The Real Folsom Blog

Recent Folsom Home Sales Sept. 20-26 '09

The number of Folsom home sales shot back up the the fourth week of September with 19 Folsom home sales (up from 11 sales the previous week) recorded by MetroList, our local multiple listing service. 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:

* 904 Esplanade Circle #904, 3 bed/2.5 bath, 1355 sq ft, sold 9/23/09 for $195,000 (107 percent of list price) after 11 days on the market for $144 per sq ft.
* 205 Fargo Way, 3 bed/2 bath, 1316 sq ft, sold 9/24/09 for $220,000 (111 percent of list) after 208 DOM for $167 per sq ft.
* 102 Rivage Circle, 3 bed/2.5 bath, 1747 sq ft, sold 9/23/09 for $250,000 (91 percent of list) after 146 DOM for $143 per sq ft.
* 2403 Ferry Circle, 3 bed/2.5 bath, 1748 sq ft, sold 9/21/09 for $250,000 (94 percent of list) after 553 cumulative DOM for $143 per sq ft.
* 868 Rathbone Circle, 3 bed/2 bath, 1313 sq ft, sold 9/22/09 for $295,000 (100 percent of list) after 18 DOM for $225 per sq ft.
* 240 Caples Drive, 3 bed/2.5 bath, 1423 sq ft, sold 9/24/09 for $300,000 (95 percent of list) after 279 DOM for $211 per sq ft.
* 411 Illsley Way, 4 bed/2 bath, 1595 sq ft, sold 9/25/09 for $332,000 (96 percent of list) after 28 DOM for $208 per sq ft.
* 1917 Broadford Drive, 3 bed/2 bath, 2028 sq ft, sold 9/25/09 for $355,000 (96 percent of list) after 138 DOM for $175 per sq ft.
* 465 S. Lexington Drive, 4 bed/3 bath, 2256 sq ft, sold 9/24/09 for $356,000 (96 percent of list) after 419 DOM for $158 per sq ft.
* 53 Diggins Drive, 4 bed/3 bath, 1920 sq ft, sold 9/25/09 for $360,000 (100.03 percent of list) after 512 cumulative DOM for $187 per sq ft.
* 186 Bayline Circle, 4 bed/2 bath, 1817 sq ft, sold 9/21/09 for $379,900 (103 percent of list) after 4 DOM for $209 per sq ft.
* 429 N. Lexington Drive, 3 bed/2.5 bath, 1742 sq ft, sold 9/21/09 for $384,000 (96 percent of list) after 84 DOM for $220 per sq ft.
* 1267 Muirkirk Court, 3 bed/2 bath, 1960 sq ft, sold 9/21/09 for $387,000 (99 percent of list) after 103 DOM for $197 per sq ft.
* 120 Teceira Way, 3 bed/2 bath, 2064 sq ft, sold 9/21/09 for $410,000 (96 percent of list) after 66 DOM for $199 per sq ft.
* 172 Orange Blossom Circle #C, 4 bed/2 bath, 2223 sq ft, sold 9/25/09 for $417,000 (95 percent of list) after 126 DOM for $188 per sq ft.
* 844 Hildebrand Circle, 4 bed/2 bath, 2024 sq ft, sold 9/23/09 for $445,000 (99 percent of list) after 16 DOM for $220 per sq ft.
* 105 Stroup Lane, 4 bed/3.5 bath, 3800 sq ft, sold 9/23/09 for $462,500 (97 percent of list) after 47 DOM for $122 per sq ft.
* 452 Williams Street, 4 bed/2.5 bath, 2493 sq ft, sold 9/24/09 for $468,000 (99 percent of list) after 166 DOM for $188 per sq ft.
* 1032 Sandwick Way, 4 bed/3 bath, 2724 Sq ft, sold 9/22/09 for $485,000 (97 percent of list) after 125 DOM for $178 per sq ft.

Of the 19 homes sold, two were short sales and 5 were bank-owned. The median sales price for the 19 homes was $360,000 (average days on the market: 105).

Folsom Home Sale Stats Are In for September

Finally some good news! After a three-month slide, the median sale price for a Folsom home swung up to $375,166 in September. In August the median price was at $340,000. The number of homes sold stayed steady at 60. Overall the September median price was down 17% from September 2007 when the median price was $449,500 on the sale of 40 homes. As far as new listings: 112 new properties came on the market (this number has been running steady for about 9 months now). During September, 439 residential properties were on the market, 73 went under contract and 60 sold.

As far as the supply and demand numbers, these are interesting. Although the total number of homes for sale was down 28% from two years ago, the number of homes that were put under contract went up 78% from Sept. '07. Currently the months supply of inventory for Folsom is at 4.3 months, down from a supply of 5.5 months in August. The months supply of inventory indicates how long it would take to sell all the homes on the market if no new listings occurred. And, finally, on average it's taking just a little over two months for a home to sell, at 68 days.That's all for today!

Chalk One Up for Home Buyers

Some good news for home buyers on this blustery and very wet Tuesday. On Monday, Governor Schwarzenegger signed The Buyer's Choice Act. The new law allows the buyers of REO (bank-owned) properties to choose the title and escrow company. Under the old regime, banks were dictating that choice, with a "the door is that way if you don't agree"  attitude. The banks and asset managers can no longer force buyers to choose title and escrow companies of the bank's choice. And even better news, the law passed as an urgency measure by the Gov is effective immediately. It's been a tough enough market as it is, how nice to finely be able to give home buyers some old fashioned customer service.

If You Hesitate … It May Be Too Late

Today's post is from our guest blogger, Barbara Van Duyn. 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.

This isn’t a made-up story. It actually happened last week to a client and you can learn from the experience. The real estate agent involved has a habit of checking the daily Hot Sheet from the MLS first thing every morning for any properties meeting her client’s preferences. She found one that was perfect. The client was told about the property and advised they needed to see it “today.” The client listened to the agent, saw the property, and was ready to make an offer. As the offer was being prepared, the buyer’s agent called the listing agent to advise an offer was on the way and it only gave the seller 24 hours to respond. A day later, another offer came in from a different buyer and it was $25,000 higher. But that offer was too late!

Buyers pay attention … you have to choose a buyer’s agent who is “on top of it”.  Then listen to your agent’s advice and be ready to act quickly. This is not a market for lookie-loo’s.  Interesting … another realtor in the same office was going to show the property to her client but just hadn’t gotten around to it yet. A missed opportunity! All agents have many of the same tools to work with so the question is …. who makes the best use of them? Choose your buyer agent carefully.  If you would like to know more about Hot Sheets contact Anne. Until the next time, take care. Barbara

Recent Folsom Home Sales Sept 13-19 '09

Sales kept their slow pace the third week of September with 11 Folsom home sales recorded by MetroList, our local multiple listing service. 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:

* 111 Pheasant Lane, 2 bed/2.5 bath, 1804 sq ft, sold 9/15/09 for $265,000 (95 percent of list price) after 350 days on the market for $147 per sq ft.
* 544 Fisher Circle, 4 bed/2 bath, 1710 sq ft, sold 9/14/09 for $305,000 (102 percent of list) after 63 cumulative DOM for $178 per sq ft.
* 928 Rathbone Circle, 3 bed/2 bath, 1457 sq ft, sold 9/16/09 for $313,000 (98 percent of list) after 19 DOM for $215 per sq ft.
* 440 Flower Drive, 3 bed/2 bath, 1479 sq ft, sold 9/14/09 for $318,000 (100 percent of list) after 3 DOM for $215 per sq ft.
* 109 Kerswell Court, 3 bed/2 bath, 1827 sq ft, sold 9/18/09 for $325,000 (108 percent of list) after 13 DOM for $178 per sq ft.
* 1323 Young Wo Circle, 3 bed/2 bath, 1474 sq ft, sold 9/18/09 for $341,000 (114 percent of list) after 3 DOM for $231 per sq ft.
* 213 Baurer Circle, 4 bed/3 bath, 2453 Sq ft, sold 9/18/09 for $375,333 (99 percent of list) after 112 DOM for $153 per sq ft.
* 136 Oak Rock Circle, 3-4 bed/2.5 bath, 2640 sq ft, sold 9/14/09 for $450,000 (97 percent of list) after 48 DOM for $170 per sq ft.
* 118 Chambersburg Way, 4 bed/3 bath, 2818 sq ft, sold 9/16/09 for $467,000 (94 percent of list) after 777 cumulative DOM (yes 777 days on market is correct) for $166 per sq ft.
* 220 Oxleigh Way, 4 bed/3 bath, 3507 sq ft, sold 9/17/09 for $489,000 (100 percent of list) after 6 DOM for $139 per sq ft.
* 170 Tomlinson Drive, 5-6 bed/4 bath, 5413 sq ft, sold 9/17/09 for $630,000 (97 percent of list) after 374 cumulative DOM for $116 per sq ft.

Of the 11 homes sold, none was a short sale and 2 were bank-owned (one sold in 3 days, the other in 13, both for above asking price). The median sales price for the 11 homes was $341,500 (average days on the market: 58).That's it for today. Make it a great day!

Quick Snapshot of the Folsom Real Estate Market

We appear to be on cruise control this week in Folsom when it comes to real estate. In fact, I ran the numbers twice just to confirm they were correct. Here is where we are this gorgeous Fall Monday morning: there were still 305 properties for sale, still ranging in price from $95,000 to $2,500,00 and still with a median price of $379,900. The average days on the market did drop from 91 last week to 86 days. Of those 305, 143 are short sales (up 4 from last week) and 25 are bank-owned (1 up from last week). So as you can see not much change from last week. And still just over 50 percent of the properties selling in Folsom right now are distressed sales. That's it for the quick snapshot of Folsom real estate this Monday morning. Make it a fabulous day!

Another Buyer Beware Situation

As popular as bank-owned properties are with many buyers, they can involve some additional work, and expense, on your part. Read on as guest blogger, Barbara Van Duyn, explains what some of her mortgage clients have experienced recently. 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.

Thinking of making an offer on a bank-owned property? You need to be aware that some banks will make you jump through additional hoops before they will even consider your offer. One particular bank requires the buyer to be pre-approved by one of their mortgage bankers. This means you will have to fill out a new loan application, provide income documents and allow them to run your credit. It doesn’t matter that you have already done this with your own mortgage person and been pre-approved. This bank wants you to go through the approval process all over again with them and … wait a minute … it’s going to cost you $50 bucks too! All of this just to have the privilege of “making an offer” on one of their foreclosures.  The chance of your offer getting accepted isn’t any better. My borrowers are saying No Thank You!

Here’s what really bugs me. My personal business practice requires a borrower to pay a small charge for their credit report during the pre-approval process. On July 31, 2009, along comes a new Truth in Lending Act (TILA) by the federal government preventing mortgage brokers from charging a borrower anything other than a credit report fee during the pre-approval process. I have no problem with that. However, a bank like the one mentioned above doesn’t play by the same TILA rules. They can AND do charge hundreds of $$ for loan application fees or a loan approval fees. So who is being taken advantage of? Until the next time, take care. Barbara

Recent Folsom Home Sales Sept 6-12 '09

Sales slowed a bit the second week of September with 8 Folsom home sales recorded by MetroList, our local multiple listing service. 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:

* 1702 Ferry Circle, 3 bed/2.5 bath, 1428 sq ft, sold 9/10/09 for $227,000 (110 percent of list price) after 1 day on the market for $158 per sq ft.
* 264 Lisawood, 3 bed/2 bath, 1324 sq ft, sold 9/8/09 for $229,000 (98 percent of list) after 22 DOM for $173 per sq ft.
* 2149 Horseshoe Glen Circle, 1664 sq ft, sold 9/11/09 for $342,000 (92 percent of list) after 14 DOM for $206 per sq ft.
* 109 Danforth Court, 3-4 bed/3 bath, 2125 sq ft, sold 9/11/09 for $365,000 (99 percent of list) after 66 DOM for $172 per sq ft.
* 1219 Halidon Way, 3 bed/2 bath, 1876 sq ft, sold 9/11/09 for $400,000 (96 percent of list) after 208 DOM for $213 per sq ft.
* 7033 Pine View Drive, 4 bed/3 bath, 2299 sq ft, sold 9/11/09 for $440,000 (100 percent of list) after 8 DOM for $191 per sq ft.
* 120 Cohn Valley Way, 4 bed/3 bath, 3137 sq ft, sold 9/11/09 for $449,800 (100 percent of list) after 6 DOM for $143 per sq ft.
* 104 Swift River Drive, 4 bed/3 bath, 3603 sq ft, sold 9/10/09 for $627,000 (92 percent of list) after 83 DOM for $174 per sq ft.

Of the 8 homes sold, 1 was a short sale and 2 were bank-owned (one sold in 1 day for above asking price, the other in 6 days at asking price). The median sales price for the 8 homes was $382,500 (average days on the market: 51). That's it for today. Make it a great day!

Five Reasons Why You Want To Avoid Foreclosure At All Cost

More than a third of the homes currently for sale in Folsom are short sales. Although it's sad to see that number realizing it represents neighbors in distress, the good news is these residents are being pro-active about resolving their mortgage woes. Too many homeowners still take a "head in the sand" approach to their housing problems and wait too long to address them and wind up being foreclosed on. This is unfortunate. As painful and stressful as short sales can be, I can give you five good reasons why you want to do all you can to avoid a foreclosure.

1. Foreclosure Follows You. Credit inquiries specifically ask about foreclosure. And there is no seven-year time limit on this one. So you will have to keep disclosing on mortgage applications or job applications that you went through a foreclosure.

2. Negative Impact on Your Credit Score. Did you know your credit scores will be lowered by 300-plus points (per loan) if you went through a foreclosure?

3. Ineligible for a Government-Insured Loan. You will be ineligible for a government-insured loan for between 5-7 years after a foreclosure. Homeowners who go the short sale route can apply for a government-insured loan after only 2 years!

4. Deficiency Judgement. Even if your lender forecloses, they can still seek a deficiency judgment against you and try to recuperate any amount they didn't get back at the bank sale.

5. Employment Credit Checks. Many employers run credit checks on prospective employees. A foreclosure on your record could be a strong negative for some employers.

As you see, a foreclosure will follow you a long time. Not that a short sale instantly gives you a clean slate, but it'll sure be easier to get beyond it.

Folsom Real Estate this Sept 28 '09

Finally! We are getting some cooler, actually fall-worthy, weather. As of this morning, there were 305 properties for sale (up 5 from last week), ranging in price from $95,000 to $2,500,00 and with a median price of $379,900 (no changes here) and an average days on the market of 91. Of those 305, 139 are short sales and 24 are bank-owned. Still just over 50 percent of the properties selling in Folsom right now are distressed sales. The bank-owned properties range from $140,000 to $695,900 and have a median sales price of $339,900. And the short sale properties range from $95,000 to $810,000. That's it for the quick snapshot of Folsom real estate this Monday morning.