Let’s take a look at the Pasadena housing market for December 2021:
Seventy-five homes sold in Pasadena last month. Forty-two of these homes sold over their asking price, five at asking and twenty-eight for under asking. Thirteen of these homes had price reductions before selling. The least expensive home sold was a one-bedroom, one-bathroom, 732-square-foot home located at 1440 E. Elizabeth St. It sold for $500,000. The most expensive home sold was a five-bedroom, six-bathroom, 5,056-square-foot home located at 695 Holladay Road. It sold for $4,965,000.
The global pandemic ignited a home-buying frenzy as the decade-long housing shortage converged with historically-low interest rates. Work-from-home opportunities gave many the option to live in lower-cost neighborhoods. This allowed them the opportunity to save for a down payment.
Interest rates are slowly climbing; inventory remains low. Freddy Mac and Fannie Mae conforming loan limits have increased. Conforming loan limits are updated annually to reflect the change in average home prices in the United States. Non-conforming loans (a.k.a jumbo loans) usually have more stringent lending guidelines than conforming loans. These jumbo loans often come with a higher interest rate. Thus, the updated conforming loan limit makes it easier to purchase in 2022.
It’s still a great time to buy and obtain a low mortgage or sell for a great price!
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