Burbank Housing Market Update!

As you look at these charts for Burbank Single Family Homes you will notice that this market has definitely been impacted by the subprime situation. The nonconforming limit sits at $417,000, which means that anything above that number is considered a jumbo loan. Jumbo loans have been difficult to find unless you have excellent credit and 10% put aside for a down payment.

So looking at the median list price for August of $649,000 that means you would need $64,900, plus closing costs, in order to purchase a home with this price. Of course that’s assuming that you have very good credit. I would also like to add that first time buyer assistance is still available if the buyer meets the prescribed parameters. If you are looking to buy in the next few months, the best thing you can do for yourself is to start talking to a mortgage loan professional now, so you get a good idea of what is available.

For you statistical junkies, the median list price for a single family home in Burbank in August of 2006 was $720,000. So we’re looking at a 9.9% reduction in single family home median list values.

These figures were acquired from reliable sources, but are not guaranteed as to their accuracy

This entry was posted on 25. October 2007 at 07:08 and is filed under Seller Information, Buyer Information, Housing Information/Stats, Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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