Strong Home Prices: A Healthier Pasadena/L.A. Housing Market?

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What an interesting year this has been for the L.A. housing market, especially for those on the ground in the Pasadena, South Pasadena, San Marino and Northeast L.A. neighborhoods!  Alejandro Lazo consistently reports on real estate for the L.A. Times, and for the Maloney Group, we’ve experienced nothing quite like this housing recovery.  Quite frankly, there are not enough homes for sale; foreclosures and short sales have fallen drastically.  Buyers and investors are more than ready to have a piece of the most affordable chunk of California real estate in history due to low interest rates.  It’s a simple supply-and-demand dilemma, and who benefits?  The sellers benefit most unless they bought at the height of the market; they can negotiate exactly what they want in multiple-offer situations as seen with our recent listing on Las Lunas in Pasadena that sold for over-asking in a week. The Maloney Group has seen two other fascinating things happening in this market: highly qualified renters are finally able to enter the market due to historic affordability and neighborhoods are being improved, albeit one house at a time, with both investor and seller resources.  What is extraordinary is that, in the midst of a seller’s market, it remains an unusually good time to buy due to low interest rates.