What exactly is a starter home? Well, according to Wikipedia definition – “A starter home or a starter house is a house that is usually the first which a person or a family can afford to purchase, often using a combination of savings and mortgage financing.” Starter homes could be referred to as a small one to two bedroom homes, may require updating, or a newer built homes that are priced lower than the area median price. We are seeing more three bedroom properties entering the starter market. In Pasadena, most newer built starters are commonly condo/townhouse developments.
Obviously, the definition of a starter home will differ depending on where you live and purchase the property. You can’t compare Kentucky to California, if you know what I mean.
Price of homes have changed dramatically since the last peak years. This affected the median home price, which shifted the range for starter homes. For the purpose of understanding the prices, below are stats from the Trendsvision (Itech MLS, based on data supplied by CARETS).
Pasadena November 2006
- Average Active Price $897,000
- Average Sold Price $750,000
- Median Price $620,000
Pasadena November 2011
- Average Active Price $795,000
- Average Sold Price $595,000
- Median Price $472,000
If you have been waiting to purchase in Pasadena, I believe this is the time. With record low interest rates, competitive home prices and more selection, buyers are slowly starting to jump off the fence. Below are few starter homes worth checking out.
If you have been looking to buy your first home in our beautiful community, check out all the well-priced starter homes. Pasadena Views Real Estate Team is here to help you find that perfect home. We offer complimentary buyer/seller consultation and connect you to the best lenders in town to obtain your mortgage loan.