The Pasadena Real Estate Market is Heating Up

The Real Estate market is definitely heating up in Pasadena and the surrounding areas.

Mortgage rates are still at all-time lows, we have low inventory on properties coming on the market and at the same time we have many people moving to our area who want to raise their families here. Myself and many agents are experiencing multiple offers and bidding wars as we did six years ago before we had the big mortgage debacle and the economy tanked.

The reasons for the low inventory are many but the main ones are worries over new taxes, higher income taxes, tax on home sales, etc. have caused many people to hold off on selling their property. Hopefully now know that some of the tax questions have been answered we will see some people feeling more comfortable that if they sell they won’t be subject to additional tax on the sale.

 

Is this a good time to buy or sell?

This is a good time for both buyers and sellers! Interest Rates are at an all-time low, the minimum for fico scores for a loan has dropped several points.

Owning a home in Pasadena and surrounding areas is still a sound investment and we can still deduct mortgage interest on our taxes. However, on the other hand, inventory of homes for sale is very low at the moment. Some sellers have been waiting to find out about the consequences of taxes on the sale of their homes and income tax rates and just the whole talk about the fiscal cliff effects the overall comfort level for many. But the good news for sellers is that we are seeing the return of multiple and higher than listed offers on most properties in Pasadena and the surrounding areas, like we did before the market crashed a few years ago.

 

For more information, call Cynthia Tilleman at (626) 639-1676 or visit her website at cynthiatilleman.com

If you would like to ask Cynthia a question, email her at cynthia.tilleman@podley.com