Have you been searching for Pasadena Houses for Sale? The market is ripe for buyers that are either purchasing their first new home or are considering buying up and purchasing a larger house. Today is the final walk through for a client that purchased a home for $45,000 less than the appraised value. This property was bank owned and it has provided a great first time home for a young couple that couldn’t have purchased two years ago.
What are the difficulties to buying in this market? Really, the biggest problem we are seeing is financing. Most people are either having a difficult time getting a loan because of credit problems, employment issues or income limitations. These challenges are putting less and less buyers in the market today. In addition, many people are having their homes foreclosed because they can’t make the monthly payments, whether it be because of job loss or economic strain. Thus, the inventory is increasing at a consistent rate.
When you bring these two together, the market becomes saturated with homes that aren’t selling. Realtors or Real Estate Agents call this a buyer’s market. When there are more homes than the buyers can purchase, the buyers take more control and have more options to consider and more power to leverage in negotiating. We Pasadena Realtors really enjoy working with buyers during this time.
But how much less than asking price can we offer? This is a common question that must be asked about each unique property. Some people think there is a magic percentage that will get accepted. We don’t believe this to be true. We are finding that some homes are priced great and they sell for asking price or even more. Some homes are way overpriced and can be purchased for a lot less than asking price. Another factor to consider is the motivation of the seller. If he or she isn’t motivated it will be harder to negotiate, although not impossible. On the other hand, if they just lost a job or need to move closer to family it is a good indication that they are motivated to move. Asking the right questions and determining motivation is what a Realtor is paid to do.
Recently in our city we have found some of the best deals to be the Pasadena Condos for Sale on the market. They can be a great first time home or investment for someone seeking cash flow.
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