Housing market even more competitive as higher rates kick in

Despite rising interest rates, buyer demand has yet to downshift in California. Home sales likely rose in March from February’s pace and several indicators showed a market that was even more competitive that it was in February with 71% of homes selling above asking prices and the typical home going from list to pending is just 8 days. In addition, the latest survey of REALTORS® suggests that few agents are experiencing buyers putting their search on hold or backing out of existing deals. Many would-be home buyers may be feeling a sense of urgency to complete their purchase before rates rise further, which is keeping the market tight so far.

Source: California Association of Realtors

Burbank had 74 property sales for the month of October

There were 83 property sales in Burbank for October 2020.

See what the most expensive home to sell this week in Mission Hills looks like

Did the buyer get a good deal?

This is the most expensive home sold in Mission Hills this week.

Asking price: $849,900

Selling price: $835,000

This single-family home has 3 bed/2 baths, 2,590 sq. ft. of living space, and is on a 7,076 sq. ft. lot.

The home features Viking appliances in the kitchen, double pane windows, and copper plumbing.