Burbank, CA Inventory is Down - It May Be Time To List Your Home!

If you live in Burbank, CA and have been wondering if it is a good time to list your home.  You may want to consider the following information. For the past few weeks, we've been noticing a decrease in the amount of new listings coming to the Burbank market.  To see how much, I put together a snapshot of available homes for sale in Burbank, CA that covers the past two years - February 2010 to February 2012. These numbers represent all single family, town homes, and condos  currently for sale in the city of Burbank, CA.  Even though the overall numbers have fluctuated, the chart shows that inventory is at its lowest amount in two years with February 2012 being 60% lower than February 2010!

Ah, but what about demand?  One may assume inventory is down because demand is down as well?  To answer this question, lets look at the amount of sales over the same period.  If sales have dropped, then demand surely has dropped as well?

As one can see, overall sales per month has hovered in the thirty to sixty properties per month range over the past two years - never dropping below thirty. And sales for February 2012 are actually up 9% from February 2010. With demand holding steady and inventory being low, it may be a great time to take advantage of the drop in supply and sell your home while at an advantage.

Call today and we can investigate if the time is right for you to sell. We'll investigate what your home is worth in today's market and see what your net profit is after paying off.

Philip Keppel

REALTOR®

DRE#01875431

Media West Realty

4105 W. Magnolia Blvd.

Burbank, CA 91505

www.philandjill.com

philipkeppel@yahoo.com

818.845.9700 Office

818.845.9703 Fax

818.516.7387 Cell

Good News for Potential Buyers and Sellers in Burbank, CA

The Burbank City Council decided last night - Tuesday February 21, 2012 to extend the wood shingle and wood shake replacement Ordinance #3296 that was set for enforcement August 12 2012. The City Council extended the deadline to the following:

• 2 years for exposed wood shake
• 8 years for wood shingle covered with composite materials.

In a time where the housing industry is still in a state of recovery, we applaud the Burbank City Council for providing this relief for buyers and sellers!

Philip Keppel

REALTOR®

DRE#01875431

Media West Realty

4105 W. Magnolia Blvd.

Burbank, CA 91505

www.homesalesburbank.com

philipkeppel@yahoo.com

818.516.7387 Cell

City of Burbank - Beware of Wood Shake Roof Ordinance No.3296

Burbank, CA homeowners, potential buyers, and sellers need to be aware of local ordinance No. 3296  enacted in 1992 which requires all Burbank, CA homes to be free of wood shake or shingle material by August 14, 2012. This rule applies to both exposed wood shake, and roofs with wood shake material as an underlayment. Also, physical condition or age is not a consideration. If the law is left unchanged, a mandate will place a restriction/encumbrance on the title of all homes that are out of compliance. The encumbrance would then need to be cleared in order to refinance, transfer, or sell one's property.

Due to the difficult economic times, and state of the current real estate market, the Burbank Board of REALTORS has been trying to have a review of the ordinance by City Council at the Tuesday February 21st, 2012 6:00PM meeting. We are told that the city may consider three options:

1. Leave the current law unchanged.

2. Provide a 5 year extension for composition over wood shake roofs and continue the mandate to replace all exposed wood shake roofs by August 2012

3. Provide a ten year extension for all wood shake roofs.

The Burbank Association of REALTORS is asking Burbank homeowners to voice their opinions by either contacting their local Burbank REALTOR,  the Burbank Association of REALTORS (818-845-7643), or their local city council representative. Local council representatives can be reached by email at citycouncil@ci.burbank.ca.us

The current version of the ordinance will surely present some difficulties as buyers and sellers negotiate wood shake roof issues before the close of escrow. Be sure to investigate if the home you plan to purchase has exposed wood shake or shingle underlayment and how/if the seller intends to bring the home into compliance before making your offer. Feel free to contact me with questions or if you would like more information.

Best,

Philip Keppel

REALTOR®

DRE#01875431

Media West Realty

4105 W. Magnolia Blvd.

Burbank, CA 91505

www.homesalesburbank.com

philipkeppel@yahoo.com

818.516.7387 Cell