Pasadena Home Values February 2018: Last month, fifty-one Pasadena homes closed escrow. Prices ranged from $437,000 for a 700 square foot 2 + 1, to $7,000,000 for the Cravens Estate. The Cravens Estate was initially listed for $10,500,000 and sold for $7,000,000. Pricing luxury property is often the most difficult as there are limited comps (comparable properties).
Last month, a 900-square-foot home on Hudson made headlines. It sold for an impressive $146,000 over the asking price, reflecting the strength of the current market and the effectiveness of strategic pricing. In today’s competitive landscape, the most successful selling strategy is clear: set an aggressive asking price. Sellers who price their homes competitively attract more attention. This approach sparks interest from multiple buyers, leading to increased showings and, ultimately, bidding wars.
When buyers sense a well-priced property, they act quickly. Strong offers often push the final sale price well above the initial list price. The Hudson sale is a perfect example of this. An attractive starting price encouraged buyers to compete, dramatically driving up the final number. This strategy shifts the power to the buyers to determine the market value. Rather than negotiating down, sellers watch the price climb as eager buyers outbid each other. It’s a proven method in this fast-paced market.
An aggressive asking price remains the key for sellers looking to maximize profits. Buyers, on the other hand, must be prepared to act swiftly and bid competitively to secure their dream homes.
Pasadena Home Values February 2018 Recap
The lack of real estate listings in most Southern California neighborhoods wreaks havoc for Los Angeles home buyers. Sadly, the homeownership rate is at its lowest since 1965. Owning a home is becoming more and more elusive. At my open houses, I see many of the same buyers repeatedly. And housing prices continue to escalate. Successful home buyers are allowing seller rent backs, shortening contingency periods, and, in some instances, waiving most contingencies and sometimes even writing non-contingent offers. It’s highly competitive.
A 900-square-foot home on Hudson sold for $146,000 over the asking price. In this current market, the bestselling strategy is to have an aggressive asking price; buyers will determine the final selling price.
