in the Central District.

It is not the time to buy "yet".  And with the excessive increase in noise over the past 15 years, it may be the time to sell instead; but if one wanted to sell, they really should have sold in 2007 as prices have been dropping consistently since.
  • July 02 2010
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