Last week Burlingame had 63 houses for sale and only saw one sale. The Median Price for Burlingame single family homes was $1,299,000. The least expensive house listed was $699,000 and the most expensive listed at $3,325,000. This median aged home is 67 years old and it has 3 bedrooms and 2 bathrooms. This house is about 2000 square feet in size and sits on a 5000 foot lot.
Prices were trending downward last week. So are the number of days it’s taking to sell and the total number of homes for sale. We will have to wait and see if this becomes a long term trend. There is a misconception that there is no money to lend for homes around the Median Price in Burlingame, but guess what, that isn’t so. Wells Fargo is lending jumbo-jumbo loans up to $3 million if you put at least 20% down and have a 720 FICO. So, what’s holding you back?
Looking at the Median Price trends over the past 4 years you can clearly see prices are remaining down in comparison to the peak in 2006. It had to happen folks. Prices were just unsustainable and had to come down, and so they have.
Our research company, Altos Research, divides real estate markets into quartiles by high, mid-high, mid-low, and low. In Burlingame the bottom Quartile has shown the most activity with the average number of Days on the Market a little over 2-1/2 months in comparison to the higher priced Quartiles, with Days on the Market over 3 months. Obviously there is a vast difference between Quartile One’s median house and Quartile Four’s median house. But all of them sit in Burlingame and as an owner one gets the Burlingame Elementary School District and Burlingame High School for public schools. The elementary district has great schools and BHS is one of the better high schools in the San Mateo High School District.
Burlingame is considered a Cold! Buyer’s Market sitting solidly below the red line that divides the Altos chart above. It’s easy to see we’ve been slogging along the bottom of the market for a very long time. Will things go further south? I sure don’t think so. The Fed has done a good job of getting the banks to remember that their business is to lend money and the banks are doing just that right on our Peninsula.
This is a fantastic time to buy a home in Burlingame. It’s a beautiful city close to SFO, San Francisco, Silicon Valley and Bio-Tech centers along the County. We’d love to show you one of those 63 houses for sale. We have a fantastic lender at Wells Fargo to refer you to so you can see if you, too, qualify for the loans they have. Give us a call at 650-696-2820 or send an email. We are here to help you make your real estate dreams a reality and now is a great time to begin doing just that.