You are currently browsing the Burbank Real Estate Report weblog archives for November, 2007.
30. November 2007 by Burbank Real Estate.
This week saw volatile trading sessions, again, with the Dow down 237 points on Monday, up 217 points on Tuesday, up 332 points on Wednesday, up 20 points on Thursday and up 60 on Friday. Concerns over credit woes continued as well as rumors of Citigroup layoffs.
Items of note:
With weak dollar and inflation concerns continuing the Dow ended the week up 392 points or 3% based on the idea that having reached the 10% decline or correction level will set the stage for a year end rally and of course that the Fed will keep cutting rates.
Have a great weekend!
Posted in Economic Market Reports, Blogroll | Print | No Comments »
19. November 2007 by Burbank Real Estate.
This chart includes housing data for each respective zip code listed for the October 2007 period and percent change from October 2006 levels.
As you can see from the table below, housing prices for the month have varied by area, but it’s interesting to note that the higher end of the market has not been as affected, at least as far as median price, by the slow down.
Most notably in Toluca Lake(91602) we saw a 42.7% increase in the median home price, Studio City(91604) experienced a 3.3% increase and the Hollywood Hills(90068) saw a 12.8% increase in the median home price. What’s been most impacted in many areas is the volume of sales. The main reason for this is that it has become harder for many to obtain a mortgage loan, especially if it’s above the conforming limit of $417,000, which as you can see from the chart below, most areas are above this number.
In Burbank the 91506 area fared best with a 4.8% increase over last year’s median home price.
|
Zip Code |
# Homes Sold |
Median Home Price |
% Chg From October 2006 |
Median Condo Price |
% Chg From October 2006 |
SFH Price Per Sq. Ft. |
|
91501 |
5 |
$624,000 |
-20% |
$551,000 |
21.1% |
$294 |
|
91502 |
1 |
$465,000 |
n/a |
n/a |
n/a |
$322 |
|
91504 |
9 |
$645,000 |
-14% |
n/a |
n/a |
$529 |
|
91505 |
24 |
$582,000 |
-4.4% |
$505,000 |
-4.8% |
$459 |
|
91506 |
7 |
$650,000 |
4.8% |
$660,000 |
64.5% |
$415 |
|
91602 |
3 |
$1,573,000 |
42.7% |
$406,000 |
-24.2% |
$613 |
|
91604 |
14 |
$1,006 |
3.3% |
$415,000 |
-21.7% |
$563 |
|
91607 |
13 |
$740,000 |
-1.7% |
$250,000 |
-38.8% |
$419 |
|
90068 |
24 |
$1,230,000 |
12.8% |
$549,000 |
-2.8% |
$588 |
|
91201 |
7 |
$705,000 |
-14% |
$365,000 |
n/a |
$466 |
|
91202 |
7 |
$580,000 |
-32.9% |
n/a |
n/a |
$486 |
|
91040 |
13 |
$468,000 |
-8.1% |
$430,000 |
n/a |
$377 |
|
91042 |
11 |
$386,000 |
-37.2% |
$392,000 |
17.4% |
$425 |
Posted in Housing Information/Stats, Blogroll | Print | No Comments »
15. November 2007 by Burbank Real Estate.
To find out how much money you’ll net from your house, add up your closing costs and subtract them from the sale price of the house.
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Closing Costs for Sellers |
|
|
Mortgage payoff and outstanding interest. |
|
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Prorations for real estate taxes. |
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Prorations for utility bills, condo dues, and other items paid in arrears. |
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Closing fees charged by closing specialist. |
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Title policy fees. |
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Home inspections. |
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Attorney’s fees. |
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Survey charge. |
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Transfer tax or other government registration fees. |
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Brokerage commission. |
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Total |
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Reprinted from REALTOR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS
Copyright 2005 All rights reserved. www.REALTOR.org/realtormag
Posted in Seller Information | Print | No Comments »
15. November 2007 by Burbank Real Estate.
1. The closing date. See if the date the buyer wants to take title is reasonable for you.
2. Date of possession. See if the date the buyer wants to move in is reasonable for you.
3. The earnest money. Look for the largest earnest money deposit possible; since it is forfeited if the buyer backs out, a large deposit is usually a good indication of a sincere buyer.
4. Fixtures and personal property. Check the list of items that the buyer expects to remain with the property and be sure it’s acceptable.
5. Repairs. Determine what the requested repairs will cost and whether you’re willing to do the work or would rather lower the price by that amount.
6. Contingencies. See what other factors the buyer wants met before the contract is final—inspections, selling a home, obtaining a mortgage, review of the contract by an attorney. Set time limits on contingencies so that they won’t drag on and keep your sale from becoming final.
7. The contract expiration date. See how long you have to make a decision on the offer.
Reprinted from REALTOR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS
Copyright 2005 All rights reserved. www.REALTOR.org/realtormag
Posted in Seller Information | Print | No Comments »
8. November 2007 by Burbank Real Estate.
A wave of negative news hit today…….
All in all a very negative day. Tomorrow Federal Reserve Chairman Ben Bernanke will speak before the Joint Economic Committee and you can be sure he’ll be asked plenty of questions surrounding the state of the subprime mess and the economy.
Posted in Economic Market Reports, Blogroll | Print | No Comments »