Burbank's Rancho district. My clients, who are well qualified and have been looking for a home for over a year, made a very smart, clean offer on this cutie. The dollar amount offered was in line with comparable neighborhood sales. Alas, we learned that another higher offer came in at the same time. We countered, but ...sigh. Stay tuned for the outcome.
Now on to the really good news: mortgage interest rates are hovering around 4%, with points, for a conforming loan. Jumbo loans have rates at low as 4.75%! Nobody is predicting an interest rate rise any time soon, either.
And here are a few tidbits for condo owners. California has passed a law permitting solar panels to be installed on any condo. An HOA can issue restrictions, but those restrictions can't be prohibitive. Also, all condo projects and HOAs must now allow pets! Yes, once again, an HOA can issue restrictions (like a weight restriction, for example) but the restrictions can't be prohibitive.
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