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March 31, 2010



I'm really skeptical about any real estate stats right now. As someone who's selling now and bought a few months ago- it's REALLY tough to buy and REALLY tough to sell right now. Lenders were very critical and made us go back and forth with "proof of this" and "proof of that". Income ratios for loans have gone down so people can afford less than before. Overbids are close to impossible because appraisers will only give a true market value and banks stick to that. Short-sales and foreclosures are all over Burlingame and Hillsborough (check blockshopper.com) and short-sales can be considered "Comps". The "Case-Shiller" ratio of asking price to completed sale price isn't showing the true story. Realtors are lowering the asking price right before close so it appears that sellers are getting what they hoped for, rather than much less than initially listed.

The end story is good though- very motivated buyers and sellers are able to complete transactions with some extra effort. We're extremely excited to be in Burlingame now and love our new home.


Did anyone see the front page of the Examiner today?


Yes, it's just a rehash of what we covered back in February at http://www.burlingamevoice.com/2010/02/downsize-your-ambitions-part-2.html#comments

We'll revisit it when some decisions are actually made.

Phil Hartman

That's Holyroller: Mr. Short Term Memory


There are multiple offers because the houses are being priced more "reasonably" -- and as a result people are bidding and warring and bidding. It doesn't take a genius to figure that out.

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