Service for Life: January/February 2015 Issue

BURBANK REAL ESTATE MARKET UPDATE: A belated HAPPY NEW YEAR! As we embark on 2015, the admonition, “You don’t know where you’re going unless you know where you’ve been,” comes to mind. And when talking about the Burbank real estate market, the phrase is especially true! One reason I love selling real estate in Burbank is the stability and resiliency of our market. However, even Burbank wasn’t immune to the financial collapse in 2008. But consider the following figures highlighted “where we’ve been, where we are, and where we may be headed”: In 2006, at the pre-crash heigh of the market (fueled by “anything goes” leading standards) the price for a single family home was an astounding $675,000! After the meltdown and fueled by a weak/slow recovering economy and a steady stream of “short sales” and foreclosures, the Burbank market reached its bottom in 2011, with an average price hitting $477,000 – a decline of approximately 41%!  But Burbank home values have steadily come back, thanks to low interest rates, improving economic and employment prospects, along with the seemingly insatiable Buyer demand to “get into Burbank.” Today, the average SFR price is back up to $649,000 –  a rebound of some 33% – not too shabby!

So what can we expect going forward? Still driven by low rates and the continuation of a high demand and low supply market, I think we’ll see a more modest rate of appreciation, somewhere in the 5% to 10% range. Given these dramatic valuation swings, it’s always smart to know the value of your biggest financial asset. If you would like an honest, no obligation evaluation of your home, please contact me – I’m always here to help – past, present & future!