You may qualify for a home-buyer tax credit

From Kathy M. Kristof’s column in the Los Angeles Times:

This time, income limits have been raised, so millions more people are eligible.  You don’t have to be a first-timer either.

Read the full article here: You May Qualify, by Kathy M. Kristof.

Sellers’ Reasons for Selling

Here are some interesting responses to a poll taken by the California Association of Realtors as to why people have decided to sell and buy from 2006 through fall 2009.  Obviously, the recession has taken a toll on sellers, but there are plenty of buyers who are in a good position to take advantage of the shift in the market.

Macaroni Kid

Attention Pasadena-area parents!  There is a new, free email newsletter with fun things to do and ideas for kids, including teens, at www.pasadena.macaronikid.com.  You can subscribe to be in the know about events and happenings for kids in Pasadena and surrounding areas.

Enjoy!

Real Estate Market Update

Here is some good news for the real estate market reported in the LA Times. In the traditionally slow month of December, prices in the Los Angeles area were slightly up, and the number of foreclosure sales were down. Read the whole article here:

Southern California housing market strengthens in December

2009 Annual Price Report

We have just finished running the numbers for my third annual Pasadena area real estate report. This is unique, original research not available anywhere else. I have taken each Pasadena zip code (as well as surrounding areas such as San Marino, South Pasadena, Altadena, Sierra Madre and more) and compared the average sale price per square foot from all sales in 2009 to the numbers from 2008. Each zip code is broken down by home size, so a much more accurate picture of market activity is presented than in the tables in the newspaper which lump all homes together.

Click here to view the 2009 Annual Price Report.

Pasadena’s Rose Bowl and Rose Parade

Visitors and locals, are you looking for last-minute information regarding Pasadena’s Rose Parade, Rose Bowl or the BCS Championship?  The Pasadena Visitor’s Bureau has a Holiday Hotline: (877) 793-9911 to help.  If you have an extra ticket, or are looking for tickets whether to the parade or the games, call them — they are not brokers, but they will connect you with someone who has what you need.  Want a restaurant recommendation?  Need to know which area hotels still have rooms available?  Like to know about parking?  Pasadena resident volunteers are manning the phones now, so give them a call.

Happy New Year!

New Year’s Eve in Pasadena

Here are a few events going on in Pasadena to ring in the new year:

Noon Year’s Eve at Kidspace Children’s Museum
Count down to the “noon” year at 12PM, then celebrate with streamers, sparkling cider, music and a balloon drop. A great way to celebrate the new year with young children.  Free with admission.

Ring in 2010 with John Caparulo at the Ice House
Celebrate the New Year with some laughs!  Admission is $29.50, or $44.50 for VIP.

If you want more of a party, you can check out this list of bars and restaurants that will be hosting New Year’s Eve celebrations this year.

And, of course, don’t forget about the Rose Parade on New Year’s day!  The parade starts at 8:00am and will be broadcast on 9 TV networks if you’re not up for camping on the parade route to get a good seat.

Have a great time celebrating the new year!

Have real estate prices finally hit bottom? Some experts think so.

According to this article from the influential Dataquick organization, the stats show that the bottom may have arrived.  No one has a crystal ball, and whether the housing market maintains stability will depend on, among other factors, employment and foreclosure backlogs (just how many are there/will there be in the next few years?).  But looking at the numbers we do have, at least the downward slide appears to be over for now.

Read the entire article here:
Southern California Home Prices End Slide in November from Bloomberg.com

Buyer Discounts Inch Downward in October

My personal observation over the last few months, especially in the entry-level home market, is that the days of negotiating a substantially lower purchase price off the asking price (assuming the list price is realistic) are over, at least for the moment, in our area.  This article from Zillow confirms that in California buyers are paying at or over the asking price these days.  So there is now a disconnect between buyers, who still think they are in the proverbial “buyer’s market” and sellers who are pricing their homes to sell. 

In fact, it still is very much a buyer’s market in the sense that home prices have fallen sharply from their peak and interest rates are still at historic lows, making this an excellent time to buy.  However, if a home is priced well, realistic buyers cannot also expect to negotiate a substantial discount off the asking price, and may even need to bid slightly more.  At the entry-level, we are seeing multiple offers for nice, well-priced houses.  Buyers, do not worry — this is not the crazy feeding frenzy we saw in 2004-2006 where houses sold wildly over the list priced, fueled by adjustable rate  loans for anyone with a pulse.  It just means that if you are serious about buying, you are going to have to study the comps and pay fair market value if you want to buy a house.

Check out the article:

Buyer Discounts Inch Downward in October

This Weekend in Pasadena

Some fun things to do in Pasadena this weekend, enjoy!

Holiday Look In and Home Tour
December 5th and 6th, from 9:30 to 4:30.  The Holiday Look In Tour will offer visitors a chance to view four distinctive homes in the Pasadena area decorated for the holiday season.

City Hall Christmas Tree Lighting Ceremony
December 8th, from 5:30 to 8:30, in the Grand Entrance of Pasadena City Hall, 100 N. Garfield Avenue.  There will be music and refreshments served.  Everyone is invited to bring gifts to be placed in the Spark of Love Toy Drive boxes provided by the Pasadena Fire Department.