The Real Folsom

Good News for Home Buyers Looking at Flips

2011-12-30T10:00:00.000-08:00

We weren't sure till the last minute, but the Federal Housing Administration came in with a late holiday gift for homebuyers considering the purchase of a flipped property. For the second year in a row, the Federal Housing Administration extended a temporary waiver of its "anti-flipping" rule, meaning that homebuyers (especially first-time homebuyers) who rely on FHA-insured financing will continue to be able to buy homes that have changed hands in the last 90 days without waiting for the 90-day period. The waiver is also a boon for investors seeking to rehab and flip properties, because it expands the pool of eligible borrowers

FHA continues to require that all such transactions be arms-length. In cases where the sales price of the property is 20 percent or more above the list/offer price, the waiver will apply only if the lender can justify and document the increase in value.

All of this helps FHA homebuyers as some sellers of rehabbed properties had been reluctant to enter into contracts with FHA buyers because of the cost of holding a property for 90 days, according to the Department of Housing and Urban Development.

all4now

Great Mortgage Rate News As We Near End of 2011

2011-12-26T10:37:00.001-08:00

For home buyers in Folsom and around the nation, we get some good real estate news as we near the end of 2011: A new Freddie Mac survey of mortage rates shows that rates hit a new low this week.

Freddie Mac's "Primary Mortgage Market Survey" showed that rates on 30-year fixed-rate mortgages averaged 3.91 percent with an average 0.7 point for the week ending Dec. 22, down slightly from the previous week.

Meanwhile rates on 15-year fixed-rate mortgages averaged 3.21 percent with an average 0.8 point, unchanged from last week's record low but down from 4.15 percent a year ago.

In the end, rates on 30-year fixed mortgages have been at, or below, 4 percent for the last eight weeks. That translates into $1,200 in annual savings for a homebuyer taking out a $200,000 mortgage, according to Freddie Mac's chief economist. Not bad! all4now

Folsom Home Sales for Second Half of September 2011

2011-10-05T10:33:00.000-07:00

Here are the recent Folsom home sales, as recorded by our local multiple listing service, MetroList, during the second half of September. These properties were listed and sold by various broker members in MetroList. Of the 56 sales recorded, 32 were regular sales, 15 were short sales, and 9 were bank-owned. The average sales price was $316,279 and the average price per square foot: $155.

Address	Sold for	Sq Ft	Date Sold	DOM
900 Moon Cir #934	$99,500	831	9/23/2011	106
885 Halidon Way #714	$133,000	985	9/16/2011	101
810 Duchow Way	$150,000	1,017	9/21/2011	56
656 Daventry Ct	$175,300	1,012	9/28/2011	110
4701 Esplanade Cir #4701	$185,000	1,501	9/30/2011	187
1173 Avon Way	$185,000	1,196	9/26/2011	174
1117 Vessona Cir	$186,500	1,314	9/28/2011	59
125 Coralie Way	$189,000	1,550	9/26/2011	19
822 Comstock Dr	$197,300	1,250	9/27/2011	30
107 Blossom Rock Ln #45	$214,000	1,379	9/23/2011	146
120 Brightstone Cir	$222,000	1,249	9/26/2011	26
119 Remington Dr	$231,960	1,709	9/30/2011	177
675 Diamond Glen Cir	$235,000	1,489	9/22/2011	74
177 Arbuckle Ave	$235,000	1,454	9/29/2011	19
105 Farham Dr	$235,000	1,258	9/22/2011	6
151 Placer Mine Rd	$249,900	1,615	9/23/2011	147
109 Gable St	$255,000	1,411	9/16/2011	18
128 Larkin Cir	$260,000	1,446	9/21/2011	9
2144 Horseshoe Glen Cir	$260,100	1,344	9/19/2011	138
107 Gilded Rock Cir	$267,400	1,938	9/30/2011	154
124 Blakeslee Way	$272,500	1,467	9/30/2011	4
234 Winding Canyon Ln	$279,000	1,804	9/20/2011	4
1385 Copping Ct	$280,000	1,661	9/29/2011	74
209 Baurer Cir	$281,300	1,757	9/29/2011	59
105 Mainsail Ct	$285,000	1,767	9/20/2011	26
133 Honey Cook Cir	$290,000	2,008	9/30/2011	92
758 Agostini Cir	$293,000	1,635	9/23/2011	39
105 Tetworth Way	$295,000	1,890	9/22/2011	153
114 Crossing Way	$314,000	2,258	9/21/2011	105
416 Seaton Dr	$320,000	2,459	9/30/2011	87
1530 Thurman Way	$321,430	2,082	9/29/2011	33
1564 Thurman Way	$330,000	2,436	9/22/2011	408
1101 Buckbrush Dr	$330,939	2,100	9/30/2011	2
796 Bluestone Cir	$335,000	2,213	9/16/2011	126
948 John Murray Way	$335,000	2,231	9/29/2011	68
1539 Kearns Ct	$343,000	2,420	9/16/2011	133
394 Seaton Dr	$355,000	2,364	9/26/2011	5
469 S Lexington Dr	$360,000	2,453	9/27/2011	6
1809 Langholm Way	$370,000	2,584	9/26/2011	137
106 Chapman Ct	$372,500	1,964	9/21/2011	5
1113 River Bend Ct	$389,500	2,236	9/23/2011	43
1525 Parkway Dr	$390,000	2,300	9/22/2011	16
1844 Applecross Ct	$390,500	2,756	9/28/2011	50
128 Tomlinson Dr	$410,000	3,044	9/30/2011	117
2156 Woodhead St	$411,000	2,462	9/30/2011	4
162 Bayline Cir	$415,000	2,501	9/16/2011	107
2099 Stockman Cir	$419,000	2,462	9/19/2011	7
106 Emigrant Ct	$425,000	2,584	9/29/2011	5
103 Emigrant Ct	$425,500	2,857	9/16/2011	34
1553 Freswick Dr	$445,000	2,956	9/23/2011	183
100 Bunker Ct	$447,000	3,186	9/23/2011	45
313 Euer Ct	$460,000	2,621	9/22/2011	73
105 N Falls Dr	$469,500	3,683	9/26/2011	233
816 Travis St	$520,000	3,425	9/29/2011	5
743 Sturbridge Dr	$551,000	3,547	9/29/2011	15
312 Canyon Falls Dr	$615,000	3,628	9/30/2011	29
900 Moon Cir #934	$99,500	831	9/23/2011	106

DOM= Days on Market

If you would like more details about any of the above home sales or if you are wondering about another recent sale or any current homes for sale in Folsom, drop me a line and I’ll look it up for you! Also, please verify all information independently before making a decision based on the above information. all4now

Folsom Real Estate Market Snapshot for Sept. 28 2011

2011-09-28T10:31:00.000-07:00

Here is a quick rundown for Folsom real estate this a.m.:

Total number of Folsom homes for sale in our multiple listing service: 320 -- median sales price: $305,000
Number of foreclosures for sale: 21 -- median sales price: $260,000
Number of short sales for sale: 195 -- median sales price: $298,176
Number of regular sales (i.e., not distressed): 104 -- median sales price: $367,000

So 67.5% of the homes on the market currently in Folsom are distressed sales. Sad comment on the state of our real estate market but opportunities for buyers price-wise, although the inventory remains very tight.

all4now

Home ownership still part of the American Dream

2011-09-26T11:19:00.000-07:00

Despite the onslaught of dire real estate news we've been getting via local media or the Sacramento Bee, confidence in the value of homeownership is still strong. Real estate search portal Trulia just released its biannual survey and found that 80% of homeowners plan to buy another home and that the survey participants see homeownership and placing money in a 401(k) or other retirement account, as the best long-term investments. One significant part of the American Dream is still alive and well!
all4now

Folsom Home Sales, September 1-15, 2011

2011-09-22T09:54:00.000-07:00

Here are the recent Folsom home sales, as recorded by our local multiple listing service, MetroList, during the first 15 days of September. These properties were listed and sold by various broker members in MetroList.

Address	Sold for	Sq Ft	Date sold	DOM
155 Pierpoint Cir	$129,500	1,207	9/6/2011	129
1301 Ferry Cir #101	$160,000	1,139	9/12/2011	84
117 Henderson Way	$180,000	1,641	9/8/2011	269
204 Blossom Rock Ln #28	$196,000	1,234	9/7/2011	191
100 Perraud Dr	$198,000	1,262	9/14/2011	16
105 Casselman St	$200,000	1,517	9/9/2011	184
751 Diamond Glen Cir	$205,000	1,285	9/15/2011	14
152 Arbuckle Ave	$211,000	1,279	9/9/2011	200
106 Janewood Ct	$216,900	1,324	9/2/2011	49
512 Vessona Cir #512	$220,000	1,728	9/9/2011	7
124 Sombrero Way	$249,900	1,479	9/8/2011	91
1703 Ballou Cir	$249,900	1,905	9/9/2011	55
433 N Lexington Dr	$255,000	1,577	9/9/2011	14
1274 Knopfler Cir	$255,000	1,782	9/2/2011	120
130 Perraud Dr	$265,000	1,504	9/2/2011	19
191 Silberhorn Dr	$282,000	1,757	9/9/2011	36
328 Lone Spur Dr	$284,400	1,468	9/13/2011	8
125 Arbuckle Ave	$289,950	1,775	9/2/2011	27
123 Cobble Ridge Dr	$297,000	1,938	9/1/2011	2
997 Carter St	$300,000	2,231	9/15/2011	100
102 Winterstein Dr	$310,000	1,891	9/2/2011	16
131 Marble Canyon Dr	$315,000	2,113	9/7/2011	7
1736 Dunkeld Ln	$319,000	1,688	9/14/2011	15
207 Silberhorn Dr	$320,000	1,939	9/1/2011	400
113 Triff Ct	$325,000	2,676	9/1/2011	116
976 Dolan Ct	$350,000	1,878	9/14/2011	4
1093 Smith Way	$355,000	2,689	9/2/2011	0
816 Halidon Way	$367,000	2,090	9/8/2011	151
1225 Meredith Way	$385,000	2,436	9/2/2011	19
121 Penwood Ln	$389,900	2,426	9/9/2011	15
733 Bluestone Cir	$425,000	3,234	9/15/2011	130
1545 Parkway Dr	$425,000	2,300	9/13/2011	4
105 MCDERBY Ct	$428,000	3,511	9/14/2011	94
120 Briggs Ranch Drive	$430,000	2,585	9/7/2011	38
417 Catterline Way	$465,000	3,272	9/8/2011	136
206 Marsh Hawk Dr	$470,000	2,780	9/8/2011	6
307 Fitchburg Sqr	$560,000	2,805	9/2/2011	4
109 Allerton Ct	$650,000	3,410	9/9/2011	238
331 Tobrurry Way	$780,000	4,400	9/2/2011	192

DOM= Days on Market

What do August Folsom home sales tell us about the market

2011-09-15T13:47:00.000-07:00

The number of Folsom homes that went into escrow last month climbed again after a short July dip, according to the August 2011 home sales statistics just released by Trendgraphix—a real estate market research company—that provides, among other things, some detailed monthly data on real estate markets by zip code.

The number of homes that went pending, 116, continued (with the exception of July) an upward swing that started back in December 2012. That number represents a 111% increase over a year ago! And keeping in step with that was the number of homes that sold in August (72), up 44% from a year ago. The less good news is that the average price per square foot (down 6.8%) and the average sold price (down 14.5%) were both down from a year ago.

Here is a quick look at the August 2011 numbers for homes sold in Folsom:

· Average price per square foot: $155

· Average days on market: 80

· Months' Inventory on sold: 2.4

· Average Sold Price: $324K

· Total homes sold: 72

Some good news for Folsom home buyers is that the inventory is up to 2.4 months after hitting a low of 1.8 three months ago, although that is still down 52% from a year ago.

I’ve included the graph showing the number of homes for sale, sold, and pended for each month from August 2010 to August 2011. These numbers are specifically for single family residences. Just drop me a line if you would like to see the numbers for a different kind of property (i.e., condo, lot, income property etc.), and I’ll get those to you, no obligation and with a smile!

That’s it for today’s wrap up of the Folsom real estate market numbers for August 2011. Interested in numbers for another zip code? Just let me know and I’ll send them offline.

all4now

Folsom Home Sales August 14-20, 2011

2011-08-23T10:38:00.000-07:00

Here are some recent Folsom home sales, as recorded by our local multiple listing service, MetroList, between August 14 and 20, 2011. These properties were listed and sold by various broker members in MetroList.

Address	Date Sold	Sq Ft	Sold on	DOM
713 Natoma St	$180,000	1,295	8/15/2011	37
806 Bidwell St	$200,000	1,350	8/18/2011	13
312 Vessona Cir #312	$212,000	1,728	8/19/2011	0
289 Brandy Oak Ct	$222,250	1,225	8/19/2011	9
103 Royalton Cir	$230,000	1,452	8/16/2011	6
318 Flower Dr	$235,000	1,698	8/19/2011	2
292 Hornsby Ct	$255,000	1,434	8/19/2011	40
122 S Fork Way	$257,000	1,800	8/18/2011	51
2121 Horseshoe Glen Cir	$259,900	1,344	8/17/2011	68
121 Boxford Sqr	$375,000	2,452	8/17/2011	174
1113 Buckbrush Dr	$375,000	2,547	8/16/2011	4

Folsom Home Sales for August 7-13

2011-08-16T11:54:00.000-07:00

Here are some recent Folsom home sales, as recorded by our local multiple listing service, MetroList, between August 7 and 13, 2011. These properties were listed and sold by various broker members in MetroList.

Address	Sold for	Sq Ft	Date sold	DOM
300 Moon Cir #336	$129,900	1,018	8/10/2011	5
120 Briarcliff Dr	$180,000	2,147	8/8/2011	53
1707 Esplanade Cir #1707	$184,900	1,355	8/12/2011	24
208 Montrose Dr	$205,000	1,402	8/12/2011	118
111 Rockbolt Cir	$225,000	1,245	8/12/2011	132
112 Amaya Dr	$239,000	1,479	8/10/2011	12
2194 Palomino Ct	$303,435	1,687	8/11/2011	4
175 Elkins Cir	$309,000	2,470	8/9/2011	128
104 Johnston Ct	$310,000	2,185	8/11/2011	55
1135 Burwick Ln	$324,000	1,753	8/11/2011	64
209 Baurer Cir	$335,100	1,757	8/8/2011	59
1992 Stockman Cir	$352,000	1,919	8/10/2011	119
280 Randall Dr	$399,900	2,125	8/8/2011	7
2153 Fenceline Dr	$400,000	2,668	8/8/2011	66
204 Littleton Ct	$439,000	2,779	8/9/2011	6
150 Tomlinson Dr	$475,000	3,589	8/11/2011	71
109 Cruickshank Dr	$480,000	3,086	8/12/2011	0

DOM= Days on Market

Loan Modifications Continued to Outpace Foreclosures in 2nd Qtr.

2011-08-15T09:08:00.001-07:00

It was about time for some good news! Hope Now--an alliance of counselors, mortgage companies, investors, and other mortgage market participants—reports that although foreclosures are up from March and April, loan modifications continued to outpace foreclosure sales during the second quarter. This is according to the latest report from loan servicers who participate in the Hope Now program. Also the number of mortgages with payments late by 60 days or more declined by 27 percent to 2.73 million.

By the numbers: Since 2007, 3.7 million homes have been sold through foreclosure and 4.7 million homeowners have received permanent loan modifications.

For more: Hope Now

all4now

Home Sales in Folsom last week

2011-08-05T16:48:00.000-07:00

Address	Sold for	Sq Ft	Date Sold	DOM
226 Wales Dr	80,000	1,243	7/29/2011	11
909 Esplanade Cir	155,000	1,059	7/26/2011	22
124 Sierra Woods Cir	229,900	1,258	7/26/2011	21
108 Van Winkle Ct	237,500	1,864	7/25/2011	81
1803 Ferry Cir	240,000	1,746	7/28/2011	14
1479 Lewis Way	250,000	1,675	7/29/2011	12
944 John Murray Way	259,000	1,506	7/28/2011	80
1487 Strabane Way	267,000	1,339	7/25/2011	108
125 Corral Ct	269,000	1,641	7/28/2011	6
181 Bittercreek Dr	270,000	1,637	7/26/2011	15
1121 Knopfler Cir	270,199	1,782	7/28/2011	11
319 Coventry Cir	275,000	1,843	7/28/2011	3
2098 Horseshoe Glen Cir	280,000	1,664	7/25/2011	89
108 Witmer Dr	282,000	2,076	7/28/2011	124
129 Cape Cottage Ln	291,730	1,814	7/28/2011	67
2192 Owl Meadow St	295,000	1,851	7/29/2011	64
107 Eagle Creek Ct	315,000	2,454	7/25/2011	11
1000 Hildebrand Cir	320,000	1,919	7/28/2011	178
125 Blakeslee Way	349,500	2,193	7/29/2011	62
1772 Dunkeld Ln	355,000	2,277	7/27/2011	121
101 Drummond Ct	366,100	1,827	7/26/2011	3
1055 Elsworth Way	371,000	2,689	7/28/2011	56
110 Teceira Way	390,000	2,436	7/27/2011	100
154 Goodell Rd	399,000	2,488	7/26/2011	10
1 Tiempo Ct	415,000	2,629	7/24/2011	0
1092 Driftstone Ct	425,000	3,234	7/29/2011	109
181 FALL RIVER Dr	430,100	2,991	7/29/2011	11
134 Cruickshank Dr	433,000	2,436	7/28/2011	97
424 Williams St	471,000	2,832	7/29/2011	70
416 Sutter St	492,000	2,920	7/29/2011	14
909 Chaffin Ct	499,000	2,832	7/29/2011	126

Another day, another prediction on where home prices are going

2011-07-08T08:15:00.001-07:00

Opened my Sacramento Bee this morning and saw this headline in the business section: "Sacramento area home prices expected to decline further before 2012 turnaround." Yesterday if you recall I mentioned a recent survey that saw a bottoming out of home prices in 2011. That article was at the national level so it's useful to see a region-specific forecast. Let's hope they are right that we are getting towards end of this real estate crash
You can find the Bee article here: http://tinyurl.com/44njdg2
all4now

Home prices will hit bottom this year, according to new poll

2011-07-07T15:57:00.000-07:00

Some interesting news from MacroMarkets, which recently released a survey of 100 economists, real estate experts and investment strategists on where they thought the residential real estate market is going. The result: More than half of the econ experts surveyed say they expect national home prices to hit bottom in 2011 and remain stable through 2015. This comes on the heels of a prediction at last month’s Pacific Cost Builders that a housing recovery would remain elusive until 2013 or beyond. And, almost two-thirds of those surveyed see the U.S. residential real estate market at an historic turning point, according to Robert Shiller, the co-founder and chief economist at MacroMarkets. Unfortunately no breakdown was provided on the expected home price changes in the next few years by region. As many of you know, the greater Sacramento region has been hit hard by the real estate crash. It would certainly be welcomed news for homeowners.

all4now