There were 221 closed sales of single family homes in 2011 with an average of 51 days on the market.  For those of you who don’t know what that means, it is the time it takes from the listing to the close of the escrow and recording of the new owner with the county.

• The average price was $1,257,035 and the median price was $1,196,000.
• The largest number of homes sold was in the $1,200,000 to $1,300,000 price range, with 25 sold.
• Then 19 were sold between $1,100,000 to $1,200,000
• There were 18 sold between $1,400,000-$1,500,000 and 18 sold over $2,000,000.  The top end of the market was selling very well in 2011.
• The sale prices were averaging between 96% at the list price and 98% of sold price.

The condo market is Burlingame isn’t a huge one compared to the other communities around us but there were 31 closed sales of condos in 2011 with an average of 77 days on the market.

• The average price was $616,461 and the median price was $535,000.
• The majority of these sales was between $475,000 and $600,000 with 12 sold.
• Luxury condos do sit in Burlingame and there were 3 sold above $950,000.
• The sale price was averaging between 94% at the list price and 97% of sold price

So, what does it mean when there are two sales prices listed?  The list price is the original price that a listing comes to market, and homes were selling between 94-96% at that price, which isn’t shabby.  If there was a price reduction, the second number is the percentage of homes selling at that price.  97-98% of all of the properties with price reductions sold at the reduced price.  This means demand is strong in Burlingame for real estate and prices are holding.

The old saying is if you want to live here you’ll pay the price, is holding true.  Burlingame has great schools, weather and location.  Let us know how we can help you find your dream home by calling us now.

Here are some current Burlingame houses for sale.

Showing properties 1 - 5 of 34. See more city of Burlingame real estate.
(all data current as of 2/12/2012)

1. $1,749,500 : 2827 Hillside Dr, Burlingame
   
   3 beds, 4 full baths

   Home size: 2,990 sq ft

   Lot size: 12,096 sq ft

   Year built: 1936
   
2. $879,000 : 209 Channing Rd, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,620 sq ft

   Lot size: 5,750 sq ft

   Year built: 1928
   
3. $1,295,000 : 1138 Douglas Av, Burlingame
   
   3 beds, 2 full baths

   Home size: 1,500 sq ft

   Lot size: 5,544 sq ft

   Year built: 1914
   
4. $2,550,000 : 3066 Hillside Dr, Burlingame
   
   4 beds, 4 full baths

   Home size: 4,200 sq ft

   Lot size: 10,640 sq ft

   Year built: 2008
   
5. $1,595,000 : 2673 Martinez Dr, Burlingame
   
   4 beds, 3 full baths

   Home size: 2,100 sq ft

   Lot size: 11,650 sq ft

   Year built: 1958
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Here are some current Burlingame condos for sale.

Showing properties 1 - 5 of 9. See more city of Burlingame real estate.
(all data current as of 2/12/2012)

1. $599,000 : 30 Lorton Av #205, Burlingame
   
   2 beds, 2 full baths

   Home size: 1,258 sq ft

   Year built: 1986
   
2. $499,000 : 1532 Floribunda Av #3, Burlingame
   
   2 beds, 2 full baths

   Home size: 1,190 sq ft

   Year built: 1993
   
3. $578,000 : 1110 Bayswater Av #105, Burlingame
   
   2 beds, 2 full baths

   Home size: 1,245 sq ft

   Year built: 1983
   
4. $439,000 : 1515 Floribunda Av #304, Burlingame
   
   1 bed, 1 full bath

   Home size: 935 sq ft

   Year built: 1977
   
5. $249,000 : 777 Morrell Av #103, Burlingame
   
   1 bed, 1 full bath

   Home size: 880 sq ft

   Lot size: 880 sq ft

   Year built: 1982
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

When Halloween comes it’s time to check your home for fall maintenance ’cause winter’s on its way .  Taking the time to fix things when they’re small issues saves big bucks later on.  Here of 5 of the  easiest things to do:

1.  Change your battery in the smoke detector and while you’re at it, but the new carbon monoxide monitor that California has made mandatory in all homes.  Home Depot has them at very reasonable prices.  We use heat during the winter and our heat is gas generated.  Need I say more?

2.  Change furnace filters and buy extras to have so you can change the filter in 3 months.  PG&E can come and check your furnace to make sure it’s operating correctly and they do it for free.

3.  Clean gutters of leaves now and again once most of the trees have seen their leaves fall off.  Yes, we do live in an area where some leaves seem to hang on forever but it needs to be done.  If you can’t reach your gutters hire someone to do this.  It will prevent issues later on if you do this.

4. If you live in a house, now’s the time to walk around it and look at every window closely.  Is the caulking still good around the sash?  If not, learn how to caulk your windows.  A little prevention now will save you from big expenses once the rains come and rain enters the walls inside your home.  That can cause wet rot, dry rot and floors getting permanently damaged.  Then you have big expenses fixing all of that

5. While you have the caulk gun in your hand, change the tube of caulk and caulk your tub and shower to keep them water tight and the tile surround secure.  This little job will keep you from problems later on in the bathroom.

That’s it.  Five little jobs that can keep your home running warm and dry this winter.

Here’s what’s for sale in Burlingame right now.

Showing properties 1 - 15 of 15. See more city of Burlingame real estate.
(all data current as of 2/12/2012)

1. $879,000 : 209 Channing Rd, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,620 sq ft

   Lot size: 5,750 sq ft
   
2. $1,295,000 : 1138 Douglas Av, Burlingame
   
   3 beds, 2 full baths

   Home size: 1,500 sq ft

   Lot size: 5,544 sq ft
   
3. $799,000 : 418 Dwight Rd, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,140 sq ft

   Lot size: 5,000 sq ft
   
4. $999,950 : 1248 Capuchino Av, Burlingame
   
   3 beds, 3 full baths

   Home size: 1,897 sq ft

   Lot size: 6,000 sq ft
   
5. $1,295,000 : 1512 Ralston Av, Burlingame
   
   3 beds, 1 full, 1 part baths

   Home size: 1,990 sq ft

   Lot size: 7,896 sq ft
   
6. $1,199,000 : 1785 Hunt Dr, Burlingame
   
   4 beds, 3 full baths

   Home size: 2,200 sq ft

   Lot size: 10,730 sq ft
   
7. $699,000 : 1532 Barroilhet Av, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,000 sq ft

   Lot size: 3,100 sq ft
   
8. $1,458,000 : 1551 Los Montes Dr, Burlingame
   
   3 beds, 2 full baths

   Home size: 2,800 sq ft

   Lot size: 8,052 sq ft
   
9. $1,158,888 : 1500 Alturas Dr, Burlingame
   
   3 beds, 2 full baths

   Home size: 1,590 sq ft

   Lot size: 9,000 sq ft
   
10. $1,298,000 : 2928 Hillside Dr, Burlingame
    
    3 beds, 2 full, 1 part baths

    Home size: 1,825 sq ft

    Lot size: 6,900 sq ft
    
11. $618,888 : 1493 Oak Grove Av, Burlingame
    
    2 beds, 1 full bath

    Home size: 1,190 sq ft

    Lot size: 4,280 sq ft
    
12. $733,000 : 1491 Oak Grove Av, Burlingame
    
    2 beds, 2 full baths

    Home size: 1,300 sq ft

    Lot size: 4,360 sq ft
    
13. $639,000 : 104 Peninsula Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,030 sq ft

    Lot size: 5,136 sq ft
    
14. $1,299,000 : 1530 La Mesa Dr, Burlingame
    
    3 beds, 2 full baths

    Home size: 1,640 sq ft

    Lot size: 12,829 sq ft
    
15. $840,000 : 260 Crescent Av, Burlingame
    
    3 beds, 2 full, 1 part baths

    Home size: 2,240 sq ft

    Lot size: 2,862 sq ft
    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

And, here are Burlingame homes for sale.  If you see anything here that you’d like to see in person, please give us a call at 650-696-2820 or click the contact us link and we’ll respond.

Showing properties 1 - 30 of 34. See more city of Burlingame real estate.
(all data current as of 2/12/2012)

1. $1,749,500 : 2827 Hillside Dr, Burlingame
   
   3 beds, 4 full baths

   Home size: 2,990 sq ft

   Lot size: 12,096 sq ft
   
2. $879,000 : 209 Channing Rd, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,620 sq ft

   Lot size: 5,750 sq ft
   
3. $1,295,000 : 1138 Douglas Av, Burlingame
   
   3 beds, 2 full baths

   Home size: 1,500 sq ft

   Lot size: 5,544 sq ft
   
4. $2,550,000 : 3066 Hillside Dr, Burlingame
   
   4 beds, 4 full baths

   Home size: 4,200 sq ft

   Lot size: 10,640 sq ft
   
5. $1,595,000 : 2673 Martinez Dr, Burlingame
   
   4 beds, 3 full baths

   Home size: 2,100 sq ft

   Lot size: 11,650 sq ft
   
6. $799,000 : 418 Dwight Rd, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,140 sq ft

   Lot size: 5,000 sq ft
   
7. $999,950 : 1248 Capuchino Av, Burlingame
   
   3 beds, 3 full baths

   Home size: 1,897 sq ft

   Lot size: 6,000 sq ft
   
8. $1,295,000 : 1512 Ralston Av, Burlingame
   
   3 beds, 1 full, 1 part baths

   Home size: 1,990 sq ft

   Lot size: 7,896 sq ft
   
9. $2,120,000 : 1506 Vancouver Av, Burlingame
   
   5 beds, 4 full, 1 part baths

   Home size: 3,000 sq ft

   Lot size: 6,000 sq ft
   
10. $1,199,000 : 1785 Hunt Dr, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,200 sq ft

    Lot size: 10,730 sq ft
    
11. $1,995,000 : 1612 Ralston Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,803 sq ft

    Lot size: 8,050 sq ft
    
12. $699,000 : 1532 Barroilhet Av, Burlingame
    
    2 beds, 1 full bath

    Home size: 1,000 sq ft

    Lot size: 3,100 sq ft
    
13. $1,675,000 : 1407 Montero Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,615 sq ft

    Lot size: 6,100 sq ft
    
14. $1,458,000 : 1551 Los Montes Dr, Burlingame
    
    3 beds, 2 full baths

    Home size: 2,800 sq ft

    Lot size: 8,052 sq ft
    
15. $1,158,888 : 1500 Alturas Dr, Burlingame
    
    3 beds, 2 full baths

    Home size: 1,590 sq ft

    Lot size: 9,000 sq ft
    
16. $1,298,000 : 2928 Hillside Dr, Burlingame
    
    3 beds, 2 full, 1 part baths

    Home size: 1,825 sq ft

    Lot size: 6,900 sq ft
    
17. $2,800,000 : 16 Davis Ct, Burlingame
    
    5 beds, 4 full baths

    Home size: 5,000 sq ft

    Lot size: 31,000 sq ft
    
18. $1,949,000 : 10 Tiptoe Ln, Burlingame
    
    5 beds, 3 full baths

    Home size: 3,260 sq ft

    Lot size: 25,375 sq ft
    
19. $2,575,000 : 1116 Drake Av, Burlingame
    
    5 beds, 4 full, 1 part baths

    Home size: 3,065 sq ft

    Lot size: 7,560 sq ft
    
20. $618,888 : 1493 Oak Grove Av, Burlingame
    
    2 beds, 1 full bath

    Home size: 1,190 sq ft

    Lot size: 4,280 sq ft
    
21. $733,000 : 1491 Oak Grove Av, Burlingame
    
    2 beds, 2 full baths

    Home size: 1,300 sq ft

    Lot size: 4,360 sq ft
    
22. $2,850,000 : 3004 Hillside Dr, Burlingame
    
    5 beds, 4 full, 1 part baths

    Home size: 4,500 sq ft

    Lot size: 11,250 sq ft
    
23. $1,595,000 : 1361 Vancouver Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 1,830 sq ft

    Lot size: 6,000 sq ft
    
24. $1,778,000 : 2417 Hale Dr, Burlingame
    
    4 beds, 3 full, 1 part baths

    Home size: 2,640 sq ft

    Lot size: 4,950 sq ft
    
25. $1,899,000 : 1465 Drake Av, Burlingame
    
    4 beds, 4 full baths

    Home size: 2,718 sq ft

    Lot size: 6,000 sq ft
    
26. $3,499,943 : 5 La Strada Ct, Burlingame
    
    6 beds, 4 full, 1 part baths

    Home size: 6,325 sq ft

    Lot size: 11,778 sq ft
    
27. $639,000 : 104 Peninsula Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,030 sq ft

    Lot size: 5,136 sq ft
    
28. $1,895,000 : 165 Tiptoe Ln, Burlingame
    
    4 beds, 3 full baths

    Home size: 3,880 sq ft

    Lot size: 14,747 sq ft
    
29. $1,299,000 : 1530 La Mesa Dr, Burlingame
    
    3 beds, 2 full baths

    Home size: 1,640 sq ft

    Lot size: 12,829 sq ft
    
30. $2,195,000 : 23 Tiara Ct, Burlingame
    
    5 beds, 5 full, 1 part baths

    Home size: 3,940 sq ft

    Lot size: 12,911 sq ft
    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

How’s the market doing?  It’s a question we get often and one that doesn’t have a simple answer.  It’s not necessarily good or bad, it depends.  It depends on whether you want to buy, sell, invest, rent or are just curious to know if you home’s value has stopped dropping.

The chart above shows the median price for Burlingame homes in 2010 versus 2011.  Obviously we’re only a month into 2011 so who really knows what’s to come for sure.  The signs are looking favorable, though.  Prices have gone down over the past year.  Whether they continue to drop is anyone’s guess but one thing we are pretty confident about is that interest rates will go up.  So even if the house of your dreams drops a little after you buy it, what’s the worry if you have a loan at historic low interest rates?  Rising interest versus dropping prices equals bigger payments.  If you don’t believe me I have a chart I can send you to show this to you, just ask.

I’m beginning a monthly tracking of the market for Burlingame single family homes.  The chart below is January( into the first 3 days of February).  There are 30 homes for sale, 19 are pending sale and under contract and since the first of the year 2 homes have sold.  The average price for a house in Burlingame right now is $1,266,656.

Here’s what’s currently for sale in Burlingame.  If you see something give us a call at 650-696-2820 for a showing.

Showing properties 1 - 30 of 34. See more city of Burlingame real estate.
(all data current as of 2/12/2012)

1. $1,749,500 : 2827 Hillside Dr, Burlingame
   
   3 beds, 4 full baths

   Home size: 2,990 sq ft

   Lot size: 12,096 sq ft
   
2. $879,000 : 209 Channing Rd, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,620 sq ft

   Lot size: 5,750 sq ft
   
3. $1,295,000 : 1138 Douglas Av, Burlingame
   
   3 beds, 2 full baths

   Home size: 1,500 sq ft

   Lot size: 5,544 sq ft
   
4. $2,550,000 : 3066 Hillside Dr, Burlingame
   
   4 beds, 4 full baths

   Home size: 4,200 sq ft

   Lot size: 10,640 sq ft
   
5. $1,595,000 : 2673 Martinez Dr, Burlingame
   
   4 beds, 3 full baths

   Home size: 2,100 sq ft

   Lot size: 11,650 sq ft
   
6. $799,000 : 418 Dwight Rd, Burlingame
   
   2 beds, 1 full bath

   Home size: 1,140 sq ft

   Lot size: 5,000 sq ft
   
7. $999,950 : 1248 Capuchino Av, Burlingame
   
   3 beds, 3 full baths

   Home size: 1,897 sq ft

   Lot size: 6,000 sq ft
   
8. $1,295,000 : 1512 Ralston Av, Burlingame
   
   3 beds, 1 full, 1 part baths

   Home size: 1,990 sq ft

   Lot size: 7,896 sq ft
   
9. $2,120,000 : 1506 Vancouver Av, Burlingame
   
   5 beds, 4 full, 1 part baths

   Home size: 3,000 sq ft

   Lot size: 6,000 sq ft
   
10. $1,199,000 : 1785 Hunt Dr, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,200 sq ft

    Lot size: 10,730 sq ft
    
11. $1,995,000 : 1612 Ralston Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,803 sq ft

    Lot size: 8,050 sq ft
    
12. $699,000 : 1532 Barroilhet Av, Burlingame
    
    2 beds, 1 full bath

    Home size: 1,000 sq ft

    Lot size: 3,100 sq ft
    
13. $1,675,000 : 1407 Montero Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,615 sq ft

    Lot size: 6,100 sq ft
    
14. $1,458,000 : 1551 Los Montes Dr, Burlingame
    
    3 beds, 2 full baths

    Home size: 2,800 sq ft

    Lot size: 8,052 sq ft
    
15. $1,158,888 : 1500 Alturas Dr, Burlingame
    
    3 beds, 2 full baths

    Home size: 1,590 sq ft

    Lot size: 9,000 sq ft
    
16. $1,298,000 : 2928 Hillside Dr, Burlingame
    
    3 beds, 2 full, 1 part baths

    Home size: 1,825 sq ft

    Lot size: 6,900 sq ft
    
17. $2,800,000 : 16 Davis Ct, Burlingame
    
    5 beds, 4 full baths

    Home size: 5,000 sq ft

    Lot size: 31,000 sq ft
    
18. $1,949,000 : 10 Tiptoe Ln, Burlingame
    
    5 beds, 3 full baths

    Home size: 3,260 sq ft

    Lot size: 25,375 sq ft
    
19. $2,575,000 : 1116 Drake Av, Burlingame
    
    5 beds, 4 full, 1 part baths

    Home size: 3,065 sq ft

    Lot size: 7,560 sq ft
    
20. $618,888 : 1493 Oak Grove Av, Burlingame
    
    2 beds, 1 full bath

    Home size: 1,190 sq ft

    Lot size: 4,280 sq ft
    
21. $733,000 : 1491 Oak Grove Av, Burlingame
    
    2 beds, 2 full baths

    Home size: 1,300 sq ft

    Lot size: 4,360 sq ft
    
22. $2,850,000 : 3004 Hillside Dr, Burlingame
    
    5 beds, 4 full, 1 part baths

    Home size: 4,500 sq ft

    Lot size: 11,250 sq ft
    
23. $1,595,000 : 1361 Vancouver Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 1,830 sq ft

    Lot size: 6,000 sq ft
    
24. $1,778,000 : 2417 Hale Dr, Burlingame
    
    4 beds, 3 full, 1 part baths

    Home size: 2,640 sq ft

    Lot size: 4,950 sq ft
    
25. $1,899,000 : 1465 Drake Av, Burlingame
    
    4 beds, 4 full baths

    Home size: 2,718 sq ft

    Lot size: 6,000 sq ft
    
26. $3,499,943 : 5 La Strada Ct, Burlingame
    
    6 beds, 4 full, 1 part baths

    Home size: 6,325 sq ft

    Lot size: 11,778 sq ft
    
27. $639,000 : 104 Peninsula Av, Burlingame
    
    4 beds, 3 full baths

    Home size: 2,030 sq ft

    Lot size: 5,136 sq ft
    
28. $1,895,000 : 165 Tiptoe Ln, Burlingame
    
    4 beds, 3 full baths

    Home size: 3,880 sq ft

    Lot size: 14,747 sq ft
    
29. $1,299,000 : 1530 La Mesa Dr, Burlingame
    
    3 beds, 2 full baths

    Home size: 1,640 sq ft

    Lot size: 12,829 sq ft
    
30. $2,195,000 : 23 Tiara Ct, Burlingame
    
    5 beds, 5 full, 1 part baths

    Home size: 3,940 sq ft

    Lot size: 12,911 sq ft
    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

To see it in action you must click on the numbers just above the chart.   Have fun playing with this.

The Wilkas Group is here to help you with all of your real estate needs in Burlingame.  We can provide more in-depth real estate data for you but you need to ask us.  Click on the button above left to request it.  The tab at the top of the page will give you updates as well.  I’ll be showing the same thing for Hillsborough, San Mateo and Foster City soon.

Looking at the numbers you can see the Median price of the houses for sale is still higher than the median sold price.  Seller’s are just not ready to accept that prices have dropped so we are seeing listings with prices higher then we’d expect, but this is Burlingame and people want to live in Burlingame for it’s schools, location and charm.  We expect to see short sales and REO’s to come in 2010 in Burlingame and if you’re hoping to buy or need to sell because of this, then you need an agent who is experienced in this kind of sale.  The Wilkas Group is trained and has had experience with both short sales and bank owned sales.  Do not use an agent who will learn on your transaction.  There are too many issues that come up during the escrow to allow a person learning the system.  Use an expert like the Wilkas Group.

The Median priced house last week was $1,388,000.  The Average priced house was $1,564,274.  The most expensive house for sale last week in Burlingame was listed at $3,395,000 and the least expensive house was listed at $514,900,  the one and only Bank Owned property in Burlingame. By the way, there are 12 Short Sales in Burlingame.

We are seeing fewer houses being re-listed and my guess is because listing are now being taken for up to 1 year rather than 90 days like it used to be done.  Prices are being reduced in 40% of all listings.  What does this tell you?  Prices are still too high so if a house doesn’t sell it is because of the price.  Many people are trying to sell before their loans reset to higher interest rates — these are the ARM and alt-A ARMS that were taken out by many buyers during the real estate frenzy 3-7 years ago.  They were the 3/1,  5/1 and 7/1 hybrid loans so many people took advantage of to buy a house.  Some of these loans will be fine and will reset into prevailing rates, many will not, and we in the real estate community,  expect to see a tsunami coming forth in our area of San Mateo County.  Nationwide over half a million loans (523,000) are due to reset in 2009 alone!

The Market Segments

Our wonderful research company, Altos Research, divides the market into quartiles to show how each segment of the market is different from the other in price and property.  The top Quartile is doing the best, but the houses sold last week had huge price reductions prior to selling.  A  house sells if the price is right.  Generally the bottom Quartile moves faster in Burlingame because it has been the entry to this great town but not in this case.  It’s languishing and I must guess the reason is due to the difficulty in getting loans.  It’s only a guess…..

Prices in Burlingame have dropped over the past couple of years but clearly they’re still high and trending that way, yet we’re seeing 40% of all listings getting price reductions so some how there is a disconnect with the sellers in Burlingame.  Price matter and it is still mostly too high or these houses would be selling.

The Market Action Index clearly shows that Burlingame hit bottom around March of this year bounced up a bit, and has stayed around the level since.  Burlingame is a Strong Buyer’s Market and sits at 16, well below the line that moves it into Seller’s Market, at 30.  There are seller’s markets today, believe it or not, but not on the Peninsula.  We are still short housing for the number of people living here but clearly the prices in Burlingame are not reflecting this.

Burlingame, California, 94010, is still one of the sought after communities to live in on the San Francisco Peninsula because of the fine schools and beauty of the community.  If you want to live in Burlingame you will have to pay a lot of money and if you are lucky enough to either have a loan approved, or money in the bank in order to pay full cash, the selection of houses is very plentiful.

I have a complete report with more data on Burlingame available for you, but you must ask for it.  Click on the Contact Us button and make your request.

Continuing from the article I wrote last week about the 7 Most Dangerous Short Sale Myths, here’s the last 3 for your education.  I am here to assist you in helping you prevent a short sale of your property.  But if it is necessary to go that route, let a CDPE expert help you.

5. Listing my Home as a Short Sale is an Embarrassment

It is understandable that you may have reservations about letting the world know that you owe more on your home that it is worth however, understand that according to recent estimates, 1 out 5 homeowners in the US is in this situation.

With 40 to 60% of the sales in the US predicted to be Short Sales or Foreclosures you are not alone.

6. The Banks Would Rather Foreclose than Bother with a Short Sale

We know you have heard this; you may have even heard it from an overzealous collection agent working for a lender.  The reality is that banks do not want to foreclose on your property.  Banks, investors and even the federal government have all publicly said that if a person is qualified for a Short Sale the deal needs to be considered.

The qualifications are:

A.   Financial Hardship – There is a situation that is causing you to have trouble affording your mortgage.

B.     Monthly Income Shortfall - You have more month than money!  A lender will want to see that you cannot afford or will not be able to afford your mortgage soon.

C.    Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

7.         There is not Enough Time to Negotiate a Short Sale before My Foreclosure

This is a myth that probably hurts homeowners the most.  Many don’t realize that foreclosure is a process and there is time.

The foreclosing party (in most cases a lender) can stall a foreclosure up to the final day of the process.  These days many lenders will stall a foreclosure with as little as a phone call from you letting them know that you are trying to sell.  Almost all lenders will stall a foreclosure with a legitimate sales contract, in our view there is time until the foreclosure process is complete.

If you need more information, call or e-mail me today for an appointment to see what options you have and get on the path to recovery, there are options and I can help!

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The Altos Research chart above shows the inventory of housing stock (yes, just like cattle it’s referred to as “stock”) and it’s at a high for the year which isn’t unusual for mid-summer it was like this last year, too.  Burlingame offers a wonderful community with good public schools so people from San Francisco tend to flock down 101 to buy here.  But, only 6 houses sold last week so what’s stopping the sales?  Could it be PRICE?

Prices have been running about the same for over a year and a half with ups and downs but mostly little change.  Is there something about homeowners in Burlingame that makes them think that they are immune to price reductions like other parts of the bay area?  We’re seeing them in Marin.  We’re seeing them in San Francisco but not too much in Burlingame.  When we only see about 8% of all available houses selling, price may be the reason.  Maybe.  Then again, maybe not.  Are people worried about buying right now?  With the median priced house in the jumbo-jumbo loan range, one needs about 30% down to qualify yet the most expensive homes appear to be the ones selling in the shortest amount of time.

Dividing the market into quartiles gives us a clear picture of what priced houses are selling, and what priced houses are not.  One would assume that the least expensive houses would sell before the most expensive but that is not the case.  The inventory of houses is evenly split between the quartiles making it even simpler to see the stats.

Burlingame has bounced along the bottom of the market for almost 2 years.  It’s been a strong Buyer’s Market for some time now.  I think Burlingame is one of the prettiest cities on the Peninsula.  It’s called the City of Trees and one knows they’ve arrived in Burlingame if they’re driving on El Camino Real, as trees line the roadway.  The downtown is quaint and has a high walking score.  Commuting from Burlingame is easy as public transit goes both to San Jose and San Francisco.  SFO is a hop skip and a jump away.  I think there are some great opportunities out there for serious buyers interested in living in Burlingame.  Call us and we’ll help you find the right one for your needs.

I do want to mention that pricing a home is not an exact science.  If it were we would never see price reductions.  We look at the most recent houses that have sold in the immediate area when pricing a house.  With so few houses selling right now, it is very hard to price accurately.  This comment is made to help you understand that if the agent is given the opportunity to price the home we generally do a better job than the seller does because the seller doesn’t have their finger on the market.  If you have a house to sell, don’t get upset when you hear the suggested listing price.  If you want to sell your house for the most money in the shortest time, list to us.  We know best.