What's My Pasadena Home Worth?
Home values constantly change and online estimators like Zillow's Zestimates, called an Automated Valuation Model (or AVM), are most often inaccurate because they only provide a bird's eye view of the property and are incapable of knowing what upgrades have been completed or what repairs are needed let alone the historic significance or restoration condition of a specific property.
Recent sold data in the historic Pasadena neighborhood of Bungalow Heaven for the summer of 2017 showed Zestimates being as far off as $120,000 in under-valuation and $45,000 in over-valuation.
Realtors use a tool called a Comparative Market Analysis (CMA) that takes in a greater amount of data than an AVM to give a better sense of what a specific home could be sold for. A CMA can also be modified to include specific data on what has been done to the house or its overall condition. This tool can be applied for contributing and non-contributing properties within the Bungalow Heaven Landmark District.
The process of requesting a basic or custom CMA is simple and costs you nothing. Enter your property address now to discover real-time insights of your home.
To see a CMA for your own property, simply click below and insert your address. In return you will be sent a basic CMA.
For a more formal CMA generated with specifics (recommended for contributing properties), fill out the form below and Michael will be in touch shortly.
See what has sold in the past few months. Note, these properties have Sold and are no longer on the market.
Contact Michael Robleto-The Bungalow Agent to help you find a similar home when it becomes available.
+ HOW MUCH NEEDS TO BE DONE TO MY HOUSE BEFORE PUTTING IT ON THE MARKET?
My advice to home sellers is to think of the three D's: Declutter, De-Personalize and Deep Cleaning. Start with decluttering and get rid of all of things you have been meaning to get rid of. Removing family photos helps the next family envision themselves there and a deep cleaning will show the new owners that you like to maintain your property.
The next step I suggest is to have a home inspection done by a qualified inspector. We have many that service Bungalow Heaven and Pasadena (see our vendor list for some vetted ones). This inspection (cost runs $350-500) will give you an idea of what is in need of correction at your property.This becomes a punch list of things you can fix own your own or at low cost. Tackle all the chips, cracks, squeaks and leaks. If you make sure all windows have screens, install smoke detectors and the required GFCI outlets near sinks you will have an easier escrow. Once a buyer enters into contract with you, they too will do an inspection, even if a property is sold as-is. It is better for them to find less things resulting in less credits. A good agent will guide you.
Making larger decisions like remodeling bathrooms and kitchens will come down to return on investment. Some home improvements have positive yields, some are break even and some are losses.
+ HOW MUCH IS MY HOUSE WORTH?
While the median house price for sold homes in Bungalow Heaven during the summer of 2017 came out to $1,085,188.00, you exact price will depend on a myriad of things including items that a Zillow Zestimate can never know (improvements made, repairs needed). Our emotional connection to our homes generally inflates the value in our minds, but when it comes down to it, what the market will pay is the true value. Agents can put together a Comparative Market Analysis (CMA) on your specific property. Click here to request one. Strategic pricing would be to set a list price below the true value to encourage multiple offers. Finding an owner that will embrace a historic home will be best possible with multiple offers on the table.
+ HOW IS THE HOUSING MARKET RIGHT NOW?
All of the market data that agents see indicates a very strong market for sellers. Inventories in Pasadena and Bungalow Heaven a low compared to years past and this is driving up prices. We see the average Price Per Square Foot (PPSF) of $526 in an upward trend. There tons of articles published monthly on the strength of the market in Pasadena and we do know prices are above the peak prices from before the recession. As for the future, the prices are predicted to continue rising with no massive downturn in values on the near horizon (at least four to five years). Those looking to downsize, you may find challenges with inventory so plan ahead, those looking to upsize have more options in the upper end of the market. The Bungalow Agent has access to published Altos reports that use local and national data to make market predictions. If you want access to these market reports, just send me an email and I will add you to my mailing list.
+ HOW LONG WILL IT TAKE TO SELL MY HOME?
A quick review of all Bungalow Heaven Real Estate sales in the summer of 2017 showed that there was an average Days on Market (DOM) of 53 days. One property sold in zero days (a inter-family transfer most likely); one went for 19 days (very quick) and one stayed for sale for 145 days (incredibly long and an indication of a troubled property). Pasadena real estate moves quickly due to a lack of inventory so its rare for Bunaglow Heaven homes to stay unsold for long. Getting the most eyeballs as possible not only makes the process go faster but also increases the odds of finding a buyer that will appreciate the historic architecture of the neighborhood. An agent with a good marketing plan is key.
+ IS STAGING REALLY IMPORTANT?
On average, a staged home sells 88% faster—and for 20% more money—than a home that's left as-is. The reason it works, of course, is it gives buyers a "stage" onto which they can play out their home-owning fantasies and envision themselves living in your home. Staging can be done at different levels: full staging, where they take out all of your furnishings and bring in their own; light staging, where they use furnishings you own along with items from the staging company; and partial staging, where only the living room and one bedroom are staged. If you tackle it on your own, try to keep things light and airy. If you are painting, use neutral colors and be sure to remove any family photos. Give the would-be homeowners a blank canvas that they can mentally fill with their loved ones and themselves.
+ SHOULD I BE PRESENT WHEN BUYERS VIEW MY HOUSE?
No, never, ever. Having the home owners present makes would-be buyers uncomfortable. They want to dish about the house and not have to worry about offending. Again, your emotional attachment works against you. A good agent will only be there for open house events but will also escort any other agents and prospective buyers. Placing a lockbox on a home and letting any agent have access at any time is not recommended in my opinion. Bungalow Heaven homes are not a typical homes. The history and soul of the home need to be factored into the sales process and only a good listing agent can relay this while determining if the next buyer will be able to maintain the history.
+ HOW MUCH IS THE AGENT'S COMMISSION?
While the commission can vary, it is typically 6% of a home's sale price—and that's usually split with the buyer's agent. But what's implied by this question is "What are Realtors doing to earn that fat check?" Here are some facts to keep in mind: unlike lawyers who get paid by the hour, or doctors who are paid by the appointment, listing agents don't get paid unless they make a sale. For every hour an agent spends with a client, he or she will typically spend nine hours on average working on that client's behalf doing everything from networking to finding qualified buyers to filling out mountains of paperwork. And no, not all agents are created equal. Sellers should interview three agents prior to selecting one to represent them. It's no different than choosing an attorney, accountant, or the doctor who will deliver your baby. You want to be sure that you trust that person and are comfortable with them."
Real estate values in Bungalow Heaven seem to continue to climb, but over-pricing can leave your home unsold. Knowing the market is what The Bungalow Agent does, and he can share some of his special tools with any homeowner.
The best market insight comes from an source called an Altos Reports. These real-time reports are generated from the data in the active market, which is data collected locally and nationally. This gives a well-rounded market view void of a local bias.
The report will give the current stats on Days on Market or DOM (how long a house takes to sell), Median Sales Price, Price Per Square Foot (PPSF) for the entire Bungalow Heaven zip code of 91104.
If you have questions about the market for Pasadena real estate or Bungalow Heaven real estate, feel free to Contact Bungalow Agent for the latest report.
WATCH nOW: HOW TO READ AN ALTOS REPORT
Find a sample of the Altos Report below for your reference - All reports are centered around the Bungalow Heaven zip code of 91104.
To receive this month's Altos report, request a free copy below and Michael will be in touch shortly.
Real estate in Bungalow Heaven is like much of the real estate in Pasadena -- it is at a premium. Our mild weather, the ample access to a wide array of outdoor activities, solid school options for our kids and career opportunities are all factors that pump up our prices.
However, there has been a boom of cities across the US that have been catching up with the progressive nature and quality of life that we have grown accustomed to in Bungalow Heaven and in Pasadena. Best of all, your Bungalow Heaven real estate dollar would go a long way towards a house with some history in one of these towns.
Lets see what the average sold price of a Bungalow Heaven home would get you in one of these up and coming cities. All have been ranked high in livability from sites like Niche and US News and World Report:
Average Sold Price Bungalow Heaven Home Summer 2017: $1,085,188.00
Compass has a nationwide network of offices that include some of the most trusted agents in the US. If you need assistance in finding an agent outside of Los Angeles, I am glad to help.
For more information on Relocation prices outside of Bungalow Heaven Real Estate, Pasadena Real Estate or out of state, out of country, Michael would be glad to assist in answering any questions: