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Wed Mar 05 2025
This week the median list price for Pasadena, CA is $1,999,000 with the market action index hovering around 50. This is about the same as last month’s market action index of 50. Inventory has increased to 91.
Buyers • Home Owners • Sellers •
September 12, 2023
This Week’s Real Estate Insights for Pasadena, CA
Buyers • Home Owners • Sellers •
September 10, 2023
This Week’s Real Estate Insights for Arcadia, CA
Mon May 12 2025
This week the median list price for Arcadia, CA is $2,998,000 with the market action index hovering around 34. This is less than last month’s market action index of 36. Inventory has increased to 97.
Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.
Buyers • Home Owners • Sellers •
September 8, 2023
Real Estate Market Predictions for the Next 5 Years – September 2023
The real estate landscape has seen significant turbulence in recent years. Following a period of intense activity marked by record-low interest rates and fierce bidding wars, mortgage rates have surged to their highest levels in over two decades. Between August 2021, when rates were a mere 3 percent, and August 2023, they soared beyond 7 percent, resulting in a slowdown in home buying. Despite this, the persistently limited housing supply continues to render homeownership unattainable for many across the United States.
As we approach 2024, the housing market’s trajectory is a subject of considerable speculation. However, prospective homeowners often engage in long-term planning, so we’d like to ask about forecasts extending to 2028. To provide insight into the housing market’s future, we sought the perspectives of several industry experts.
The Current State of the Local Housing Market
Los Angeles, CA
The median list price for Los Angeles, CA is $1,499,000 with the market action index hovering around 43. This is about the same as last month’s market action index of 43. Inventory has held steady at or around 1,149.
Inventory
While inventory levels have improved compared to a year ago, data from the NAR reveals that the supply of available homes remains notably low. The unsold existing homes inventory stood at a 3.3-month supply, while a balanced market typically requires a 5- to 6-month supply.
Days on Market
The unsold existing homes inventory stood at a 3.3-month supply, while a balanced market typically requires a 5- to 6-month supply.
Homes Sold
Fewer existing homes are changing hands, as homeowners opt to retain properties with locked-in mortgage rates that are lower than current rates. In July, sales declined by over 16 percent year-over-year, according to the NAR. In contrast, data from the NAHB indicated a 4.4 percent increase in sales of new single-family homes from June to July.
Mortgage Rates
As of late August, Bankrate’s national survey of major lenders reported an average 30-year mortgage rate of 7.32 percent, the highest level seen since 2001.
Forecast for Mortgage Rates and Types
According to Lawrence Yun, NAR’s chief economist, mortgage interest rates may continue to rise, with a general level around 7 percent for the remainder of this year and most of 2024. Yun anticipates rates returning to 5.5 or 6 percent within two years. Danushka Nanayakkara-Skillington, assistant VP of forecasting and analysis for NAHB, concurs, predicting a drop to approximately 6 percent by mid-2024. Yun also anticipates increased interest in adjustable-rate mortgages in the near term, with a return to the traditional 30-year fixed-rate mortgage for around 90 percent of Americans in the subsequent years. Greg McBride, CFA, Bankrate’s chief financial analyst, believes that the 30-year fixed-rate mortgage will remain the dominant choice, citing borrower certainty, investor appeal, and a robust secondary market.
Predictions for Home Prices Nationally
Yun envisions minimal fluctuations in nationwide purchase prices in the coming year, with changes of only about 5 percent in either direction. California, however, may experience a 10 percent decline due to its sensitivity to interest rate shifts. This trend is already evident in high-priced areas like San Francisco, where median home prices have fallen by 9.71 percent since the previous year. Over a five-year period, Yun expects prices to appreciate by a total of 15–25 percent. McBride anticipates annual home price appreciation in the low- to mid-single digits over the next five years, consistent with historical trends.
Is a Housing Market Crash Looming?
Despite displaying some bubble-like traits, Yun does not foresee a bursting of the residential real estate market. He predicts a low point in sales next year, with only 5.3 million units sold, followed by a gradual increase to an annual rate of 6 million units by 2027. Yun underscores that even if home prices decline by 5 percent (or 10 percent in California), it would not constitute a crash, as a true crash involves a one-third drop, and current inventory levels do not support such a scenario. Moreover, stringent lending standards today prevent the issuance of unaffordable loans, effectively keeping foreclosure rates low.
Transitioning to a Buyer’s Market
Yun anticipates the persistence of a seller’s market as long as housing inventory remains scarce. However, he envisions a shift towards a more balanced market within five years, where neither buyers nor sellers have a significant advantage, and outcomes depend on individual circumstances. Caroline Feeney, director of content and executive editor at HomeLight, notes that this shift away from a seller’s market has already begun, with 51 percent of HomeLight agents describing their current local market as such. She also expects a balanced market to emerge within a few years, with 55 percent of agents believing that markets that heated up rapidly during the pandemic are likely to cool down, favoring buyers.
Where Will New Homes Be Built, and What Types?
With hybrid work schedules and reduced commuting relevance, Yun predicts ongoing strength in suburban markets, particularly in areas with growing populations like the Carolinas, Florida, Texas, and Tennessee. This prediction is supported by Nanayakkara-Skillington of NAHB, who notes that 50 percent of new single-family construction is concentrated in the South, a region that also performs well in Bankrate’s Housing Heat Index.
In contrast, the number of single-family homes under construction has declined in recent years, while multi-family homes’ construction has increased. Feeney attributes this to the lower price tags of multi-family units and pressure on municipalities to address housing shortages and affordability. Nonetheless, with high mortgage rates and inflationary building material costs, Nanayakkara-Skillington expects growth in the multi-family market to stabilize in the coming years, with a projected 8 percent decrease in new housing starts in 2023 and an additional 5 percent decline in 2024.
Information above compiled from Atlos Research and Bankrate
Sellers •
August 30, 2023
“Your Comprehensive Guide to Selling Your Home: A Week-by-Week Breakdown”
In an ideal scenario, placing your home on the market would promptly lead to a profitable sale. However, for the majority of sellers, a certain timeframe exists between the listing and the actual offer reception.
So, what transpires during this interim? What should you anticipate during the weeks between initially listing your home and ultimately securing a buyer?
Though each sale possesses its unique nuances, a recent realtor.com article has outlined a generalized week-by-week timeline that encapsulates the common experiences for many homeowners as they sell their homes. This encompasses:
Week 1: In the initial week following the listing, homeowners can look forward to a surge of initial enthusiasm, buzz, and curiosity surrounding their property. This will inevitably involve numerous showings. It’s crucial during this period to maintain a consistently clean, organized space that’s constantly ready for showings.
Week 2: If no offer materializes in the first week, don’t be disheartened. It’s normal for properties to remain on the market for several weeks or even months. Consequently, continue to uphold the tidiness of your home and ensure it’s available for potential buyers to explore. At this point, you might begin to feel some apprehension regarding potential offers. If such concerns arise, engaging in a conversation with your real estate agent is beneficial. They can provide reassurance and alleviate your worries by reaffirming the eventual sale of your property. In some instances, exhibiting patience is the key.
Week 3: If your home has been listed for three weeks, and interest has been notably high, the third week could usher in an offer. However, if your home has received ample showings yet hasn’t yielded any offers, it could be opportune to consult your real estate agent about the property’s pricing accuracy. If deemed necessary, they may recommend adjusting the price to align with market demands.
Buyers • Home Owners • Sellers •
August 29, 2023
Discover the Enchanting Allure of Arcadia, California
Nestled in the idyllic landscapes of Southern California, the city of Arcadia gleams as an authentic treasure. As a long-time resident and Realtor deeply connected to this vibrant city, I’m thrilled to unveil the myriad reasons that make Arcadia an exceptional place to call home.
Arcadia’s charm emanates from its breathtaking natural environs. Set against the backdrop of the majestic San Gabriel Mountains, the city offers an awe-inspiring panorama of scenic splendor. The Los Angeles County Arboretum and Botanic Garden, graced with lush gardens and serene lakes, allows nature enthusiasts to immerse themselves in their tranquil embrace. Numerous parks and hiking trails further enrich the outdoor experience, inviting exploration and adventure.
A hallmark that sets Arcadia apart is its distinguished educational institutions, rendering it an ideal haven for families. I have benefited from these schools, as has my daughter, now thriving as a young adult. The Arcadia Unified School District consistently garners top ranks in the state, fostering an environment of educational excellence. The district’s unwavering dedication to scholastic achievement and extracurricular engagement guarantees students a comprehensive and enriching learning journey. Additionally, the city’s proximity to esteemed colleges and universities opens doors to lifelong learning and higher education prospects.
Arcadia’s essence lies in its tight-knit community spirit, fostering an atmosphere of warmth and inclusivity. Throughout the year, the city hosts a diverse array of events and festivals, including the renowned Moon Festival, the Santa Anita Derby, and captivating summer park concerts. These gatherings encapsulate the essence of Arcadia’s communal bonds. Coupled with exceptional schools, libraries, and community centers, the city nurtures personal growth and meaningful connections.
Evident in its architecture, cuisine, and traditions, Arcadia takes immense pride in its rich cultural heritage. The vibrant Asian community has woven its distinctive flavors into the city’s culinary tapestry, rendering Arcadia a gastronomic delight. From authentic dim sum to tantalizing sushi, the local dining scene caters to diverse palates. Iconic landmarks like the historic Santa Anita Park, the esteemed Gilb Museum of Arcadia Heritage, and the Arcadia Performing Arts Center contribute to the city’s cultural fabric, inviting exploration and fostering appreciation.
For me, residing in Arcadia, California is a cherished privilege. From its awe-inspiring natural beauty to its vibrant community bonds, this city holds an unbreakable grip on my heart. Arcadia epitomizes an unparalleled quality of life, seamlessly weaving together the splendors of nature, cultural treasures, and a vivacious sense of community. Whether you seek serene reprieve or a canvas to pursue your passions, Arcadia stands ready to fulfill every aspiration.
Warmly, Kris Jardino
Buyers •
August 25, 2023
Crucial Considerations When Making a Home Purchase Offer
Making a decision about placing an offer on a property is a significant step. When seeking guidance for this pivotal choice, your real estate agent emerges as an invaluable asset. Skillful inquiry with your agent can provide profound insights into whether to proceed with an offer on a specific home and, if so, the optimal terms. But what exact queries should you pose?
In a recent realtor.com feature, a comprehensive list of inquiries that buyers should direct to their real estate agents before initiating a home offer is outlined. Some of these essential questions include:
- Historical Sales Performance: Before committing to a home offer, it’s prudent to seek your agent’s input on the property’s sales history. Delve into how this history can shape your offer strategy. For instance, if the property has experienced multiple listings and withdrawals, it could indicate a challenging sales journey, potentially leading to a more favorable price compared to similar homes.
- Neighborhood Dynamics: Acquiring a home entails evaluating not only the physical property but also the surrounding neighborhood. Ahead of formulating an offer, engage your agent about the neighborhood’s current dynamics. Although they can’t share demographic specifics, they can provide insights into recent housing trends and economic indicators that might influence the viability of investing in that locality.
- Personal Recommendation: Occasionally, a prudent step prior to submitting an offer involves urging your agent to envision themselves in your position. This entails asking if they would personally consider purchasing the property. Should any reservations arise, this could prompt a reevaluation of the wisdom behind proceeding with your offer.
Navigating the complexities of a home purchase offer necessitates thorough information and guidance. By leveraging your real estate agent’s expertise and posing these pertinent questions, you empower yourself to make a well-informed and strategic decision.”
Home Owners •
August 24, 2023
Discover effective design techniques to enhance windowless bathrooms.
“Discover effective design techniques to enhance windowless bathrooms. Learn how to overcome challenges and create a well-lit, spacious, and comfortable environment through strategic lighting, tile choices, and proper ventilation.”
When it comes to ensuring the best possible bathroom experience in spaces without windows, prioritizing privacy is just the beginning. While windowless bathrooms might raise concerns, they present unique opportunities for transformation. To truly unlock the potential of these spaces, it’s essential to grasp the obstacles they pose and master the art of conquering them.
If your dwelling features a bathroom without a window, what insights are crucial for optimizing the area? A recent write-up from realtor.com has outlined a series of ingenious pointers for elevating windowless bathrooms, encompassing:
- Illuminating Focus: The absence of natural light stands as a major hurdle in windowless bathrooms. However, this challenge readily succumbs to the right lighting choices. By harmonizing diverse lighting sources, such as overhead, task-oriented, and accent illumination, you can infuse depth and radiance into the surroundings.
- Brighter Tiles: Casting away the shadows in a dim, windowless bathroom can be achieved by strategic tile selection. Opting for generously sized tiles in lighter hues imparts an illusion of increased luminosity and expansiveness. To amplify this effect, contemplate employing the same tile variant on both the walls and the floor, further magnifying the perception of space.
- Introducing Ventilation: A window’s absence translates to compromised airflow in the bathroom. To combat this, integrating an effective ventilation system becomes paramount. The installation of a fan serves as a stalwart solution, ensuring proper air circulation and managing humidity levels.
In conclusion, these ingenious design strategies hold the key to unveiling the full potential of windowless bathrooms. By embracing thoughtful lighting, tile curation, and ventilation enhancements, you can effortlessly metamorphose these spaces into havens of comfort, radiance, and aesthetic delight.
Buyers •
August 23, 2023
Timeless Wisdom: Initiate the Home-Buying Journey TODAY, Even If It’s Just a Consideration
For enthusiasts of HGTV, the process of buying a house might seem deceptively swift. The show portrays a few house visits over a couple of days, followed by a casual outing to deliberate over choices. Before the real estate agent even joins, decisions are made, and the dream home is yours in the blink of an eye.
However, reality diverges significantly from the edited TV version. While nobody assumes purchasing a house takes just half an hour, the actual duration can be surprising to many. If you’re contemplating buying a house, initiating the process now could prove wise, as it may take more time than anticipated.
Closing Timelines: The Challenge of Estimation Estimating the time required to close on a house proves challenging. According to a Rocket Mortgage article, closing usually takes 30-45 days, yet the subsequent sentence suggests an average of 50 days. This uncertainty exemplifies the difficulty in providing a definitive answer.
Most agents might agree with this estimation. Thirty days is swift, 45 days is more realistic, and even 60 days isn’t unusual. Cash deals that bypass mortgage processes might close faster, but other factors can still influence timelines. However, this refers solely to the closing process. The entire house buying process could require several additional months.
Factors Influencing Duration Determining exact days for each phase is futile due to regional variations and individual circumstances. Nonetheless, certain factors can potentially extend the house buying timeline:
- House Selection: Finding a house aligned with personal taste varies. Some decide within a day, while others take months of searching.
- Missed Opportunities: Delayed offers or unsuccessful negotiations can cause missed opportunities.
- Owner Considerations: A seller’s circumstances may demand a longer closing period.
- Inspection and Repairs: Scheduling inspections and addressing issues may extend the process.
- Mortgage Underwriting: Underwriters’ pace can impact the timeline even after swift document submission.
- Appraisal and Title Work: Appraisal results and title searches might necessitate additional time.
- Closing Coordination: Coordinating closing with multiple parties can lead to scheduling challenges.
- Final Walk-Through Issues: Identifying issues before closing can postpone the process.
A Cushioned Timeline for a Smooth Experience Even with seamless progression, planning to start the buying process about three months before moving is prudent. The early stages involve identifying suitable homes and understanding market dynamics. The more time you allocate, the smoother your journey will likely be.
To pinpoint the right starting time, collaborate with a local real estate agent. They’ll factor in market conditions, available properties, and your circumstances to offer a tailored timeline. If buying a house is on your horizon, connecting with an agent is your first step towards a successful purchase.
Sellers •
August 22, 2023
“Unlocking Home Equity: 3 Essential Insights You Must Know Discover the Impact of Home Equity on Your Sale Proceeds
Understanding home equity is paramount as it directly shapes the cash you’ll pocket upon selling your property. But let’s delve deeper: What exactly constitutes home equity, and why is it a crucial consideration before listing your home for sale?
Unveiling Home Equity: Unveil the Essence
Home equity, defined as the variance between your home’s market value and your outstanding mortgage balance, plays a pivotal role. Picture this: Upon selling your home, it signifies the funds at your disposal after mortgage clearance.
Significance of Home Equity Building: Why It Matters
Home equity isn’t just a financial term—it’s a cornerstone. It dictates your post-sale earnings post-mortgage settlement and associated expenses. Beyond this, it morphs into an invaluable asset—a financial resource for investments or even as a down payment for a second property. Moreover, for many, it constitutes a significant slice of overall net worth.
Strategic Equity Accumulation: The Ideal Approach
Navigating the ideal quantum of equity isn’t a one-size-fits-all equation. However, aiming for a minimum of 20 percent equity prior to selling is a prudent strategy. As your equity shifts in response to market dynamics, loan refinancing, cash extraction from equity, or the initiation of a home equity line of credit, a consistent trend emerges: The longer you reside in your dwelling, the more your equity flourishes. This trajectory inevitably enhances your potential profit upon eventual divestment.
By grasping these core tenets, you pave the way for astute management and utilization of home equity, ultimately driving enhanced real estate outcomes.”
Buyers •
August 16, 2023
Top Fears Buyers Have about Mortgages
Embarking on the journey of purchasing a home sparks both excitement and trepidation. For a segment of potential buyers, the most daunting aspect of this venture revolves around securing a mortgage.
However, what precisely triggers these apprehensions? A recent report from realtor.com has highlighted several prevalent mortgage-related concerns among homebuyers, which encompass:
- Insufficient Funds for Down Payment: A prevailing misconception among homebuyers is that a 20 percent down payment is a prerequisite for obtaining a mortgage. This misconception leads to anxiety about their savings falling short of meeting loan approval criteria. A range of mortgage choices exists that necessitate minimal or even zero upfront funds. While private mortgage insurance (PMI) may be applicable, the absence of a 20 percent down payment does not generally impede mortgage eligibility.
- Inadequate Credit Score: Apprehensions regarding credit prerequisites, specifically not fulfilling them, constitute another significant concern among mortgage seekers. While a superior credit score (ranging from 760 to 850) enhances qualification for the most favorable interest rates, possessing a reasonable credit score (650 or higher) is typically sufficient for eligibility for a conventional loan. Furthermore, options like FHA loans accommodate more lenient credit criteria, with a credit score requirement of only 580.
- Meeting Monthly Mortgage Obligations: Anxiety concerning mortgages persists beyond loan approval, as numerous homebuyers fear their ability to manage monthly mortgage payments. Should such concerns arise, bolstering your savings is recommended — ideally, with reserves equivalent to half a year’s living expenses. By doing so, you can confidently meet mortgage payments, even during periods of financial challenges.
