Need advice on market price and timing in Pasadena CA.

Asked by R J, Pasadena, TX Tue Jan 6, 2009

House went on the market in Oct. Asked 878K. It appraised in Sept at 840K before the remodel. Dropped it to 848K in Dec. (now 345. per sq ft.). Have had lots of views and positive feedback, but no serious offers. Now our realtor is asking us to drop it below 800K- but the house has only been on the market 70 days. The house next door (2935 Hermanos) sold in Dec at 399. per square foot (180 days on market) but if we were to take the realtor's new advice, we would be asking only 325. per sq foot for a house in much better shape. The average market period for a home in Pasadena is 140 days @ $400 per sq ft. I think we should sit tight awhile.Dropping it another 49K seems foolish this soon.The market is only losing 2% per month value. Am I making a mistake? The realtor seems anxious to sell.

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Robert Rambl…, Agent, Palm Springs, CA
Mon Aug 13, 2012
Always ask your agent to provide you with updated comps for the area. In reviewing the comps, you should get a better idea of the price of your home relative to comparable neighborhood properties.
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Keith Sorem, Agent, Glendale, CA
Wed Jan 7, 2009
First, this is not a solicitation (disclaimer).
Second, I just answered another post just like yours, so know that your question is not uncommon.
In any given market about 20% of homes sell within the first 30 days. That is my goal when I list a property. The reason is that homes that sell within the first 30 days sell closest to asking price. In this area (your area), homes that sell in 30 days are selling for about 98.7% of asking price. At 120 days the are selling for 90.6% of asking. Market time is hurting you.

The listing agent's job is to project the features of the home that buyers are looking for in your area. That includes cleaning, decluttering, staging, professional photos, perhaps scale floor layouts, etc. You may have a great property, but if the buyers have to work to figure out why it's so great, it will not achieve full value at sale.

When a property is properly prepared, properly marketed, and properly priced, I expect 10-12 showings or one offer in the first two weeks of market time. If we do not see those resutls, we adjust the price and marketing.

80% of listings are not properly prepared, marketed, or priced. I would ask your REaltor for comments from showings. How many properties, like yours, since your property hit the market, have:
Come on the market
Lowered their price
Gone into escrow

You should be getting market updates on a regular basis. Home sales (units) are UP. We are selling more homes this year than last year, so the market is not slow. It is red hot...when a property is well-marketed.

Good luck.
0 votes
Bill Eckler, Agent, Venice, FL
Wed Jan 7, 2009

Your realtor appears aggressive because of their awareness of the mistake many sellers have regretfull made in the current market of declining value. Sellers that have take a conservative view of pricing their homes have found themselves in a position of "chasing the market bottom" and never quite finding it. Conservative pricing always has them coming up short.

This is evidenced by your own disclaimer "getting lots of views" but "no offers." This is silent communication that experienced real estate professionals hear and identify as a "pricing issue."

Sellers that chase the market down, never quite catching it, end up losing larger sums of money than those that price aggressively and find the present true market bottom.

Your agent is hearing what the market is it's a matter of you hearing it as well. Remember as you wait it out, the bottom continues to drop.........

Good luck
0 votes
Katharine Fly, Agent, Clovis, NM
Tue Jan 6, 2009
After looking at pictures of your home, I agree, you should consult a staging proffesional. Your home looks very nice, it is remodeled, looks spacious, white, and empty but lacks anything to make the buyer connect to it. Staging a house isnt about making it feel sterile so that it appeals to the most possible people. It is about creating an atmosphere where many people will feel comfortable and and some will want to call it home.
Seek a stager and listen objectively to their advice.
Good luck! You have a great home, youve made it through the worst season in the worst year. It will get better!
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Irina Netcha…, Agent, San Marino, CA
Tue Jan 6, 2009
Pasadena ended the year with $420 per sq. ft. based on 657 closed sales. On average, it took 96 days to market these homes. December stats for Pasadena show that 69 homes sold at an average of $373 per sq. ft. with the market time of 102 days.

I would take a look at your personal situation and how quickly you need to sell your home. December was a hard month for real estate sales given the holidays. Give it a couple of weeks and see what kind of activity you are getting.

If you are getting a lot of viewings, but not offers, the first place I'd look is at how the home shows to the buyer. If the price was high, you wouldn't be getting many viewings and your home would be ignored.

My recommendation would be to get a staging consultation before reducing the price of the home. Implement the suggestions of the stager and see how quickly your home sells.

Oh... and make sure that your Realtor takes new photos. :-)

Good luck!
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