Homes in Pasadena under $450,000 have been taken off of the endangered residential act. The recent events in the economy and real estate market have greatly increased the number of homes for sale in this price point.
Several months ago it was almost impossible to find a home in Pasadena under $450,000. There were a few out there, some with 500 square feet or maybe a lot size of 3000 sq ft. If your budget was under a half million dollars a condo or townhome could have been your only alternative.
For some, it seemed they were destined to rent forever. Escalating home prices forced many people to buy now or quite possibly never have another opportunity. Then we entered the equity warp, prices began to deteriorate and home values began their descent as they started to return to more normal levels.
For many, a home priced at $450,000 is still beyond their means. On a national level, that much cash will get you a lot of home provided you can stay away from the west coast or the northeast areas of the county. Even though it’s still high, it does appear that Pasadena is offering more home value for the dollar than in years past.
Locally we have been seeing the median price of a Pasadena single family home fall for several months now. And while $450,000 is a big investment for a home, by historical standards in Pasadena it offers a great opportunity for many who have been hoping one day for the chance to own a home.
I mapped the current inventory of homes for sale less than $450,000. I came up with 50 listings. While most are located west of Lake Street, and north of the 210 freeway new listings are being offered everyday. Some of the newer properties are snapped up pretty fast depending upon the value and the amenities they offer.
I am not going to tell you that now is a great time to buy a house. I will leave that up to the National Association of Realtors. That is a decision only you can make. However, if you are looking for a home, I would encourage you to sign up at one of the many sites available that offers email updates as new Pasadena listings become available.
Just in case you are interested in seeing what your money will buy these days, in addition to the map, you can also check out the pictures and details of all the available
homes listed for sale.
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