We’ve completed the second month of 2011 and the Peninsula real estate market is coming to life. Prices are beginning to rise and, believe it or not, loans are available out there for Burlingame buyers. One thing is for certain, the historic interest rates for mortgages will not last so if you are even thinking a tiny bit about moving up or down, or buying your first home, don’t wait. Interest will go up and your affordability index will go down accordingly.
Here’s what the market looks like with the number of homes listed in Burlingame this past month. I’ve included the data from January so you can compare. Keep watching and you’ll get the picture of the year as we progress along with these reports.
We didn’t see many closed escrows in February but I expect to see a lot of them in March. It is taking longer to close escrow today. We see most taking 45 days, even with stellar credit. Unless you’re paying all cash, expect it to take more time.
Here’s what’s currently for sale in Burlingame. If you want to see a property in person we’re here to take you and assist you with the purchase. If you’re a seller, we get amazing traction with these reports.
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