Our Real Estate Market – She is a Changin’
By Gigi Santoro
Today it is a seller’s market. We are back to multiple offers, over asking and a sense of desperation in the air. Take the inventory in Burbank for instance – in February 2011 it took about 93 days on average to get into escrow on a single family home. In February 2013 that changed drastically — the average fell to 16 days! The buzz in the real estate community is that there is just not enough inventory to sell: Pretty great problem to have if you are listing your home – not so great if you are buying right now. Supply is not keeping up with demand.
What has changed? In my professional opinion, people are less afraid that the economy is going to tank, interest rates have held steady, AND buyers are afraid they missed “rock bottom” pricing. If you didn’t buy in the last 3 months, chances are you missed rock bottom pricing. Appraisers are having trouble keeping up with the sheer vertical ascension we have seen in closed sales in the past 3 to 4 months. Interest rates are also a very big factor in this market. Our lender partners tell us that they don’t anticipate any significant rate increase this year.
How can you take advantage of this market? If you are thinking of selling and moving closer to your family – now is the time to get your house on the market and sell your home for top dollar. Or if you are going to remain in the area but want a bigger place – it’s time, move up — list your home now and buy the house you have been dreaming of.
Have I made my case for listing your home yet?
Give us a call — I will do a professional market analysis of your home so you can decide what the next step is! Being a Premier Agent with Zillow we have many well qualified buyers just waiting to move into your neighborhood. If we list your home AND bring you the buyer — we have a special program for closing costs and fees.
Give Gigi Santoro a call at (818) 237-5687 or email Gigi@SantoroAndSons.com.