During 2009, Burlingame’s market was down all year but not dramatically so. Because Burlingame is a high-end market, it was really struggling the first half of the year with of the difficulty for buyer’s to get loans. Unless you had cash you had a hard time finding a lender who would write a jumbo-jumbo loan. As the chart shows below, you can see when this changed in May, and by July we saw the market heat up with 23 sales. The same number sold in September, too. But don’t get too excited about this because there are still many more houses for sale then selling making Burlingame a Buyer’s market.
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.