Pasadena Real Estate Values February 2016: Pasadena’s real estate market surprises me, especially considering current rental prices. Rents have soared so high that saving for a down payment has become a significant challenge for many would-be buyers. Rising rents are now one of the key motivators driving people toward homeownership. According to recent data, one in four homebuyers now cite high rent as their primary reason for wanting to purchase a home. That’s a significant jump from six months ago, when only one in eight felt the same way. This shift underscores a growing sense of urgency among renters watching more of their income go toward monthly housing costs.
Furthermore, with interest rates still relatively low in early 2016, many realize that monthly mortgage payments could be comparable to—or even less than—what they’re currently paying in rent. This realization encourages first-time buyers to consider their long-term financial goals. If you’re renting in Pasadena and feeling the squeeze, you’re not alone. It’s worth exploring your options because homeownership may be more within reach than you think, especially with the proper guidance and a solid plan.
Pasadena Real Estate Values February 2016 Recaap:
Interesting: The average selling price and median price both dropped. This indicates that fewer luxury homes are selling, and first-time buyers are driving the market. Most Pasadena homes continue to sell with multiple offers and overbids.
Last February (2015), 48 Pasadena homes sold at an average price per square foot of $437. The average Pasadena home sold in 66 days, and the average selling price was $953,489.
