Home Buying in Burlingame>Question Details

Rob, Home Buyer in

Burlingame, CA home values seem to be holding stable. Is now a good time to buy here,considering the housing?

Asked by Rob, Fri Jul 4, 2008

market in general?

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4
Hi Rob,

Burlingame & a few other Peninsula communities such as San Carlos, in general are not experiencing the challenges that other market areas are. Due to the excellent schools, nice downtown communities, and overall desirable lifestyle these communities are still experiencing multiple offers on properties that are well priced and show well.

But your particular question was focused on Burlingame. Burlingame in particular (which is where I also live) has very low inventory which has contributed to the demand , therefore keeping our values elevated. As of now, there is about 2.32 months of inventory in Burlingame, representing a seller’s market. A balanced market is considered 6 months of inventory and a buyer’s market is more than 6 months of inventory.

Days on market is a brisk 25 days for the current 22 pending sales. The goal when selling a property is to have a property in contract/escrow within 30 days of hitting the market, otherwise one (agent & seller) needs to start thinking about if the property is overpriced.

The 17 sales that have closed in the last month averaged 28 days on market, so there is a slight uptick in activity as indicated with the pending sales (which may also have to do with the time of the year).

Burlingame has had tremendous appreciation in the few years that I’ve lived here & per the data there has been no softening but rather an increase in average & median sales prices.

Now is a good time to buy if the numbers work and make sense for you. Interest rates are still at historic lows. Be prepared, you can get more competitive rates and will have more finance options if you have a 15-20% down payment. I’m happy to help if there’s a need.
Web Reference: http://www.cbower.com/
2 votes Thank Flag Link Fri Jul 4, 2008
It is a good time to buy in Burlingame if you can find something in your price range. Today there are only 49 single famiky homes for sale. Compare this with May and June when we had up to 67 active listings. There continously seems to be strong demand for homes in Burlingame. A few houses have been on the market longer than the average 24 days. Burlingame with it's beautiful, vibrant downtown is close to the San Francisco Airport and Bart, 17 miles from San Francisco and much desired for it's school district.
0 votes Thank Flag Link Sun Jul 6, 2008
Yes, now is a great time to buy. The market is definitely starting to turn around and I am seeing many properties go quickly with multiple offers if priced right and in good neighborhoods. If you are in a position to buy with 20% down the interest rates are still great and prices are still good on a lot of homes.
0 votes Thank Flag Link Fri Jul 4, 2008
It is a good time to buy. It is a good investment for you. Lately I am seeing multiple offers now. But the time people figure out the bottom of the market it is long gone.
0 votes Thank Flag Link Fri Jul 4, 2008
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