As I looked at the numbers this week, it struck me that about 42 percent of homes currently for sale in Folsom are either foreclosed homes or short sales (in which the lender holding the mortgage has to sign off on the deal to make it go through). The reality of these deals for the buyers is that, although the prices tend to be lower, they are AS-IS sales. In light of that, it could be tempting to not have the standard inspections done (at minimum the pest and home inspections) and save that money. Big mistake. Even though the REOs and short sales are as is sales, it's as important for you as a buyer to know what you are purchasing. The contingency period during escrow is meant for you to conduct your inspections so that if something is unacceptable to you, even though the lender may refuse to address it, you can also refuse to go through with the deal. So please, always do the minimum inspections no matter what kind of a sale it is.
And now for a snapshot of the Folsom housing market. The information is gleaned from MetroList, our local multiple listing service, for our 95630 zip code. Any questions, please drop me a line.
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All listings
Number of homes for sale: 311 (holding steady)
Price range: $99,900-$1,349,000
Median price: $399,000 (Down again this week from last)
Average cumulative days on the market: 112 (again this week this number is up)
Bank-Owned Properties
Number of REOs for sale: 34
Price range: $99,900-$534,900
Median price: $327,500 (prices on REOs is getting better and better)
Average cumulative days on the market: 73
Short Sales
Number of Short Sales: 98 ( still holding steady)
Price range: $149,000-$919,000
Median price: $349,000
Average days on the market: 135
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