by Kathy Gibson | May 30, 2023 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Tue May 30 2023 This week the median list price for a single family home in Pasadena, CA is $1,600,000 with the market action index hovering around 51. This is about the same as last month’s market action index of 51. Inventory has held steady at or around 81. In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the market action index. If the market heats up, prices are likely to resume an upward climb. Monrovia, CA Tue May 30 2023 This week the median list price for a single family home in Monrovia, CA is $1,398,000 with the market action index hovering around 61. This is an increase over last month’s market action index of 60. Inventory has increased to 23. The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current...
by Kathy Gibson | May 30, 2023 | Buying, Market, Open House, Selling
Op-Ed written by Ron Wynn, Compass So Cal agent In the fast-paced and ever-changing world we live in, it’s easy to become complacent and comfortable with what we have. This is particularly true when it comes to our financial decisions, especially when it involves something as significant as an interest rate. Many individuals find themselves holding onto low-interest rates for dear life, afraid to let go and explore new opportunities. But what if this mindset is holding us back from truly living a full and exciting life? In this article, we will delve into the concept of being a prisoner to your interest rate and challenge you to reevaluate your priorities. The Rent-Controlled Apartment Dilemma: Let’s start by examining the example of individuals who have lived in rent-controlled apartments in New York for several decades. While it may seem like an advantageous situation on the surface, there’s a deeper question to consider: Have they missed out on other experiences and opportunities by holding onto their rent-controlled status? While their friends and peers moved around, exploring different neighborhoods, raising families, and building equity through real estate investments, those clinging to their rent-controlled apartments may have limited themselves in terms of personal growth and financial gains. The 3% Interest Rate Trap: Similarly, many individuals today find themselves trapped by low-interest rates on their mortgages or other loans. While a 3% interest rate is indeed attractive and worth preserving, it’s essential to recognize the potential trade-offs. By fixating solely on keeping that low rate, individuals may miss out on life-changing opportunities, such as pursuing new career paths, starting their own businesses, or...
by Kathy Gibson | May 26, 2023 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling
Did you know? California Representative Jimmy Panetta in March introduced legislation with Mike Kelly from Pennsylvania that doubles the amount of money homeowners can exclude from declaring on their taxes when they make a profit on the sale of their home. Under the “More Homes on the Market Act,” when a homeowner sells their home, they’ll be able to exclude $500k for single filers and $1 million for joint filers. It would also be indexed to inflation moving forward. Currently, the legislation only allows for single filers to exclude $250k in gains and $500k for joint filers. The amount, set in 1997, hasn’t changed in 26...
by Kathy Gibson | May 22, 2023 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling, Uncategorized
Home purchase sentiment improves as consumers’ optimism on mortgage rates amend: The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased in April to its highest level since May 2022, jumping 5.5 points to 66.8. All six of the HPSI’s components increased month over month, including the one associated with consumers’ expectations on mortgage rates. While almost half of respondents still expected mortgages rates to rise over the next year, nearly a quarter (22%) of them expect mortgage rates to go down. Pasadena, CA Mon May 22 2023 This week the median list price for a single family home in Pasadena, CA is $1,599,000 with the market action index hovering around 50. This is less than last month’s market action index of 51. Inventory has increased to 87. The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence. Altadena, CA 91001 Mon May 22 2023 This week the median list price for a single family home in Altadena, CA 91001 is $1,356,000 with the market action index hovering around 60. This is an increase over last month’s market action index of 56. Inventory has increased to 30. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues....
by Kathy Gibson | May 15, 2023 | Buying, Market, Neighborhood, Open House, Selling
Recently the Fed enacted its 10th rate hike in its battle against inflation. They hinted that it may be the last but reiterated that much depends on incoming data as uncertainty on the health of the banking system and the overall economy amounts. Despite recent challenges, the labor market remains solid and added more jobs than expected. However, fewer job openings suggest that the 2-year labor shortage is beginning to normalize. Total construction spending increased, though single-family outlays continued to weigh on residential spending, which dipped for the tenth month in a row. Fortunately, California’s population decline slowed last year as births stabilized, deaths decreased, and foreign immigration rebounded. Pasadena, CA Mon May 15 2023 This week the median list price for a single family home in Pasadena, CA is $1,612,500 with the market action index hovering around 50. This is about the same as last month’s market action index of 50. Inventory has held steady at or around 82. The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend. South Pasadena, CA Mon May 15 2023 This week the median list price for a single family home in South Pasadena, CA is $1,974,500 with the market action index hovering around 60. This is less than last month’s market action index of 62. Inventory has increased to 12. The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices...