Here is the smallest home sold this week in Silver Lake.
Asking price: $599,000
Selling price: $706,000 ($107K over asking)
This tiny home has 1 bed/1 bath and only 452 sq. ft. of living space.
See Burbank's newest home to hit the market during the Coronavirus pandemic!
Here is your latest Burbank hills listing.... Asking price is $1,349,000.
Home selling strategy during this pandemic
The stay-at-home order has been extended to 5/15/20😩.
Use this time to strategize and prepare for the sale of your home.
Once the order is lifted, I believe there will be a buying frenzy!
Burbank has had 14 property sales so far in the month of April
From 02/01/20 - 02/16/20, more than a month before the stay-at-home order was put into effect, Burbank had 18 property sales.
This data shows that sales haven't slowed that much in Burbank.
Will home prices fall after the pandemic?
Expect a dip in prices during the pandemic.
Once the stay-at-home order is lifted, I anticipate a buying frenzy.
In my opinion, prices will return to where they were before the pandemic started.
Fewer home inspections show there's less buyer demand
I recently spoke to the owner of a very large home inspection company that serves the entire Los Angeles area.
He said that his company does on averages 450 - 500 inspections a week.
Last week, his company only did 250 inspections.
That's a major drop from their average.
This tells me that demand is way down, however, serious buyers are still snatching up properties.
I expect this trend to continue until the stay-at-home order is lifted.
What an amazing opportunity for buyers to finally not have to go up against so much buyer competition!
In my opinion, there will be a buying frenzy after the order is lifted.
The Ask Daniel Los Angeles Show Podcast
Buying or selling a home can be an overwhelming, complex operation.
The #AskDanielLosAngeles Show was created to answer your real estate questions in the hopes that it would give you a better understanding of the process of buying and selling a property.
To find this podcast, type “The Ask Daniel Los Angeles Show” in the search bar where ever you listen to podcasts.
You can also find the podcast on my website at ContempoRealtors.com/Podcast.
New podcasts released weekly on Thursdays.
Have a real estate question? Ask me on my podcast webpage and I will respond to you directly.
I may also answer it on the show!
We have over 20,000 followers on Instagram... come join us! Thank you for your continued support.
