The Burbank market is shifting as buyers act on better financing, and sellers list earlier than usual.

Is now finally the right moment to make a move in the Burbank housing market? Home affordability has reached its best point in the last four years, which is creating real opportunities in today’s market.

This spring, I’m seeing increased activity from both buyers and sellers, and the shift is worth paying attention to if you’ve been waiting on the sidelines. Before you make your move, here’s what you need to know.

Buyers have a strong opportunity right now. From what I’m seeing, buyers are in a better position than they’ve been in quite a while. Interest rates have dropped to their lowest levels since September 2022, which is helping improve affordability overall. Because of this, more buyers are stepping into the market to lock in these lower rates while they’re available.

Sellers are moving earlier than usual. Typically, sellers wait until around spring to list their homes. Lately, though, I’ve been working with quite a few sellers who are choosing to come to market earlier. With rates improving and more buyers becoming active, many sellers see the advantage of getting ahead of the usual spring wave.

Local market snapshot. Looking at the numbers, last January there were 86 homes closed compared to 91 this year, which is about a 5% increase. The average sales price last year was $1,219,000 versus $1,125,000 this year, reflecting roughly an 8% decrease. Interest rates also saw a notable drop, moving from 6.843% last January to 6.066% this year, a decline of 0.777 or about 12%.

With rates lower than they’ve been in some time, buyers have a chance to secure favorable financing, which is bringing more motivated buyers into the market. For sellers, this increased activity signals a strong opportunity to connect with the right buyer and get ahead of the usual spring competition.

Overall, current conditions are creating movement on both sides of the market. Buyers are responding to better rates, and sellers are adjusting their timing to meet that demand. If you’re thinking about making a move, now is a good time to take a closer look at your options.

Feel free to reach out to me if you have any questions about Burbank real estate. You can call me at 818-953-5300 or email brad@bradkorb.com anytime. I’m happy to help.