Fabulous weather, gorgeous outdoor spaces, streets booming with art deco homes, and Victorians–Pasadena is a desirable place to live for nearly countless reasons. If you have chosen this coveted city as the ideal locale to purchase a home, or if you are a Pasadena homeowner who is weighing the pros and cons of putting your home on the market, knowing when to buy a home in “Rose City” is a huge part of the real estate puzzle. Read on for Amy Engler’s
advice on timing it right.
Strategize your future
If you are a parent of two children, purchasing a Pasadena
home in September with well-defined plans to move into your new home within a month of closing presents a challenge, especially if you are moving your family from a state outside of California, or will be introducing them to a new town or city. This won’t be just disruptive to your children’s education; it may also lead to resentment and chaos. For this reason, a substantial number of homebuyers elect to procure a home in the early spring and move at the end of the season, giving their children time to adapt to their new environment over the course of the summer and starting “fresh” once school resumes.
Similarly, if you are due to start a new job in October and are loath to pay rent in Pasadena, purchasing a home in February may work against you. In other words? Consider what will ultimately work well for you, your family, and your circumstances. The prices of homes may dip in the winter, but it may not be worth the difference in terms of what you will have to pay for rent during the interim.
Enlist a knowledgeable, outstanding real estate agent
A first-rate real estate agent won’t just be on top of current selling and buying trends: They will be ahead of them. Working with an experienced and reputable real estate agent will ensure you know the true status of the market rather than having to rely solely upon your Google skills (and, let’s face it, the unreliability of the internet). They will be able to steer you toward the best time to buy a home and explain the reasons behind it.
Examine the market with your real estate agent
If your moving timeline is flexible, peruse the most up-to-date statistics with your real estate agent. Presently, and almost historically, August has been an optimal time to purchase a home, regardless of the area’s zip code. This will ensure you will have an abundance of homes from which to choose.
That said, November is oftentimes an ideal time to buy as well, when you may be able to score a home at a reduced price before the holidays arrive (while, in some places, dealing with the hazards of winter). Your real estate agent will have a solid sense of Pasadena’s market–knowing not just the best time of year to buy a home in the region but also the best year, period. The state of the economy and larger trends within the market all have a hand in the best time to buy a home.
Know that certain times of year will dictate your negotiations
Purchasing a home at the tail end of summer tends to provide homebuyers with an extensive amount of inventory to explore. However, because the demand is high at this time of year, you will also have to put your best offer forward, contend against other buyers, and may have less room during negotiations. The end of autumn and early winter, however, gives you more negotiating leverage–including the possibility of scoring the home for a reduced price–but you will have fewer homes from which to select.
Ensure your finances are on point before starting your search
You might just find your ideal home in Pasadena and join a bidding war…only to realize there are several snags in your financial strategy, thereby killing your chance to purchase it. Knowing that some sales happen with a snap of the fingers, it is vital to receive a preapproved mortgage loan
–and have substantial funds to cover your down payment–before you initiate your search.
Check out Pasadena’s local happenings
Have rents increased? Has a new tech company, store, or healthcare center opened nearby? These are just a few of the factors that could influence the best time to find a home. You and your real estate agent should explore the general health of the current housing market. Is Pasadena–or your area of interest–increasing in popularity? Is the neighborhood you love seeing changes nearby, such as the openings of new bars, restaurants, studios, and shops? If so, this could drive up the price of the home, as residents will enjoy proximity to convenience, commerce, and entertainment. Also, are there, or will there be, new developments being built in the area? This, too, could impact home prices and help you and your real estate agent settle on the ideal time to buy.
Ask when you will be psychologically ready to buy a home
The housing market, as noted, plays a fundamental role in the ultimate goals of a homebuyer: To find a home that aligns with their wishes, goals, and needs, to buy at a lower price but has the option to sell it at a higher rate down the line, and to provide a secure, attractive residence for themselves and/or their families. As thrilling as this may be, though, you also have to consider that personal circumstances can contribute to the smartest time to shop for homes and make a purchase. The status of your job, where you are emotionally, and your and your family’s health–all could influence the soundness of your decision and keep you from buying a home at an overwhelming time and experiencing buyer’s remorse later.
This is just one facet of the home buying process that leading realtor Amy Engler
is equipped to handle and help her clients navigate. If you’re scouting out new homes in Pasadena
or have an interest in investigating Pasadena condos, she is the real estate agent to call for your needs.
*Header photo courtesy of Amy Engler