The Real Folsom Blog

Holding Title to Your Home … It’s an Important Decision

This week, guest blogger Barbara Van Duyn covers a basic, but important, homeownership topic that is too often overlooked. Barbara is a certified mortgage planner with First Priority Financial. If you have any mortgage questions, you can reach Barbara through her Web site, www.BarbaraVanDuyn.com.

There are many important decisions a consumer needs to make when buying and financing a home. Among them is how to take title to your home. With few exceptions, most home buyers (and even existing homeowners) don’t give this topic much attention. Those who do tend to have “Family Trusts” in place and are well informed. There are six common ways to hold title to real estate in California which is a community property state:

• Sole Ownership
• Tenants in Common
• Joints Tenants
• Community Property
• Community Property With Right of Survivorship
• Family Trust

At the Van Duyn Group, we have prepared a report for our clients that provide explanations for these options and then recommend you consult with your CPA or tax professional for advice to determine which is best suited for you. You will want to get this right because the tax savings for survivors can be substantial. We also make sure the Title Company prepares and records your Deed of Trust according to your wishes.

If you are not sure how title is held to your existing property, check with the county recorder’s office where the property is located. Before you consider making any changes to existing real estate, make sure you get advice from your tax professional or CPA first. If changes to title are needed, a local title company will help you complete the paperwork and record with the appropriate county. Until the next time, take care. Barbara

Recent Folsom Home Sales, Aug. 1-8 '09

As much as July finished with a bang, August came in with a wimper. I actually ran the numbers twice to make sure I hadn't input something incorrectly. But there it was: just 8 sales recorded by MetroList, our local multiple listing service, for the first week of the August. The properties were listed and sold by various multiple listing service brokers. DOM stands for days on the market and cumulative DOM reflects how many days the property has been on the market, whether with the current agent or previous listing agent. Only a sale or the property being off the market for 30 days will reset the DOM number. Here are the details of those sales:

* 885 Halidon Way #627, 2 bed/2 bath, 1077 sq ft, sold 8/7/09 for $165,000 (94 percent of list price) after 134 days on the market for $153 per sq ft.
* 1406 Esplanade Circle #1406, 2 bed/2.5 bath, 1364 sq ft, sold 8/7/09 for $183,950 (102 percent of list) after 40 DOM for $135 per sq ft.
* 127 Ore Street, 3 bed/2 bath, 1615 sq ft, sold 8/7/09 for $266,000 (95 percent of list) after 27 DOM for $165 per sq ft.
* 2108 Esplanade Circle #2108, 3-4 bed/3 bath, 1681 sq ft, sold 8/4/09 for $299,950 (100 percent of list) after 1 DOM for $178 per sq ft.
* 1360 Walden Drive, 3 bed/2 bath, 1434 sq ft, sold 8/4/09 for $300,000 (105 percent of list) after 4 DOM for $209 per sq ft.
*1114 Burwick Lane, 3 bed/2 bath, 2090 sq ft, sold 8/6/09 for $415,000 (95 percent of list) after 46 DOM for $199 per sq ft.
* 1632 Crowle Court, 3 bed/2.5 bath, 2457 sq ft, sold 8/4/09 for $422,250 (99 percent of list) after 26 DOM for $172 per sq ft.
* 1084 Elsworth Way, 3-4 bed/2 bath, 2507 sq ft, sold 8/6/09 for $445,000 (99 percent of list) after 26 DOM for $177 per sq ft.

Of the 8 homes sold, 2 were bank-owned and none was a short sale. Five of the homes sold in under 30 days!Currently, there are 318 properties on the market in Folsom. 132 are short sales and just 24 are bank-owned homes.So just under half the homes on the market are distressed sales. That's it for today. Make it a great day!

415 Posts and Counting...

I've been feeling bad lately about not posting more regularly. When I started this blog with a focus on real estate and housing matters in Folsom, I promised myself this wouldn't be one of those blogs you find out there where there are spurts of blog posting activity then months of nothing. The only way one of these blogs could be useful to Folsom home buyers and sellers I thought was for a regular output of info. Then, as I was cruising the back end of my blog web site today, I saw the number: 415 posts in the past two years since I started this blog in July of '07. Not too shabby, I'm thinking. So now that I'm feeling a little better. The summer has been super busy for me but this week everything settles down, so I'll be recommitting to keeping The Real Folsom Blog as current as possible. I'd be remiss as I reminisce to not thank Barbara Van Duyn--my regular guest blogger--for her contributions to The Real Folsom Blog. Barbara, who is a mortgage planning advisor with First Priority Financial here in Folsom, has her own blog--Under Your Roof--full of useful information on real estate and finance. Make sure you check it out. I have found Barbara to be great resource on all things real estate finance. Looking forward to the next 415 posts....

Recent Folsom Home Sales July 26-31 '09

July finished with a bang as 22 sales were recorded by MetroList, our local multiple listing service, during the last week of the month. The properties were listed and sold by various multiple listing service brokers. DOM stands for days on the market and cumulative DOM reflects how many days the property has been on the market, whether with the current agent or previous listing agent. Only a sale or the property being off the market for 30 days will reset the DOM number. Here are the details of those sales:

* 139 Perraud Drive, 3 bed/2 bath, 1406 sq ft, sold 7/29/09 for $198,500 (84 percent of list price) after 216 days on the market for $141 per sq ft.
* 120 Penaranda Drive, 3 bed/2 bath, 1100 sq ft, sold 7/31/09 for $219,000 (104 percent of list) after 34 DOM for $199 per sq ft.
* 705 Sibley Street, 2 bed/1 bath, 782 sq ft, sold 7/28/09 for $232,000 (93 percent of list) after 28 DOM for $297 per sq ft.
* 107 Framingham Way, 3 bed/2 bath, 1690 sq ft, sold 7/27/09 for $260,000 (95 percent of list) after 8 DOM for $154 per sq ft.
* 1323 Hartley Way, 3 bed/2 bath, 1327 sq ft, sold 7/31/09 for $279,000 (93 percent of list) after 102 DOM for $210 per sq ft.
* 323 Parker Drive, 3 bed/2 bath, 1313 sq ft, sold 7/28/09 for $285,000 (97 pecent of list) after 9 DOM for $217 per sq ft.
* 121 Cobble Ridge Drive, 3 bed/2 bath, 1446 sq ft, sold 7/30/09 for $290,000 (111 percent of list) after 5 DOM for $201 per sq ft.
* 107 Sedgeford Way, 3 bed/2 bath, 1352 sq ft, sold 7/28/09 for $295,500 (103 percent of list) after 246 DOM for $219 per sq ft.
* 106 Gable Street, 3 bed/2 bath, 1411 sq ft, sold 7/31/09 for $307,000 (93 pecent of list) after 121 DOM for $218 per sq ft.
* 326 Turn Pike Drive, 3 bed/2 bath, 1677 sq ft, sold 7/28/09 for $335,000 (96 percent of list) after 19 DOM for $200 per sq ft.
* 732 Morningside Court, 3 bed/2 bath, 1753 sq ft, sold 7/30/09 for $375,000 (97 percent of list) after 58 DOM for $214 per sq ft.
* 272 Cimmaron Circle, 3 bed/2.5 bath, 2147 sq ft, sold 7/30/09 for $380,000 (99 percent of list) after 445 cumulative DOM for $177 per sq ft.
* 116 Pawtucket Court, 4 bed/2 bath, 1970 sq ft, sold 7/28/09 for $385,000 (96 percent of list) after 19 DOM for $195 per sq ft.
* 1865 Glenmore Court, 3 bed/2 bath, 1858 sq ft, sold 7/31/09 for $395,000 (99 percent of list) after 7 DOM for $213 per sq ft.
* 100 Thorne Court, 3-4 bed/2.5 bath, 2185 sq ft, sold 7/31/09 for $395,000 (97 percent of list) after 36 DOM for $181 per sq ft.
* 611 Cordillera Court, 3 bed/2 bath, 2063 sq ft, sold 7/27/09 for $435,000 (98 percent of list) after 27 DOM for $211 per sq ft.
* 1101 Perazzo Circle, 4 bed/2.5 bath, 2381 sq ft, sold 7/28/09 for $435,000 (97 percent of list) after 103 DOM for $183 per sq ft.
* 108 Singer Lane, 4 bed/3 bath, 2619 sq ft, sold 7/31/09 for $440,000 (88 percent of list) after 129 DOM for $168 per sq ft.
* 2033 Larkhall Circle, 4-5 bed/2.5 bath, 2447 sq ft, sold 7/28/09 for $467,500 (97 percent of list) after 14 DOM for $191 per sq ft.
* 1969 Caversham Way, 4 bed/3 bath, 2348 sq ft, sold 7/31/09 for $490,000 (96 percent of list) after 19 DOM for $209 per sq ft.
* 1821 Bankfoot Court, 5 bed/3.5 bath, 3310 sq ft, sold 7/28/09 for $515,000 (100 percent of list) after 5 DOM for $156 per sq ft.
* 1125 Souza Way, 4-6 bed/3.5 bath, 3652 sq ft, sold 7/27/09 for $600,000 (98 percent of list) after 41 DOM for $164 per sq ft.

Of the 22 homes (median sales price: $377,500, average DOM: 59), 3 were bank-owned (median sales price: $290,000, average DOM: 11) and 3 were short sales (median sales price: $295,500, average DOM: 132). That's it for today. Make it a great day!

Blame it on Summer!

Yes, that's my (lame) excuse for being a wee bit late with the Folsom July real estate stats. But as late is better than never, here goes the rundown of what the July stats tell us about our local market.

Although the overall number of homes on the market was down 31% (at 426) from July 2007 (at 614), interestingly the number of homes sold (79) was up 7% from two years ago and the number of homes that were put under contract was up 10% during that time. And this month also showed more clearly a continuation of the very, very slow upswing in the number of homes sold during the past year. The less good news (at least for sellers) is that the median price of sold homes dipped to $351,000 from June's $363,962. Not to panic though as that median price has been yo-yoing during the past year. Overall, the median price of homes sold in Folsom was down 25.2% from July 2007.So how about the supply of inventory? It continues to remain tight with 4.9 months' suppply--a whopping 39% dip from the inventory we had two years ago. And as far as days on the market: the 79 properties that were sold in July were on the market an average of 63 days.

Those are the broad strokes of the market stats. If you'd like details on any of these, just drop me a line and I'll be glad to fill you in.

Hoping for a $15,000 Home Buyer Tax Credit?

There's no crystal ball when it comes to what happens when the First-Time Home Buyer Tax credit is set to expire in November. But guest blogger Barbara Van Duyn updates us on efforts to extend and increase it. Barbara is a certified mortgage planner with First Priority Financial. If you have any mortgage questions, you can reach Barbara through her Web site, www.BarbaraVanDuyn.com.

As we approach the November 30, 2009, deadline to qualify for the $8,000 First-Time Home Buyer Tax Credit, some buyers are asking me if I think it will be extended beyond November. Then there’s talk the tax credit could increase to $15,000?

I have no clue what Congress will do when the tax credit expires. Existing home sales are showing signs of improving and the public is getting tired of Washington’s deficient spending spree. Time will tell. What I do know is that Senator Johnny Isakson, R-Georgia, introduced two bills this year to amend the tax credit and extend it to all home buyers while increasing it to $15,000. Both attempts were unsuccessful with the most recent failing to pass this month. Go to Senator Johnny Isakson's Web site  to learn more. That’s it for now. Until the next time, take care. Barbara

Recent Folsom Homes Sales July 19-25 '09

Home sales continued to putter along at about the same rate as last week, with 16 sales recorded by MetroList, our local multiple listing service, during the third full week of July. The properties were listed and sold by various multiple listing service brokers. DOM stands for days on the market and cumulative DOM reflects how many days the property has been on the market, whether with the current agent or previous listing agent. Only a sale or the property being off the market for 30 days will reset the DOM number.

* 4604 Esplanade Circle #4604, 2 bed/2 bath, 1313 sq ft, sold 7/24/09 for $225,000 (96 percent of list price) after 69 days on the market for $171 per sq ft.
* 4402 Esplanade Circle #4402, 2-3 bed/2.5 bath, 1747 sq ft, sold 7/24/09 for $247,000 (100 percent of list) after 7 DOM for $141 per sq ft.
* 107 Kennerly Way, 3 bed/2 bath, 1198 sq ft, sold 7/23/09 for $270,000 (98 percent of list) after 26 DOM for $225 per sq ft.
* 116 Whiting Way, 3 bed/2 bath, 1258 sq ft, sold 7/20/09 for $285,000 (95 percent of list) after 197 DOM for $227 per sq ft.
* 1621 Caislean Way, 3 bed/2 bath, 1458 sq ft, sold 7/24/09 for $310,000 (104 percent of list) after 15 DOM for $212 per sq ft.
* 234 Oxburough Drive, 3 bed/2 bath, 1540 sq ft, sold 7/20/09 for $316,000 (92 percent of list) after 14 DOM for $205 per sq ft.
* 162 Willow Creek Drive, 3 bed/2.5 bath, 2185 sq ft, sold 7/21/09 for $318,000 (94 percent of list) after 69 DOM for $145 per sq ft.
* 124 Garrett Drive, 3 bed/2 bath, 1968 sq ft, sold 7/22/09 for $327,000 (96 percent of list) after 381 DOM (wow!)for $166 per sq ft.
* 435 Lone Spur Drive, 4 bed/3 bath, 1851 sq ft, sold 7/24/09 for $335,000 (103 percent of list) after 64 DOM for $181 per sq ft.
* 146 Rebecca Way, 5 bed/4 bath, 2722 sq ft, sold 7/24/09 for $351,000 (97 percent of list) after 66 DOM for $129 per sq ft.
* 1328 Freswick Drive, 4 bed/3 bath, 2277 sq ft, sold 7/22/09 for $429,000 (100 percent of list) after 19 DOM for $188 per sq ft.
* 337 N. Lexington Drive, 5 bed/3 bath, 2926 sq ft, sold 7/21/09 for $429,900 (101 percent of list) after 57 DOM for $147 per sq ft.
*397 Gardner Court, 4-5 bed/3 bath, 2618 sq ft, sold 7/23/09 for $440,000 (105 percent of list) after 10 DOM for $168 per sq ft.
* 419 Amhurst Circle, 4-5 bed/3 bath, 2903 sq ft, sold 7/23/09 for $490,000 (107 percent of list) after 5 DOM for $169 per sq ft.
* 667 Rogers Circle, 4-5 bed/2.5 bath, 3360 sq ft, sold 7/23/09 for $550,000 (100 percent of list) after 16 DOM for $164 per sq ft.
* 325 Catterline Way, 5 bed/3 bath, 3740 sq ft, sold 7/23/09 for $551,000 (103 percent of list) after 5 DOM for $147 per sq ft.

That's it for recent sales. Have a great day!

New Truth in Lending Act Means More Headaches

Guest blogger Barbara Van Duyn tells it as she sees it from the trenches. Barbara is a certified mortgage planner with First Priority Financial. If you have any mortgage questions, you can reach Barbara through her Web site, www.BarbaraVanDuyn.com.

The Federal Reserve Board’s new Truth in Lending Act (TILA) went into effect July 30th, 2009, and is presenting loan originators, real estate agents, and consumers with new headaches trying to get home loans closed on time. This is more regulation from the Housing and Economic Recovery Act (HERA) passed by Congress in 2008 and is intended to protect YOU from deceptive lending practices. So does it Help or Hurt? Let’s take a closer look at TILA for a purchase transaction.

As soon as a buyer has an offer accepted, the mortgage officer prepares a Good Faith Estimate of ALL costs and sends it to the bank. Hopefully within the next 24 hours, the bank prepares initial Truth in Lending Disclosures and mails them directly to the borrower (some banks will do it via email while others will use regular mail). Everything is on hold for 3 days from the mailing date. On day number 4, it is assumed the borrower has received, reviewed and agreed to move forward. We are now 7 days into the escrow and can order an appraisal. This is the earliest a lender can begin underwriting the loan (emphasis on earliest). Here’s the bigger problem. The slightest change in a loan will trigger “re-disclosure”. The bank is required to send a new set of TILA disclosures to the borrower, wait 3 days for receipt and another 3 days for borrower to review before we can move forward again. This is assuming a best case turnaround. Because so many hands are involved in getting a loan approved and escrow closed, even the most organized loan officer will face timing restrictions making it impossible to close an escrow in 30 days. My advice for buyers is to write a purchase contract with a 45 or even 60 day escrow. My position on interest rate lock periods is longer too.

As a mortgage advisor, I see several new challenges facing my clients. Here are a few:

1. The buyer doesn’t choose the escrow company … the seller does. When my borrower's offer is accepted, I ask the title company to provide me with their fees in order to prepare a Good Faith Estimate. I have to rely on their information being accurate otherwise it will cause re-disclosure.
2. My borrowers will be forced to lock in an interest rate at the moment we create the Good Faith Estimate, instead of floating with the market when rates are improving. That’s because, I can’t provide a LOWER interest rate without triggering re-disclosure and potentially delaying closing even further.
3. I can’t “over estimate” closing costs in order to avoid triggering re-disclosure because the slightest change I mentioned above applies to higher or lower changes to the original Good Faith Estimate.

Tell me what you think. Do you feel protected with this additional regulation? Until the next time, take care... Barbara

Recent Folsom Home Sales July 12-18 '09

As promised here is part 2 of my "catch-up" on recent home sales in Folsom. Sales slowed a bit during the second week of July with 13 sales recorded by MetroList, our local multiple listing service. Of those, 3 were bank-owned properties and none were short sales. The properties were listed and sold by various multiple listing service brokers. DOM stands for days on the market and cumulative DOM reflects how many days the property has been on the market, whether with the current agent or previous listing agent. Only a sale or the property being off the market for 30 days will reset the DOM number.

* 1611 Vessona Circle, 2 bed/2 bath, 1314 sq ft, sold 7/14/09 for $220,000 (107 percent of list price) after 7 days on the market for $167 per sq ft.
* 170 Bittercreek Drive, 3 bed/2 bath, 1695 sq ft, sold 7/15/09 for $335,000 (105 percent of list) after 9 DOM for $197 per sq ft.
* 799 Stewart  Street, 4 bed/2.5 bath, 2020 sq ft, sold 7/16/09 for $340,000 (102 percent of list) after 32 DOM for $168 per sq ft.
* 125 Orange Blossom Circle, 4 bed/2 bath, 1903 sq ft, sold 7/14/09 for $365,000 (99 percent of list) after 22 DOM for $192 per sq ft.
* 103 Mannock Court, 4 bed/2 bath, 2002 sq ft, sold 7/16/09 for $399,900 (100 percent of list) after 4 DOM for $200 per sq ft.
* 98 Demurrage Way, 3-4 bed/2.5 bath, 2353 sq ft, sold 7/14/09 for $400,000 (95 percent of list) after 98 DOM for $170 per sq ft.
* 1196 Kingfisher Circle, 4 bed/2.5 bath, 2450 sq ft, sold 7/15/09 for $470,000 (94 percent of list) after 114 DOM for $191 per sq ft.
* 345 Iris Circle, 4 bed/2.5 bath, 2926 sq ft, sold 7/14/09 for $548,000 (96 percent of list) after 74 DOM for $187 per sq ft.
* 105 Hollyann Drive, 5 bed/3 bath, 3157 sq ft, sold 7/17/09 for $560,000 (100 percent of list) after 94 DOM for $177 per sq ft.
* 352 Listowe Drive, 4-5 bed/3 bath, 3160 sq ft, sold 7/15/09 for $560,000 (94 percent of list) after 191 DOM for $177 per sq ft.
* 101 Hinkle Court, 4 bed/3.5 bath, 3788 sq ft, sold 7/15/09 for $568,000 (95 percent of list) after 98 DOM for $150 per sq ft.
* 184 Marsh Hawk Drive, 5 bed/4 bath, 3622 sq ft, sold 7/17/09 for $580,000 (94 percent of list) after 87 DOM for $160 per sq ft.
* 1639 Chalcedony Court, 4-5 bed/3.5 bath, 3426 sq ft., sold 7/15/09 for $590,000 (99 percent of list) after 43 DOM for $172 per sq ft.

And a shout out to Michele for reminding me I was behind on the recent sales updates ;-)

Recent Folsom Home Sales July 5-11 '09

I have some catching up to do on recent home sales in Folsom so here goes for the first of two posts on recent sales. During the first full week of July, 17 sales were recorded by MetroList, our local multiple listing service. six were bank-owned properties and just three were short sales.The properties were listed and sold by various multiple listing service brokers. DOM stands for days on the market and cumulative DOM reflects how many days the property has been on the market, whether with the current agent or previous listing agent. Only a sale or the property being off the market for 30 days will reset the DOM number.

* 58 Dean Way, 2 bed/2 bath, 880 sq ft, sold 7/08/09 for $105,000 (96 percent of list price) after 247 days on the market for $120 per sq ft.
* 885 Halidon Way, #1421, 1 bed/1 bath, 750 sq ft, sold 7/08/09 for $120,000 (114 percent of list) after 270 cumulative DOM for $160 per sq ft.
* 500 Moon Circle, #528, 2 bed/2 bath, 1120 sq ft, sold 7/10/09 for $204,000 (97 percent of list) after 42 CDOM for $182 per sq ft.
* 756 Whitworth Court, 2 bed/2 bath, 1012 sq ft, sold 7/06/09 for $215,000 (94 percent of list) after 217 CDOM for $212 per sq ft.
* 885 Halidon Way, #1512, 3 bed/2 bath, 1267 sq ft, sold 7/09/09 for $216,000 (97 percent of list) after 57 DOM for $170 per sq ft.
* 413 Leidesdorff Street, (no info on this one as it was under construction), sold 7/10/09 for $220,000 (89 percent of list) after 24 DOM.
* 1002 Ferry Circle, 3 bed/2.5 bath, 1428 sq ft, sold 7/10/09 for $220,000 (101 percent of list) after 10 DOM for $154 per sq ft.
* 118 Garrett Drive, 4 bed/3 bath, 2076 sq ft, sold 7/10/09 for $299,900 (100 percent of list) after 13 DOM for $144 per sq ft.
* 118 Seergreen Way, 3 bed/2.5 bath, 1913 sq ft, sold 7/09/09 for $305,000 (102 percent of list) after 175 DOM for $159 per sq ft.
* 241 Marsalla Drive, 3 bed/2.5 bath, 1423 sq ft, sold 7/10/09 for $310,000 (97 percent of list) after 41 DOM for $217 per sq ft.
* 115 Llewellyn Court, 3 bed/2 bath, 1707 sq ft, sold 7/10/09 for $325,000 (100 percent of list) after 83 DOM for $190 per sq ft.
* 2220 Coverdale Court, 3 bed/2.5 bath, 1782 sq ft, sold 7/08/09 for $331,000 (95 percent of list) after 16 DOM for $186 per sq ft.
* 9922 Inwood Road, 4 bed/2 bath, 1761 sq ft, sold 7/09/09 for $371,500 (105 percent of list) after 6 DOM for $211 per sq ft.
* 1235 Halidon Way, 4 bed/2 bath, 2045 sq ft, sold 7/08/09 for $415,000 (97 percent of list) after 8 DOM for $203 per sq ft.
* 1475 Freswick Drive, 4 bed/2.5 bath, 2584 sq ft, sold 7/09/09 for $435,000 (100 percent of list) after 4 DOM for $168 per sq ft.
* 1729 Langholm Way, 4-5 bed/3 bath, 2756 sq ft, sold 7/09/09 for $460,000 (102 percent of list) after 4 DOM for $167 per sq ft.
* 1140 Kidder Way, 4-5 bed/3 bath, 2896 sq ft, sold 7/10/09 for $482,500 (96 percent of list) after 67 DOM for $166 per sq ft.

The median price of these 17 homes was $305,000 (average DOM: 72).