LOOKING FOR URBAN LIVING

Getting Started on a Home Search

Mortgage interest rates had dropped recently and home prices have moderated in many areas, making it a good time to buy. If you’ve never bought a condo or townhome before or if you currently own a home but have never bought and sold at the same time, the process can seem intimidating. You can ease your anxiety by formulating a game plan and by assembling the best team of professionals you can find, including a mortgage lender, a Realtor® that you feel that you can trust, as well as inspectors, title reps, and home warranty specialists.

If you are searching for a condo Pasadena is a great place to look since it is a city that has been becoming more urbanized over the past few years. Space in Los Angeles is at a premium, ever increasing, and many L.A. suburbs are starting to become re-urbanized. The most recent trend in many suburbs is retail developments with the inclusion of at least two floors of residential units above a retail city walk. Examples of such urbanization is the Paseo Colorado in Pasadena, and Rick Caruso's latest development, The Americana in Glendale.

The two key players on your team in a home search are the lender and your real estate agent. Once you have these selected, they can help you line up the additional help you need. The best recommendations for a real estate agent is one who is well educated about the market in your area. If you’re a first time homebuyer you may not have a resource of competent mortgage enders, reputable inspectors, or a trustful escrow company that will successfully help you through the purchasing of a home; Therefore it would be of utmost importance to choose a Realor® that will have this resource of people to recommend to you to have the option of using.

A first step is to find out how much you can afford. Most buyers will obviously need a mortgage in order to complete a home purchase. A lender will qualify you for a certain loan amount depending on how much cash you have available for a down payment and closing costs—the various fees associated with buying or selling a home. Other relevant factors are your credit score, your verifiable income and what type of mortgage you decide to use for your purchase. You can work with a mortgage broker who will shop the mortgage market for you and place your loan package with the lender that offers the best deal. Or, you can work directly with a lender, such as Bank of America or Citibank. Just make sure that you understand what kind of loan is being offered. You might want to consult with an independent party like your accountant or financial advisor to determine what kind of financing is best for you.

If you’ve never bought a home before, you should use an agent who is a good communicator and who will take the time to explain the process. Also, keep in mind that your agent will be interfacing with the other parties in the transaction. You want someone you trust and who you are sure will represent you professionally and work diligent on your behalf.

Search for a Condo

Understanding Capital Gains In Real Estate

When you sell a stock, you owe taxes on your gain — the difference between what you paid for the stock and what you sold it for. The same holds true when selling a home (or a second home), but there are some special considerations. How to calculate gain in real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis.

To calculate, follow these steps:
1. Purchase price: _______________________

The purchase price of the home is the sale price, not the amount of money you actually contributed at closing.

2. Total adjustments: _______________________
To calculate this, add the following:
Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage.
Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale.
Cost of improvements — including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.

3. Your home’s adjusted cost basis: _______________________
The total of your purchase price and adjustments is the adjusted cost basis of your home.

4. Your capital gain: _______________________Subtract the adjusted cost basis from the amount your home sells for to get your capital gain.

A Special Real Estate Exemption for Capital Gains since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:
You have lived in the home as your principal residence for two out of the last five years.
You have not sold or exchanged another home during the two years preceding the sale.
You meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.

FIND A PASADENA REALTOR TO SELL YOUR HOME

SEARCH PASADENA HOMES FOR SALE

DOES MOVING UP MAKE SENSE?

With so many great opportunities to buy a home in every price range, does moving up make sense? These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.

1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district. Find a Pasadena Real Estate Agent who can help.

4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.

6. Are you able to secure an attractive interest rate? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer. Search for mortgage rates.

CLICK HERE TO SEARCH PASADENA HOMES OR PASADENA CONDOS

CLICK HERE TO SEARCH BANK OWNED HOMES

WHY ARE YOU RENTING!

Why are you renting......when you could be a home owner ?

Why You Should Buy a Home Now
These days there is literally too much information for homebuyers to make a decision sometimes. Fear can prevent first time home buyers from ever acting on their dream of home ownership. When you look at facts, though, buying a home makes as much sense now as it ever has.

With home prices going down now in some markets, the question is beginning to surface more often, "Is now a good time to buy?. If there's any risk that it may go down in value, why, really should anyone buy a home instead of renting?" It may be true that renting is cheaper than buying right now, but historically speaking, it is only a matter of time before rents will go up. They always have, and they always will. That brings us to the number one reason to buy a home, which is the very reason rent always goes up:Appreciation or Rising Values - For most Americans, buying a home is one of the smartest financial decisions they will ever make. Look at the difference in net worth between homeowners and renters according to the Federal Reserve:The difference in net worth of homeowners vs. renters is more pronounced as income rises. The average American who earns $60,000 per year and rents has a net worth of only $25,000. The average net worth of that same earner who is a homeowner is nearly $300,000!There are two main reasons this happens. First, there is the "forced savings" aspect of home ownership. As payments are made on a home over time, the balance of the mortgage will obviously fall. This is essentially "forcing" a monthly savings that is the portion of the payment that applies toward the principal amount of the mortgage. Secondly, there is long-term property appreciation. Homes have always gone up in value over time, even though there are bound to be some down cycles. Long-term home ownership almost guarantees a higher net worth. Pride of Ownership - Most homeowners will admit they like owning a home because they don't have to ask before they do anything to the home. They can paint it any color, they can add a new front door, change the shutters, and they have the right to do it because it's their home! This is the reason most people take care of a home they own better than one they rent. Plus, no landlord can go up on your rent or terminate a lease and force you to move. It makes a difference when applying for credit, in personal relationships, and possibly even in employment considerations. Pride of ownership is hard to measure in terms of money, but is a big part of why people will always want to own their home.

Tax Benefits - Arguably, tax benefits of home ownership are not as great as many owners understand them to be, but most do benefit from the mortgage interest deduction, even if in a small way. Home ownership has been a part of our heritage, and represents the largest part of the average American's net worth. There is a good chance that owning and paying for a home is the only way some people will be able to retire. And the earlier you can get in the game of ownership, the better off you will be sooner in life. Owning a home is not only still the "American Dream", it is an important part of our national economy. The financial benefits can easily be seen and experienced over the long run. The other benefits, while not so easy to measure, may be the most important ones. Buying your first home, even in a "down" market is still a wise choice, and will eventually be one of the best financial decisions of your life. Search Pasadena Homes and Pasadena condos for sale. Find a Pasadena Real Estate agent.

Lake @ Walnut: New Live Work Condos

For those of you looking for a Pasadena Home where all the active, interesting, culturally rich and just plain fun elements of your life “intersect” in one, sought-after Pasadena address. Just think Lake at Walnut, a new 6- story residential building of contemporary flats and town homes above ground floor retail, named for its stylish address at the intersection of Lake and Walnut avenues. Everything's right down the street, or an easy drive or Metro ride away.

A home at Lake at Walnut puts you right at the center of all things wonderful in the Pasadena intown scene. Walk to the colorful shops and eateries of Old Town, or the many exciting destinations of Colorado Boulevard. Easily commute via the convenient Gold Line or the nearby 210 Freeway, just 2 blocks away. Spend more evenings at the Ahmanson or the Disney Music Hall, just 30 minutes away by Metrolink. And what could be better than a quick grocery pick-up at Ralph’s, right across the street? Homes range in size from 945 to 1,767 square feet, with generous live/work spaces from 2,133 to 3,346 square feet. It all comes together at Lake at Walnut. One and two bedroom floor plans available with prices starting at the $535k range for a 1 bedroom and go upward and are scheduled to be available in September to move in.

Search Pasadena Condos for sale. Find a Pasadena Real Estate Agent to show you this property or other Pasadena Real Estate Listings.

Tips For Buying In A Competitive Market

Increase your chances of getting your dream house in a competitive housing market, and lower your chances of losing out to another buyer:

1. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.

2. Stay in close contact with your Pasadena Real Estate Agent to find out about the newest listings. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast.

3. Scout out new listings yourself. Look at Web sites such as REALTOR.com, SoldbyRamiro.com or browse your local L.A. Times real estate section, and drive through the neighborhood to spot "For Sale" signs. If you see a home you like, write down the address and call your real estat agent. Your Pasadena Real Estate Agent will be able to schedule a showing and find out more information on the property.

4. Be ready to make a decision. Spend a lot of time in advance deciding what you must have in a Pasadena home so you won’t be unsure when you have the chance to make an offer.

5. Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don’t go too low to get a deal. In a tight market, you’ll lose out.

6. Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you’ll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.

7. Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you should or should not buy it. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.

Find Pasadena Homes or Pasadena Condos for sale. Search for a top Pasadena Real Estate Agent.

Low-Cost Ways to Spruce Up Your Home’s Exterior

Make your Pasadena home more appealing for yourself and potential buyers with these quick and easy tips:

1. Trim bushes so they don’t block windows or architectural details.

2. Mow your lawn, and turn on the sprinklers for 30 minutes before the showing to make the lawn sparkle.

3. Put a pot of bright flowers (or a small evergreen in winter) on your porch.

4. Install new doorknobs on your front door.

5. Repair any cracks in the driveway.

6. Edge the grass around walkways and trees.

7. Keep your garden tools and hoses out of sight.

8. Clear toys from the lawn.

9. Buy a new mailbox.

10. Upgrade your outside lighting.

11. Buy a new doormat for the outside of your front door.

12. Clean your windows, inside and outside.

13. Polish or replace your house numbers.

14. Place a seasonal wreath on your door.

Have questions about selling your Pasadena Home or Pasadena Condo? Find a Pasadena Real Estate Agent to sell your home. Search for Pasadena Homes for sale.

8 TIPS TO GUIDE YOUR PASADENA HOME SEARCH

For many people, buying a first home is a rite of passage and ownership in part of the American dream. And while many excited hours are spent planning interior color schemes, choosing new furniture and dreaming of moving day, many first-time buyers spend equal amounts of time fretting and fearing the home buying process. Let’s face it, if you’ve never purchased a home before, the prospect can seem downright intimidating. There are many decisions to make—legal, financial and emotional, just to name a few. Luckily, there are steps you can take to ensure an enjoyable experience.

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.

2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.

4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a Pasadena REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s agent's are paid out of the seller’s commission payment.

Find Pasadena Homes or Pasadena Condos for sale. Find a Pasadena Real Estate Agent.

Take The Stress Out Of Homebuying

Buying a Pasadena home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

1. Find a Pasadena real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the Pasadena REALTOR® you chose is both highly skilled and a good fit with your personality.

2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.

4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.

7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.

10. Choose a home first because you love it; then think about appreciation. A home’s most important role is to serve as a comfortable, safe place to live.

Search for Pasadena Homes and Pasadena Condos.

7 REASONS TO OWN YOUR OWN HOME

If you are considering buying a Pasadena Home, here are a few benefits to consider:

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Search for Pasadena Homes or Pasadena Condos. Find a Pasadena Real Estate Agent.

5 FENG SHUI CONCEPTS TO HELP A HOME SELL

Feng Shui is the ancient Chinese practice of learning to live in harmony with one's surroundings - being a part of nature rather than a blot on the landscape. There are several different schools of Feng Shui, with varying methods. To put the best face on a Pasadena Home listing and appeal to buyers who follow feng shui principles, keep these tips in mind.

1. Pay special attention to the front door, which is considered the “mouth of chi” (chi is the “life force” of all things) and one of the most powerful aspects of the entire property. Abundance, blessings, opportunities, and good fortune enter through the front door. It’s also the first impression Pasadena Home buyers have of how well the sellers have taken care of the rest of the property. Make sure the area around the front door is swept clean, free of cobwebs and clutter. Make sure all lighting is straight and properly hung. Better yet, light the path leading up to the front door to create an inviting atmosphere.

2. Chi energy can be flushed away wherever there are drains in the home. To keep the good forces of a home in, always keep the toilet seats down and close the doors to bathrooms.

3. The master bed should be in a place of honor, power, and protection, which is farthest from and facing toward the entryway of the room. It’s even better if you can place the bed diagonally in the farthest corner. Paint the room in colors that promote serenity, relaxation, and romance, such as soft tones of green, blue, and lavender.

4. The dining room symbolizes the energy and power of family togetherness. Make sure the table is clear and uncluttered during showings. Use an attractive tablecloth to enhance the look of the table while also softening sharp corners.

5. The windows are considered to be the eyes of the home. Getting the windows professionally cleaned will make the home sparkle and ensure that the view will be optimally displayed.

Compass Feng Shui, as the name suggests, uses the direction your house faces to arrive at certain information, as well as dividing your house (or even a single room) into 8 areas or enrichments.

Search for Pasadena Homes and Pasadena Condos. Find a Pasadena Real Estate Agent.

Source: Sell Your Home Faster With Feng Shui by Holly Ziegler (Dragon Chi Publications, 2001)

5 THINGS EVERY HOME BUYER SHOULD KNOW

Most buyers know the basics of a real estate transaction; the information directly effecting their situation such as mortgage payments, closing costs, commission and so on. Most feel confident in their choice of houses and may have put some time into researching the area and schools, but there are a few things that catch many people off guard. These details often appear at the last minute and the buyer is aware then details usually cannot be changed and the results can often cause delays and or loss of funds.

1. Your Initial Deposit: When you made an offer to purchase, this included a good faith deposit. This deposit is also called "earnest money". This deposit is held in escrow until the close and is credited to the buyers closing costs. But, if escrow gets cancelled what happens to the deposit? Most people are unclear about the disposition of their deposit; sellers assume the deposit is automatically theirs if the buyer cancels but this may not be the case. It's best to find out how this process works and what is needed in order for the buyer to recoup their deposit or what details constitute the forfeiture of the buyers deposit. This is often spelled out in the initial offer, so ask your Pasadena Real Estate Agent to explain the process.
2. Taxes: Most people are aware of their tax rate, but have never calculated what the actual yearly amount will be. Something else to consider, if you purchase a new home from a builder you're going to receive a supplemental bill shortly after the close of escrow. This supplemental bill will be equivalent to one year's worth of property tax. This is a shock to many people, since most people never know its coming. Another little detail that often slips through the cracks; assessments. Newer communities likely have assessments in addition to your basic property tax rate. Many people don't know that often assessments can change and be added yearly, which equates to higher property taxes every year.
3. Homeowners Association: When considering a home within a homeowner's association, it's always prudent to thoroughly read all the Covenants, Conditions and Restrictions (CCNR). Yes, this is often a huge document, but it's given to you before you close escrow for a reason; these CCNRs directly affect you. If you don't know and understand all the rules, this can lead to a less than ideal situation if you unwittingly break a few. Little things like permission to paint your garage door or installation of a backyard patio can lead to huge problems including legal action. Know the rules!
4. Home Warranty: Understanding how your home warranty works will save you a tremendous amount of frustration and hassle. Research before you close escrow, find a plan you understand and feel comfortable with, then request any extra coverage you think you need. Most home warranty companies offer basic coverage for appliances and air conditioning but, did you know they also offer coverage for an additional fee for such items as roof, well, and septic tanks?
5. Homeowner's Insurance: Of course everyone knows they need homeowner's insurance before closing escrow. Unfortunately most people wait till the last minute, run into snags, and then closing is delayed. If you approach this task as soon as you enter escrow this allows time to compare rates and if a snag does arise you have time to handle it, avoiding a hasty decision. If the previous homeowner has had a recent claim this can affect you the new purchaser. Better to know this early rather than the last minute.

Ask your Pasadena Realtor to help you understand the details that are a part of every real estate transaction and you'll enjoy smooth sailing every step of the way!
Search for Pasadena Homes or Pasadena Condos for sale.

New Stylish Designer Condo Homes

If you are looking to buy a luxury condo in Pasadena, you should see Orange Grove Circle Garden Homes. They are an exquisite condo community located near the heart of historic Old Pasadena on Orange Grove Boulevard. Located about ten miles northeast from downtown Los Angeles, this unique enclave of condo homes encapsulate the charm of a “small-town” feel with it’s timeless architecture, quaint restaurants and one of a kind shopping that are to be found in this truly unique area.

Pasadena is famous for hosting the annual Rose Bowl football game and Tournament of Roses Parade. Pasadena is the home of many leading scientific and cultural institutions, including California Institute of Technology (Caltech), Art Center College of Design, the Pasadena Playhouse, California School of Culinary Arts Pasadena and Norton Simon Museum of Art. With so much to do in the area, these optimally located luxury condo homes on renowned “Millionaire’s Row” will be sure to suit your lifestyle.

These attractive Pasadena condo homes range up to 3 bedrooms, with up to 2,200 square feet of living space with private patios, decks or courtyards and are surrounded with plentiful lush, mature landscaping. Now available to you in one of Pasadena’s most exclusive neighborhoods, Orange Grove Circle Garden Homes offers a unique collection of modern luxury condo homes with a variety of one-of-a-kind open floor plans. A perfect retreat awaits you.

Priced from the $700,000's, homebuyer's will appreciate these low maintenance homes as they're freed to optimize the cultural, retail and fine dining options just minutes beyond their door. Find a Pasadena Real Estate Agent for more information on these fabulous Pasadena Homes.

5 THINGS TO DO BEFORE PUTTING YOUR PASADENA HOME FOR SALE

There are many things you can do make your Pasadena home shine on the market. Make your home more appealing for potential buyers with these quick and easy tips:

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?

For more home selling tips or to find a Pasadena Real Estate Agent that can help you sell your Pasadena home visit http://www.soldbyramiro.com/

Top 10 Mistakes Buyers Make When Buying in Pasadena

LOOKING FOR A new home in Pasadena? Well, you're in luck -- sort of. First, the good news: Home prices are adjusting and buyers have more negotiating power than ever before. Now, the not-so-good news: Lining up financing has become slightly more difficult as droves of current homeowners default on their existing mortgages. This isn't to say you won't be able to secure the home of your dreams, but you will need to be a bit more cautious and conservative with your purchase.

Here are 10 mistakes to avoid when looking for a home in today's Pasadena real estate market.

You didn't set a budget
Buy a Pasadena home that's way out of your price range and you could well derail your ability to fund other important items such as retirement savings, your kids' education -- not to mention an entertainment budget.
Mortgage brokers will tell you how much you can borrow. But that amount may not be what you can afford to pay.
"What if you have a lot of kids or you like to travel a lot?" he said. "You've got to ask 'How is this housing purchase going to affect our monthly spending?' You have to look at all of your monthly expenditures."
Experts say your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes.

You picked the wrong mortgage
These days, many homebuyers are rushing to secure a mortgage as fast as possible without fully exploring their options. That's because sellers often only consider bids from individuals who have been pre-approved for a loan. A word of advice? Pick your financing package with care.
First-time home buyers may qualify for a programs that requires lower down payments and easier qualification limits than standard loans.

You picked the wrong area
Some areas may just be out of your price range, and you'll probably have to search for a location that's affordable for your budget. That doesn't mean you should choose the cheapest locale.
If you don't like the location you'll be unhappy. What's more, you'll probably have a hard time selling your property if the area isn't good. Ask around and read the local papers to know how the area is faring economically, what the major issues are, how many resources it offers.

You didn't know what homes really cost
The best way to determine if you're getting a fair deal is by comparing the cost of the home you're interested in with similar homes in an area. You can do this easily by having your Pasadena Realtor provide you with a CMA (that's short for Comparable Market Analysis). A CMA lists such things as addresses of recently sold homes, prices, date sold, the number of bedrooms and bathrooms and -- ideally -- such things as the home's condition, its size and extra features.

You used a bad real estate agent
Don't make buying a home more difficult by choosing the wrong agent. You want a buyer's agent who works for you and understands your needs and financial limitations.
References from friends can help you find a good pro. Interview three, and ask to see their activity lists, which reveal every property the agent sold (or whose clients bought) in the past year. Look at sales prices. Make sure the agent has experience in the area where you want to live and the price range that you're looking for. Find a Pasadena Real Estate Agent.

You never went back to check on the neighborhood
If you're like most homebuyers, you probably spend many weekends looking for a new dwelling. But what happens to the neighborhood on weekdays or after dark? Is the house that's "convenient to town" sitting on a main thoroughfare that fills up with cars come commute time?
The only way to answer these questions is to go back and see what the neighborhood's like at various times of the day and week. Do your neighbors spend weekends with the stereo blaring? You want to know as much about the neighborhood as possible before you buy.

You forgot to consider resale
It's easy when you're house hunting to forget what it's going to be like to sell your home down the road. But as you tour homes, put yourself in the perspective of the sellers. You may be drawn to a home that has quirky features or no closets or just one, tiny bathroom. But others may not be as enthusiastic. When you buy, think about the day it comes time to sell.

You bought the most expensive home on the block
It's wonderful when you find your dream house, but if it's the most expensive home on the block you could have a problem. Quite simply, your neighbors' lower home values will dampen yours. Remember, people who buy a $500,000 home usually want to be surrounded by other $500,000 homes, not tiny $100,000 bungalows.

You didn't do an inspection
Bottom line: you should never buy a home without having it inspected. After all, you don't want to learn that you've bought a house that's filled with termites or has a frazzled electrical system. If you're building a new home, an inspection can ensure that all the work has been finished properly.
Home inspections typically run $300 to $600 and usually include a check of a home's heating and air condition systems, plumbing and electrical works, roof, walls, foundation/structure, drainage, the garage and basement.
What's frequently not covered? Termite, radon, asbestos, mold and lead inspections. Don't rely on inspectors to hire other pros to check for these items, that's part of your responsibility. Most home inspectors will describe what they do and what they don't do.

You forgot about closing costs
Think it's bad to pay tax when you eat out? Wait until you're paying closing costs, which can run 2 to 5 percent of the home's purchase price
A mortgage lender should provide you with a specific estimate of what costs will be. But keep in mind they include such things as origination (points) on a loan, escrow fees, title and homeowners insurance, legal costs, property taxes, fees to record your need deed and notary fees.

Reasons why condos are a great second home!

If you make a Pasadena Condo or Pasadena Townhome your second home chances are you will be very happy with your choice.

More than seven in 10 condo and townhome owners say they are satisfied with their purchase, according to a recent survey conducted by Zogby International for the Foundation for Community Association Research. The foundation conducts surveys periodically to keep track of the perceptions of owners who live in condos and townhomes and also to identify trends in the condo market.

There are a number of reasons why satisfaction is such a big trend in regards to communities governed by homeowners associations. Compared to single‑family homes, condos are generally less expensive. Cheaper prices make condos cheaper to operate as a vacation home, because property taxes, homeowners insurance and utility bills cost less. Townhomes and condos are also easy on your back!


Landscaping chores are not managed by you but by the association. Given the average condo has a smaller sq. footage than the average single family home keeping the interior clean and up to date is much easier. If this property is a vacation home then this means much less time and money spent on upkeep.

What's more, the homeowners association, as the community's on‑site governing body, is there to serve the best interests of the community. The association protects your home's value, provides security for the community and uses a professional management company to keep on top of operations.

Furthermore, the association is there to serve the best interests of the community. They protect your homes valuem, provides security and uses professional management companies to keep on track of operations.

All and all, with a single‑family home, not only could you spend more, but you are also pretty much on your own keeping things in working order. And lets face it who wants to being doing that when you could be enjoying your investment and entertaining guests!!

Find a Pasadena Realtor.

ALICANTE VILLA TOWNHOMES ARE NOW FOR SALE

I came across these gorgeous new Pasadena townhomes for sale that I thought I should tell you about. They are designed by the architectural firm of Tyler and Gonzalez, Alicante Villas represents a wonderful opportunity to live in a new community of town homes located in the heart of Pasadena. This newly built home is not only elegantly finished, but designed with todays lifestyle needs. There are hardwood floors, crown moldings, recessed lighting, cherry cabinets, stainless steel appliances, and an abundance of slab granite and travertine surfaces. The powder room features a pedestal vessel sink. The master suite includes dual vanities in the bath. The unit has direct access to your private two car garage, as well. The homes are built around a lovely courtyard, complete with fountain, gazebo covered sitting area, and rose garden. Exterior details include; smooth finish plaster, custom tile accents, decoratively finished corbels, patios, and balconies with elegant iron work. They are also conveniently located to shopping areas and restaurants.

There are two and three bedroom townhomes available, listing price starts at $699,000. View more Pasadena Homes for sale or find a Pasadena Real Estate Agent that specializes in new construction.

Find a Pasadena Realtor.

Pasadena Condos: Home or Condo?

Condominiums and townhouses offer an affordable option to single-family homes in many markets, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork and seek the help of a Pasadena Realtor. These are some of the important elements to consider:

Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.

Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.

Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.

Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home — good news if you like to travel.

Security. Keyed entries and even doormen are common in many condos. You’re also closer to other people in case of an emergency.

Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the condo board, whether or not you’re interested in the amenity.

Resale. The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar.

Condo rules. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.

Neighbors. You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors.

See Pasadena Condos and other Pasadena Real Estate Listings for sale

New Pasadena Condos

Pasadena has become the most exciting place for night life in the San Gabriel Valley with chic shops, fine restaurants and state of the art movie theatres. Cinema Lofts are the newest development of Pasadena condos located in the heart of the city. The 37 loft condominiums have the benefits of both a residential and urban setting and are located in an elegant tree lined community just blocks from the vibrant urban center of Pasadena, the Paseo Colorado Mall and Old Town Pasadena.

There are several floor plans to choose from and prices begin at $365K. Features include city or mountain views, vaulted ceilings, Caesar stone quartz counter tops, stainless steel appliances, balcony or patio, gated parking and high tech internet wiring. For more information on Pasadena Real Estate Listings visit the website of Pasadena Real Estate Agent Ramiro Rivas.

Is it a good time to buy?

For Americans wanting to buy a new home, there are always two time frames to consider:
Now and Later


It's why prospective home buyers love to ask the question: "Is now a good time to buy?" If now is not a good time, they reason, certainly later must be. Strangely, though, "Is now a good time to buy?" is a question that people ask their real estate agent but never Mr.Mortgage.


It's probably a good thing, because we have have seen a lot of changes over the last few months and we're expecting a lot more this year. But it's okay. You can ask me now: "Is now a good time to buy?"

And I answer: "Absolutely and unequivocally yes, if you have a five year time horizon."

Now is a good time to buy -- not because home prices are flat or because sellers are willing to make a deal-- but because none of us mortgage guys can predict what the mortgage market will look like "later". "Now" is full of knowns. "Later" is full of unknowns. Mortgage markets are seizing and lenders have no choice but to limit what they will lend and to whom. Stated income has largely disappeared and FICO requirements have increased dramatically in the last few weeks.

It may appear that lenders are going overboard with their restrictions but that's not the case at all. Lenders are simply more concerned about not wasting money than they are about making money. They have made far too many trips around the middle east and asia raising capital to "waste" it on a high risk borrower. Remember a loan is a earned, it isn't one of your rights below freedom of speech.

Today, a bank doesn't mind if it passes on 9 good loans in a stack of applications if it means that it also passes on the 1 bad one that's in there. Jumbo Mortgages are only a small percentage of the bank's balance sheet, but it's the uncertainty about the demand for mortgages by investors that makes them nervous. If mortgage bonds become worth less, the little guy could eventually topple the giant bank much like david vs goliath.

The first major change we expect to see is with second mortgages. Currently, 90% home equity lines of credit are available from most banks. Judging from the recent decreases of 150k Countrywide customers HELOC loan limits in CA and Chase limiting HELOCs to 80% LTV max and 65% in Las Vegas, we expect that percentage to fall to 80% or lower very soon.

The second major change we expect are more credit score-based fees. Currently, a 680 score puts mortgage applicants in the safe zone from credit-score based fees.
Expect that minimum score to raise to 720.

The third major change we expect is for the declining market designation to expand. This will force every home buyer to need an additional 5 percent (or more) of his own funds beyond what the bank's lending guidelines will allow. If you needed a 10% downpayment now, you may need a 15% downpayment later.

The fourth major change we expect is based on property type. New construction condos are in ample supply in many cities and that may create an overall weakness in pricing. If a single-family home requires a 20% downpayment, banks may protect themselves by requiring 25% downpayments on condos.

And the last major change we expect is for every mortgage product in existence to get a complete makeover. New minimum standards will apply in all categories.
It's impossible to know what these new standards will be, but expect mortgage lenders to follow their losses and trim their menus accordingly. If you find yourself in the same Risk Class as other homeowners with high default rates, expect a tough road ahead. We have seen rates from Fannie Mae on adjustable rates for low FICO borrowers move from 7%-8% to 10%+. Investors are demanding higher rates to compensate for the enormous defaults. Someone has to pay the tab.
So back to the question: "Is now a good time to buy?"

Yes it is. Not because homes may be priced right, though, but because mortgage products should look very different come this Fall. And no matter how "cheap" the home, you can't buy it if you can't get financing for it or write a check for it. If you are considering buying or refinancing look at your mortgage options now.

Pasadena Homes: New Townhomes Now Available

There is a really nice new development of Pasadena townhomes called Fair Oaks Summit that have just been reduced in price. They are located on Fair Oaks just minutes from Old Town Pasadena and the Paseo Colorado Mall.
The Pasadena craftsman-style homes feature spacious and bright floor plans with lots of natural lighting. Other features include a fireplace and entertainment niche in the living room, large dining room, French doors, gorgeous kitchen with granite countertops, beechwood cabinetry, designer hardware and fixtures, energy-saving appliances and ceramic tile flooring. The Master Suite includes dual wardrobe mirror doors and a bath with dual sinks, separate shower and generous tub. The residences are pre-wired for an alarm system and cable television. There is also a spacious two-car attached garage with remote control.

There was recently a huge price reduction on a few of the units so if you are looking to purchase Pasadena Real Estate, I highly suggest taking a look at these townhouses.