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.
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