🤔 With the election behind us and and another rate cut announced, you might be wondering how our local real estate market is being impacted.
Hi, it’s Eva Lin, #1 Realtor for Pasadena Home Sales Volume in 2023 & 2024.
The last few months have been bumpy for the market.
Interest rates have been up and down and home buyers have been tentative.
But, this doesn’t mean home sellers have been losing equity.
Keep in mind that year to date, the median price for a house in Pasadena has been HIGHER than any year prior.
The big shift in market dynamics is mainly around timing.
⏳ For the past few months, houses are often taking longer to sell, and this can even include great houses that are priced attractively.
Part of this was due to the election.
I can tell you firsthand that I’ve noticed both home sellers and buyers favoring a “wait and see” approach.
This was also reflected in the market data as there was a significant drop in the number of Pasadena houses that went into escrow during October.
I should note that of the 40 home sellers who did accept an offer last month, 4 were clients of mine.
For instance, in early October, I listed Julia & Jim’s gorgeous craftsman in Madison Heights.
9 days later we opened escrow after receiving multiple strong offers well over asking.
🎉 And the same happened for my client Jennifer, over in Brigden Ranch.
Her beautifully restored craftsman made a big splash last month and opened escrow in just 11 days at a great price.
Now, I wish I could tell you that every single one of my clients has this same type of fast, favorable outcome but that’s not the way it works.
Some homes are taking longer to sell and they might not sell with multiple offers.
Every home is different, but with the right support and strategies…
…👍 the best possible outcome for the situation is assured.
It just might take a bit longer to achieve.
Remember that the supply of available houses remains very low.
This is why a house can remain on the market for more than a few weeks, but still sell for a very strong price.
The other thing that’s important to remember is this: Our local real estate market is incredibly resilient.
Now that the election is behind us, and soon the holidays too, I’m expecting a very busy start to 2025.
😊 If you’d to discuss your home selling or buying plans for the new year, I invite you to reach out to me!
Hope you have a wonderful Thanksgiving and talk to you soon!