In my last blog entry I wrote about the historic low levels of inventory we are currently experiencing here in the Burbank market. We began the year with a very meager 25 single family homes and 9 condominiums on the market. As of the first of March, those levels have increased to a mere 37 SFRs and 15 condos – not exactly a robust increase!
Because of these very low inventory levels, when “quality product” does come on the market, a “multiple offer feeding frenzy” quickly ensues. I experienced this recently on a listing I just closed. The property was in the very desirable “Rancho Adjacent” area of Burbank and is truly an impressive updated property, especially the front and rear yards. I always advise a Seller who is selling a property like this, in spite of instant attention and Buyer interest in writing offers immediately, to expose the property to this frenzied market for at least a week, hoping to develop multiple interest/offers which usually results in a higher sale price and more money in the Sellers’ pocket. In the case of my listing, that is exactly what happened! We ended up with four offers, with the winner containing very strong terms and a final sale price $60,000 over the list price! There are a myriad of other things that go into exploiting this kind of short inventory market. If you’re considering selling your home, let me put my 31 years of “all kinds of markets” experience to work for you!
