When I have clients interested in buying or selling a home in South Pasadena, a question I often hear is: “How much is this home worth in the current market?”. A great way to quickly understand the value of property is compare similar recently sold properties to the subject property and evaluate the similarities and differences to arrive at a price. This is a technique frequently used by both professional realtors and appraisers alike.
If you’d like to just skip through to a video explaining my valuation technique with current prices of sold homes in South Pasadena – check out the video below.
The closer the sold home is to your home – the more accurate the results. Also – if the sold property is not only very close to your but is also similar in size and appearance – you get an even better estimate of value. For example, if the home next door to yours recently sold and it is similar in size and appearance – then it’s likely that your home is worth something close to what your neighbor’s home sold for. Of course there are differences between properties – but it’s a very good starting point for estimating value.
Since South Pasadena is a physically small city, I try to find recently sold homes within 1 mile or so of the property I’m evaluating. If there are no recent sales within 1 mile – then I’ll go out a touch further to find a recently sold property as a “comparable” property. Alternatively you can also look at homes sales further back in time, however since the property market is constantly changing – I try not to use a home sale older than 6 months ago to assess current values.
In researching the value of a South Pasadena single family home recently, I created a data sheet with every single family home sold in South Pasadena in the previous 90 days. The data was pulled on June 4th of 2024. If you are wondering what your South Pasadena real estate is currently worth – or if you are in the market to buy a home in 91030 (South Pasadena) – then this information is critical to ensure you are clearly looking a true market pricing. This is far superior to simply looking at the listing prices of properties – as some properties are over-priced and actually sell for less than the asking price – while other homes are priced aggressively low and get bid up to the market rate. In the case of underpriced homes – the actual final sales price can be much higher than the listing price.
If you are interested in seeing the original data I gathered click the link below to download a copy – or reach out anytime and I’ll send it over to you. Wishing you the best of luck in your home sale or home search!