Service for Life: May/June 2014 Issue

Below, you will find some very brief remarks about the importance of a home inspection(s). Essentially, along with the loan and appraisal contingencies, the “Buyer’s Investigation” or inspection(s) is one of the biggest contingencies in a real estate transaction.  Once a purchase contract has been agreed to by both parties, a Buyer has 17 days (can be a shorter period – I usually advise Buyers to write 10 days) to schedule and pay for a home inspection of the property.

In additional to a “general” inspection in which a home inspection will evaluate all major systems of the property, i.e. foundation, plumbing, electrical, roof, air & heating systems, etc., a Buyer can also pay for specialists to evaluate specific systems of the property as well. For example, these days more and more Buyers, in additional to the general property inspection, are paying for a sewer line camera inspection to see if the line is intact and/or has any obstructions, most commonly tree roots. Buyers frequently pay for a separate chimney inspection as well. Depending on the property, secondary sewer line and chimney inspections often make sense, as both systems are very costly to repair if undisclosed, assuming a Seller was unaware of a problem, or discovered after the close. Better to fully evaluate and negotiate a fair resolution during the inspection contingency.

To learn about the many other types of inspections, please feel free to call or contact me to discuss.

 

 

2014 1st Quarter Burbank Real Estate Market Trends

Burbank Real EstateWith the real estate market gaining consumer confidence the housing market in Burbank is gathering speed as well. While the gains are not huge, the steady rise and pace of improvement is very encouraging. Burbank is a city that is highly desirable among homebuyers and the area is extremely popular. For a city like Burbank to stay low on numbers for too long is highly unlikely. While other parts of the country are also experiencing small gains in real estate sales and numbers, Burbank will climb higher and higher each quarter. The 2014 1st Quarter Burbank Real Estate Market Trends show that there was a definite jump in home sales since last year. Housing prices rose just over five and a half percent, which puts the median home price in Burbank at $576,000. The average listing price for Burbank single-family homes was $731,960 at the beginning of June, which is a full one and a half percent increase from the previous week.

The median price for a single-family home in Burbank in April was up more than $20,000 above what it was during the same time last year. Both condo and home prices have steadily risen, according to the latest market reports. Condo prices jumped from $350,000 to $416,000, which is a whopping 19 percent increase.

While prices and sales are steady and gaining strength, the number of new listings on the market has significantly dropped. Listings dropped to 54 in April, which is down from 81 in April of 2013. There were also 22 condos listed for sale in April of this year, which is significantly lower than the 30 that were listed for sale at the same time last year. Despite the shrinking inventory, real estate experts are still feeling good about these changes. Last year inventory was higher because there were more bank foreclosure properties and short sales. This year there are hardly any short sales and the majority of sellers are putting their homes on the market for traditional reasons such as upgrading to a bigger home, downgrading to a smaller property or relocating to a different area.

While the inventory is decreasing, sales are up from last year. This past April 47 homes were sold in comparison to 38 a year ago. There were also 16 condos sold this past April, which is up from 11 sold in April 2013. Experts believe that if interest rates stay low, or don’t get significantly higher, that the home values of Burbank CA Homes will increase another three to five percent by the end of 2014.

Burbank Real Estate for Sale

Whether you are looking to buy your first home or whether you are a seasoned buyer, the Burbank Real Estate for Sale is sure to satisfy all of your real Burbank Real Estate for Saleestate expectations. The neighborhoods in Burbank are characterized by clean streets lined with luscious green trees, picture-perfect landscaping, friendly neighbors, charming homes and luxurious amenities. The city is also home to various parks, attractions and entertainment centers. Residents and visitors alike enjoy outstanding dining options, unique shopping centers and boutiques, various entertainment options and venues, historical landmarks, museums, cultural attractions and so much more. There is no shortage of things to do or see in Burbank, and with the real estate market slowly and steadily improving, Burbank is sure to see a lot of activity for the rest of this year.

As unemployment numbers steadily rise and faith in the economy grows and stabilizes, the housing market will continue to improve. I expect to see the numbers continue to rise over the next quarter. This means that right now is a wonderful time to buy real estate in Burbank, before prices jump too high and while interest rates are still relatively low. This also means that if you have been thinking about selling your Burbank home, this is the perfect opportunity. Since the inventory is fairly low and interest in buying a home is high a seller’s market is created. This means that sellers are more likely to get the price they want for their property – if not even higher prices.

If you have been looking for a Burbank Home but haven’t found the perfect property yet, don’t hesitate to contact me, Dan Soderstrom to be your expert guide through the real estate process. I can help you find the perfect property to call home in Burbank and I can also help you market your property to make sure you get the best price for your home. I would be more than happy to meet with you and talk more about Burbank Real Estate – connect with me today!

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Blog Entry 1

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