Burbank Real Estate Blog: March 2011

Pending home sales came out today for February and they show an increase of 2.1%. 

This is good news for the housing market as the news lately has been less than stellar, as you can see below.  There is life in the housing market, as evidenced by the numbers today.  How it will play out going forward is that I think we will continue to experience this up and down pattern as the supply of distressed properties, or the so called "shadow inventory" is slowly absorbed by the market.  This is the new normal and overall, it's good for the housing market.

Locally we are seeing an improvement in new sales and listings, as compared to a few months ago.

What poses a real challenge are the economy(jobs) and lenders(loans).    It goes without saying that if the jobs recovery stalls, the housing market will stall.  The ability to obtain a loan,which  is key to an improving housing market, is showing signs of life.

 Existing home sales fell 9.6% in February to a seasonally adjusted annual rate of 4.88 million units from 5.36 million units in January. The inventory of unsold homes on the market increased 3.5% to 3.488 million, an 8.6-month supply at the current sales pace, up from a 7.5-month supply in January.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending March 18 rose 2.7%. Refinancing applications increased 2.7%. Purchase volume rose 2.7%.

New home sales fell 16.9% in February to a seasonally adjusted annual rate of 250,000 units from a rate of 284,000 units in January. Economists had expected a pace of 290,000 units in February.

Tomorrow the Case Shiller Home Price Index will be announced for January.  The index posted a downward trend in both the November and December numbers.

Community Spotlight-The Burbank Collection

Located in the heart of downtown Burbank, in the Burbank Entertainment Village, is the Burbank Collection.  This is a collection of 118 residences-102 condos and 16 lofts that range in size from 629-2253 sq. ft.

You have everything from 1 bedroom to 1 and 2 story lofts with up to 19' ceilings.

The entire complex is FHA approved and prices range from $299-$450,000.

The amenities include a swimming pool, fitness center, billiard room, BBQ, outdoor fireplace and controlled access to the building.

HOA fees range from $243-341 per month and each residence is assigned two covered parking spaces in a security portion of the parking structure.

Retail amenities include Pinkberry, Barney's Beanery, Islands, Flappers Comedy Club and much more!

Metrolink access to Downtown LA is one block away.

Overall this is a great choice if you want to be in the heart of entertainment, restaurants and nightlife.

When you decide to sell your house it's important to look at each room from a buyer's perspective. 

Here are some relatively inexpensive tips to get buyers to love your house:

1. Price it well-these days buyers have access to countless websites that can give them comparable sales in your neighborhood and they know when a property is overpriced.
2. Declutter-there is nothing more distracting for buyers than rooms full of unnecessary furniture, boxes etc.  By getting rid of the clutter your potential buyers can focus on the rooms and envision how they would live in the space.
3. Floors-buyers love hardwood floors so think about refinishing your hardwood floors to add a pop to the room.
4. Lighting-new lighting fixtures can be a very inexpensive way to add style and ambiance to your space.
5. Paint-another inexpensive fix that can change the feel of the house from drab to chic.
6. Fixtures-new fixtures are a great way to make dated bathrooms and kitchens more modern.
7. Curb appeal-make sure the front yard and garden sparkle.  It may just take some simple landscaping by adding flowering plants to a path or lush foiliage to a planter.