Opportunity is knocking for homebuyers in Folsom

There was a good article in the Sacramento Bee this weekend, "Housing Crash Means Bargains for Some Sacramento-Area Buyers", that talked about the opportunity that exists for home buyers to purchase an affordable home in this market, this after years of inflated home prices. If you and your family are at a point where it's time to either move into your first home or maybe even move up, take a look at the homes currently for sale. I checked our local multiple listing service this morning and found 189 homes in Folsom selling for under $300,000. And, of those, 64 were listed under $200,000. That is opportunity.
all4now

Some good news from Freddie Mac for Buyers looking to buy a home in Folsom

Here's the deal: Freddie Mac is offering up to 3.5% in closing-cost assistance to homebuyers for offers on HomeSteps properties that are received by July 31, 2011, with escrow closing no later than September 30.

HomeSteps homes are foreclosures owned by Freddie Mac. That represents some serious money for homebuyers. For example, on the purchase of a home worth $150,000, HomeSteps would pay up to $5,250 towards the buyers closing cost. Pretty sweet!

This deal may sound familiar. Fannie Mae has been offering a similar deal on homes closing by June 30.

Currently there are two homes for sale in Folsom that are eligible for the Freddie Mac incentive with possibly more coming on line. Freddie Mac says it expects the REO inventory to grow (REO stands for real-estate owned--the term banks use to describe as properties they have foreclosed).

Write me if you would like more details...

all4now

Were foreclosures the best deal around in Folsom in March?

Short answer is: Yes! A look at the market statistics found for home sales in Folsom this March 2011 does show that REOs or foreclosures were the best deal as far as price. These numbers come from Trendgraphix Inc. through our local multiple listing service, MetroList.

March 2011	Regular Sale	REO	Short Sale	All
No. homes sold	36	17	20	73
Median Price	$350K	$278K	$305K	$327K

       REO stands for Real Estate Owned—the term banks use to designate foreclosed properties.

As you can see, at a median sales price of $278,000, bank-owned properties were a good deal pricewise, and home buyers in Folsom did put a premium on homes that were not distressed sales—at a median price of  $350,000 . Such sales represented just over 50% of homes sold in Folsom in March. all4now

Homeowners at risk of losing homes may find help from CA expanded eligibility requirements

With the recent announcement by the California Housing Finance Agency (CalHFA) that it is expanding the eligibility requirements for three programs designed to help distressed homeowners, those who tapped into their home equity or took out loans after 2008, may now qualify for three programs aimed at helping families at risk of losing their homes. CalHFA is expanding the eligibility requirements as follows for three of four programs it has to help homeowners:

• The Unemployment Mortgage Assistance Program (UMA), which provides a mortgage payment subsidy of up to $3,000 a month for six months for unemployed homeowners in imminent danger of foreclosure.
• The Mortgage Reinstatement Assistance Program (MRAP), which provides up to $15,000 per household for homeowners who have fallen behind on their mortgage payments due to a temporary change in household circumstance.
• The Transition Assistance Program, which provides relocation assistance in conjunction with a short sale or deed-in-lieu of foreclosure.

If you need help and think you may now be eligible for one of CalHFA’s programs under the new eligibility requirements, simply contact the Keep Your Home California call center at (888) 954-5337.

Borrowers must own and occupy the home as their primary residence, meet income limits and face a documented financial hardship to qualify for any of the four programs. The following loan servicers participate in all four programs: GMAC, Guild Mortgage, CalHFA and California Department of Veterans Affairs. Bank of America, JPMorgan Chase, CitiMortgage and Wells Fargo participate in some, but not all of the programs, so check with CalFHA to check eligibility.

all4now

App this, App that! New free App lets you find For Sale by Owner properties

What will they not find a mobile application for? This one at least looks useful for home buyers who are willing to consider buying a home that is a FSBO. The new free mobile application for the Apple iPhone is by the real estate search site ForSaleByOwner.com. The app allows buyers to search for homes for sale with search options like those you would use for multiple listing service properties.

If, as a homebuyer, you are uncomfortable with the idea of negotiating the purchase of a FSBO by yourself, the good news is that there are sellers who are willing to work with buyers’ agents. So if you do locate what looks to be your perfect home and it’s a FSBO, have your real estate agent contact the seller first and, if the seller is amenable, your real estate agent can then arrange a showing, help you navigate the offer process, negotiate for you, and get you through the escrow.

E-mail or call me at (916) 404-3665 if you have any questions about how this would work. Always happy to help.

So do you think this is a useful app?

all4now

Folsom homes for sale: What the real estate market looks like this April 4, 2011

Here is your quick Monday morning rundown on the current real estate market in Folsom and houses for sale here. These numbers reflect properties listed by a variety of broker members of our local Multiple Listing Service, MetroList. Distressed properties currently account for 60% of homes listed for sale in Folsom.

The numbers for all homes for sale (including short sales and bank-owned homes or REOs)

·         390—number of homes for sale

·         $293,500—median price of homes for sale

·         97—average days on the market

·         $163—average price per square foot

The numbers for the short sale listings:

·         195—number of short sales on the market

·         $275,000—median listing price

·         120—average days on the market

·         $153—average price per square foot

The numbers for the REO listings:

·         39—number of short sales on the market

·         $259,900—median listing price

·         45—average days on the market

·         $149—average price per square foot

Best real estate deal in Folsom today as of the time of this posting? If you go on a price per square foot basis that would be a 4 bed/2 bath home in Natomas Height going for $101 a square foot.

These numbers were pulled this morning from MetroList, our local multiple listing service, and reflect listings by various MLS broker members. all4now

William A. Leidesdorff focus of newest Folsom History Museum exhibit

On Saturday, April 2, a new exhibit on William Alexander Leidesdorff, Folsom's first millionaire, opens at the Folsom History Museum, 823 Sutter Street. If you don't know about him, you'll find his history is a fascinating tale of California's earlier days. The SacBee has a nice article on the exhibit in today's edition.
Here's the museum's website for info on hours and admission fee: http://www.folsomhistorymuseum.org/
The exhibit runs through May 15.

all4now