Published : Thursday, December 12, 2019 | 6:26 AM
Smart planning and consultation can be the tools both home buyers and sellers can use to meet their expectations in 2020, Pasadena real estate professionals advise.
Home sales in 2020 may be about the same as 2019 or a bit lower, according to California Association of Realtors data. But in the Pasadena area, sales are expected to hold steady, Pasadena-Foothills Association of Realtors say.
And that means a competitive market for both parties in real estate transactions. The 2020 real estate outlook will be one of the topics of discussion at the PFAR Inaugural Awards and Breakfast on Friday, December 13 at The Westin Pasadena.
Both buyers and sellers can fulfill their wishes with a little planning, said Eddie Ramirez the incoming president of PFAR.
“Buyers just need to have a financial plan in place,” Ramirez said. “Looking back at my sales this year, my clients were hard-working professionals that had a financial plan in place before hitting the home search process.
While the California Association of Realtors predicts about the same or slightly fewer home sales as in 2019 for the year ahead, for many, the initial three months of the new year bring resolutions and goals.
“Given our great weather and local market, we tend to see more listings hit the market in the first quarter,” Ramirez said. “I personally will have at least three listings coming on the market.”
Strong word of mouth from real estate professionals who live in — and love — Pasadena also helps keep the values strong.
“It definitely helps,” said Realtors and PFAR member Deno Kidde of Sotheby’s International Realty in Pasadena. “In our case, we have one of the most historical and centrally located areas, you can imagine.”
Deno said Pasadena offers a range of housing options, and she’s confident for 2020 sales.
“I was in a seminar this morning where it was pointed out that we have a strong economy,” she said. “They’re saying recession is years away and we’re solid.”
Ramirez said the Realtors with whom he works give the best-educated and personalized information available, tailored to the individual needs of buyers and sellers. He said good results came in 2019 from good timing and opportunity.
“Based on my own clients, some were upgrading, some were downsizing, and some were financially ready when the “right” home for them came on the market,” he said
Ramirez suggests people shouldn’t close themselves off to options in choice of home, not everyone wants a “single-family home.”
“In my opinion, there is no “typical” buyer and there are other types of homes, like condominiums, townhomes, or Plan Unit Developments (PUDs),” Ramirez said. “It’s all about the type of property that will meet the buyer’s needs or wants.”
As far as inventory, Ramirez said it’s a “wait and see” approach.
“Based on the information I have exposed to, 2020 inventory will be similar or a bit lower than 2019. As far as sales, this is driven on the pricing when the inventory comes on the market. Buyers have a lot of information at their disposal before they set a step in a home and have a good idea if a property is under-priced, over-priced, or priced at fair market value.
There is no “season” for buying a home and a buyer can increase the odds of getting into the right-priced home with a discussion, Ramirez said.
“A buyer needs to have an open conversation with a trusted realtor and lender to come up with a plan to be ready when the right home comes on the market,” he said. “And the right time to buy or sell is always dependent on the needs of the buyer or seller.”
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