Gone Fishing...
Gone fishing for a couple of weeks.
I'll be back blogging June 2 with lots of news on Folsom real estate.
See you then...
Gone fishing for a couple of weeks.
I'll be back blogging June 2 with lots of news on Folsom real estate.
See you then...
It's a quiet big change that's occurring today in MetroList Prospector, our local multiple listing service. For nearly a year, MetroList staff have been working to improve the local MLS. Most of the changes will only impact Realtors directly but some of the changes will be visible to the public and mean better data for all of you looking for a home. And better data means better decision-making. One of the big changes to my mind is the "Days on the Market" data field. Now MetroList Prospector will only reset the cumulative days on the market after a completed sales transaction or when the property has been off the market for at least 30 days. Even a new listing agreement and/or change in brokerage will not reset the counter. So no more of those little games where agents would take a house on and off the market every few months to have it show up as a "new" listing. Now, when you look at the "days on the market" field you will know it's an accurate reflection of how long that home has been marketed. A welcome change indeed!
Just a quick reminder today about the upcoming Foreclosure Prevention Seminar being held in Folsom next Tuesday, March 18, from 7 to 8:30 p.m. in the Community Center West Room. NeighborWorks will share information about steps at-risk homeowners can take to address loan and home loss concerns. Call Nellie Dyer at the city of Folsom, (916) 355-7352, for more information.
Can't pay your mortgage? Just walk away. That, according to an article I found on CNNMoney.com yesterday, is what borrowers are increasingly doing. Haven't heard of this happening in Folsom but some homeowners, overwhelmed with the financial nightmare they find themselves in are apparently abandoning their homes rather than try to keep up with rising mortgage payments. According to the article a new term has been coined--jingle mail--to describe people who are handing their keys back to their lenders. The most serious consequence about this approach is your credit score will take a straight-on hit. And bad credit can take a long time to fix. But, according to the article if the choice is between that and bankruptcy, bad credit may be a better route to go. You can find the article at CNNMoney.com.
Homeowners struggling with their mortgage payments may be interested in an upcoming workshop in Sacramento. On Saturday, Feb. 16, a free consumer workshop on foreclosure prevention will be hosted by Sen. Darrell Steinberg from 10 a.m. to 1 p.m. at the Antioch Progressive Baptist Church, 7650 Amherst Street in Sacramento. This is part of a series of statewide workshops presented by the State and Consumer Services Agency and Business, Transportation and Housing Agency. Credit counselors, loan servicers and lenders will be on site to offer assistance and information on options available to help owners in difficulty to keep their home. Plan to bring you loan documents and any other relevant financial information to the event. The following web site, www.yourhome.ca.gov, gives info on the workshop but no phone number or e-mail if you want additional info.
Did you know that when people face common government-related problems, they turn to the Internet, this according to a recent study by Pew Internet and American Life Project. The phone survey showed that 58 percent of respondents used the Internet to get help for their government-related problems. These problems include health concerns; school financing; tax matters; and starting a business. By comparison, 53 percent said they turned to professionals such as doctors, lawyers or financial experts; 45 percent went to friends and family members; 36 percent said they consulted newspapers and magazines; 34 percent said they contacted a government office or agency directly; 16 percent said they consulted television and radio; and 13 percent said they went to the public library. I guess I'm not surprised so many turn to the Internet. I have certainly seen that movement in home searches. Somewhere around 80 percent of buyers start their search on the internet these days. All that said, I am grateful for living in Folsom where the city runs a decent Web site. I've used it for everything from checking out video casts of past city council meetings, finding information on local businesses, to making appointments online for hazardous waste pickup. I encourage you to check it out at www.folsom.ca.us. You'll find a wealth of information.
Until tomorrow, stay dry! It looks like we are in for a couple of whopper storms.
A big salute to our Veterans this Veterans Day. Yes, I know, I'm a day late but here in Folsom we are celebrating today. So, a big thank you for all you have done for us. We couldn't do it without you!
Have you wondered how those real estate auctions work that we are increasingly seeing advertised? Earlier today I had an opportunity to hear a presentation by a company that sells real estate through auction right here in the Sacramento area. The type of real estate auctions you hear the most about are the bank-owned properties (also known as REOs) that are sold "ballroom" style in large venues like the one some weeks back at Cal Expo. This company does smaller scale auctions on the front lawn of the homes and they are not necessarily bank-owned. Some sellers frustrated by a slow market are opting to go the auction route. Some of the benefits: a quick sale, no need to make any repairs or give buyers concessions and a very high closing ratio. There are several kinds of auction: absolute (where the home gets sold to the highest bidder, reserve (where the seller decides on a minimum price they'll take, and subject to seller confirmation. Ideally a seller should have strong equity in their home and be motivated to sell this way. Even if your home is currently listed you can ask your Realtor if selling your home at auction would be a good option for you and they can help you find a reputable auctioneer. By the way, home auctions are coming to Folsom too. There is one scheduled for early December. It'll be interesting to see how it goes. I'll keep you posted.
Boy has this town grown fast! It was just barely seven years ago that I was taking the E. Bidwell exit off of Highway 50 and driving down E. Bidwell--all of one lane wide in each direction. In reality, the road at that point has several lanes more but they were not yet open for business. Now the road seems to be ever widening and we've had quite an influx of new residents. So who are we now in Folsom? Here's what I found on the City of Folsom web site: our population is at $62,945 residents, with a predominance of men (55.2%) over the ladies (44.8%). Our median age is 35.9 years and we have a nice median household income of $73,175. Ethnicity-wise, here's how the numbers break down: Caucasian-74%, Hispanic-9%, Asian-7%, Black/African-American-6%, and other-4%. We are well-educated: 19.1% of us have a high school diploma, 25.7% have a bachelor's degree and 11.9% have a graduate or professional degree. Can't wait to see what the next 10 years bring...
Been thinking of remodeling or doing some needed home repair or maintenance? It might be worth your while to check out the Sacramento Fall Home Show, which starts Friday at noon and runs through Sunday. Many of the vendors will be offering discounts and bargain to attendees. So if you're about ready to put that new wood floor in, check out the home show this weekend. And even if you are not planning any renovations, the show is a good way to get some remodeling ideas for the future. Admission is $6 for adults. If you bring a canned food item for KCRA Channel 3's Kids Can campaign, you can save $1. The show is at the Cal Expo Pavilion, 1600 Exposition Boulevard in Sacramento. You can find more info at www.sachomeandgardenshow.com.
Enjoy!
