Burbank Real Estate News & Views

New Listing

burbankbob — Thu, 28 Oct 2010 22:22:03 +0000

I listed this 2 bedroom 2 bath home in Sylmar last week. We had an accepted offer 4 days later. Who says the market is slow? It was a regular sale, not a short sale and not a foreclosure. It’s all about the right price, location, and condition. And condition is not that important as long as the price is right.

Burbank Schools

burbankbob — Thu, 16 Sep 2010 21:23:47 +0000

Burbank Unified showed improved student achievement scores in the latest standardized test results, which were released Monday Sept. 13. In a report in the Burbank Leader newspaper, Burbank Unified bettered it’s overall results by 16 points to 832 on the Academic Performance Index. The API is a state measure that reflects district performance and helps determne property values. State leaders have pegged 800 as the goal. Glendale Unified scores rose by 13 points to 842. Great schools make Burbank and Glendale desirable places to live, and help to maintain property values. For more information on local schools, call or email me.

Burbank Roof Ordinance

burbankbob — Wed, 01 Sep 2010 21:55:30 +0000

Burbank homeowners, if your property has a wood shake or shingle roof, the shakes or shingles must be removed by August 14, 2012. This applies even if they are covered with another type of shingle. A Building Permit is required. For questions, contact Burbank Building Division (818-238-5220)

Home Water Conservation

burbankbob — Wed, 25 Aug 2010 19:25:06 +0000

Burbank recently passed an ordinance that affects all residential, commercial, and industrial buildings. All properties sold in Burbank after August 23, 2010 are required to meet specific water conserving standards for plumbing fixtures. All toilets, showerheads, and faucet aerators will have to be of the low flush, low flow variety. This now becomes the responsibility of the seller to convert to the water saving fixtures before the close of escrow. The new ordinance applies only to properties being sold. In the long run, this is a positive step towards conserving our natural resources.

Foreclosures & Short Sales

burbankbob — Fri, 04 Jun 2010 21:25:05 +0000

For many buyers, the term foreclosure brings up images of run-down homes with no heat and rotting wood. While this is still the case for some homes, it’s no longer the standard. In fact, first time buyers are snatching up distressed deals in decent condition for great prices.

According to a November 2009 Keller Williams Research Buying Distressed Properties Survey, 40 percent of all buyers for bank-owned foreclosures (REOs) were first-time buyers in 2009. 50 percent of all short sale buyers were first-time buyers.

By definition, a distressed property is one that was purchased with a loan and the homeowner is no longer able to make their mortgage payment resulting in foreclosure – or if they’re lucky a short sale – meaning they owe more on the home than it’s currently worth. With a 20 percent increase in foreclosures from 2009, distressed properties still remain a large portion of home sales and are going to continue well into 2010 as homeowners continue to feel the effects of an economy on the mend.

If you’re in the market for a home and are prepared for a unique transaction, a distressed property can be a great option. Here’s why:

Prices are low – Buying a foreclosed property is an excellent way to get a home for less. Research shows you can save 10-40 percent over the price of similar properties in a traditional sale.

Mortgage costs are low – With rates hovering near historic lows, financing costs to are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford.

You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States.

Sellers and lenders are motivated – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell.

Your best ally when purchasing a distressed property is an expert. Always have a professional REALTOR® by your side to help you make informative decisions. If you’re interested in learning more about purchasing a distressed property feel free to contact me.

Mortgage Rates Rise

burbankbob — Thu, 11 Feb 2010 00:00:52 +0000

The average rate for a 30 year fixed home loan edged back up to 5.01% last week after spending 2 weeks slightly below 5%, Freddie Mac said in its survey for the week ending 2-4-10.

First-Time Home Buyer Tax Credit Extended

burbankbob — Wed, 03 Feb 2010 23:01:37 +0000

The first time home buyer tax credit of up to $8000 has been extended until April 30, 2010. Congress has also approved a credit of up to $6500 to current home owners purchasing a new or existing home between Nov. 7, 2009 and April 30, 2010. Escrow must close by June 30, 2010.

To qualify as a “first time home buyer” the purchaser or his /her spouse may not have owned a residence during the 3 years prior to the purchase. Current home owners who have used the home being sold or vacated as a principal residence for 5 consecutive years within the last eight are eligible for the $6500 tax credit.

Single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit. The tax credit does not need to be repaid if the buyer occupies the home for 3 years or more. However, if the property is sold during this 3 year period, the full amount credit will be recouped on the sale.