You’re looking at a snapshot of the real estate market for Burlingame California from last week. This is as close to real time as one an get. Forget what you hear on the news. Forget what you read in the papers about the Case-Shiller report. This is the real skinny of what’s happening locally. The other things you’re hearing are like painting a picture with a broad brush and wiping out every detail the eye can see. Burlingame, Hillsborough, San Mateo and Foster City are the cities I write about and sell real estate within and know. Case-Shiller knows nothing about our market so they talk about the Bay Area without understanding the macro version. Each community is unique within San Mateo County and our communities are not distressed. We see very few short sales and bank owned properties in Burlingame.
Look at this chart for Burlingame single family homes. Trends for last week were down from the week before, but trends move up and down weekly. Real estate is not a static medium and when there are only a few homes for sale within a market it’s impossible not to see swings up and down with just the sale of one property, depending on its price. Remember there are 7739 homes in Burlingame.
Now let’s see the monthly Burlingame market data to compare the market., We are seeing more homes pending sale, which is good. People are out shopping for new homes and taking out loans, and making life decisions.
We are seeing incredible lending values. Historically low interest rates, in face, that can’t possibly stay like this very much longer. What happens when the Fed finally raises interest? Your affordability will diminish, that’s what will happen. Today you might be able to afford a home for $1.5 million at 4% interest but what happens when interest rises to 5%? Your affordability will drop and you might not be able to buy into Burlingame.
We are happy to show you these things in detail so you can make an intelligent decision about buying a new home. Real estate is not an investment like stocks and bonds are, it’s a property that allows you to put down roots into a community and grow a family. It allows you to have a sense of security and ownership. It’s really important that you stop thinking about a home being your piggy bank, because it isn’t and should never become one. We want to see some appreciation of the purchase of a home so you can leverage it into a larger home down the road, but the days of insane increase of value are long gone. Appreciation is going to be about 3% a year so you will want to stay in your home for 5 or more years in order to leverage it to another one. That’s the way your parents thought about buying a home, that’s the way I thought about buying a home and now you must think that way too.
In our corner of the Peninsula it is not cheaper to rent, if you can find a decent rental. It is cheaper to buy and take the tax advantages that home ownership offer you. We don’t have enough rental property to fill the needs here, so don’t think that’s your answer because it’s not. Don’t sit on the fence waiting of prices to drop because even if they do, even a little bit, when interest rates go up you will end up paying considerably more for the same house at a lower price with higher payments and will have lost the months of deductions you could have taken for taxes while sitting on that fence. Buying a home is a long-term purchase not something you buy and flip. Think of it this way and you’ll want to own. Think of it any other way and in the long run you’ll be the loser.
Here’s what’s currently for sale in Burlingame homes.
[idx-listings city=”Burlingame” propertytypes=”273″ orderby=”DateAdded” orderdir=”DESC”]
Here’s what’s currently for sale in Burlingame condo and townhouses.
[idx-listings city=”Burlingame” propertytypes=”328,329″ orderby=”DateAdded” orderdir=”DESC”]
The Wilkas Group is here to assist you in the purchase or sale of your home. We bring our expertise, skills and excellent to all of our clients. You can contact us above by clicking the the Contact Us! link, or try to chat real time. We’re here to be your advocate.