Pasadena Market Report - March 2008

By
Real Estate Broker/Owner with Dawn Rickabaugh (Note Queen) Owner Financing Consultant

91107 Mar 08

As you can see from the above market statistics, home sales have slowed considerably since March of last year . . . the number of closed sales is just over half.

Prices are holding fairly well, though, (down about 4%) but you have to be willing to wait a little longer to close escrow. Still, 63 days on market isn't bad, considering that the national numbers are showing 10 months of inventory (meaning, the average time it takes to sell a home is 10 months).

Fewer sales are occurring, but they are occurring, and the sellers that are willing to price their property reasonably are doing better than their national counterparts. The listings insisting on last 2 years' prices are expiring unsold in droves, but the properties priced well are selling fairly quickly.

When a bank offers an REO (real estate owned) property for sale, and they actually put a good price tag on it, there are multiple offers, usually above asking price.

Besides staging and making your property attractive physically, another way to make sure you get as much as possible for your property is to offer terms, if you can. There will always be more buyers for your property if you advertise: OWNER WILL CARRY.

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