Folsom Real Estate Market Blog

Weekly Statistics

The chart below shows new listings for the week.

08/22/2010 – 08/28/2010         

Looking for information on a location that was not listed? Contact us and we would be happy to supply you with that information.

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Yesterday as I was driving I heard a radio talk show host make a statement about short sales taking forever. Because I specialize in helping distressed homeowners sell their homes, I couldn't let that statement go. After all, if buyer's are afraid to get into short sales , these great homes can remain on the market unnecessarily.

In Folsom, of the 45 homes that sold in July 2010, 8 of them were short sales and 9 were REO (real estate owned otherwised known as bank owned). When you compare that to July 2009 when 71 homes sold, 20 were REO and only 5 where short sales.

In El Dorado Hills, of the 52 homes that sold in July 2010, 10 of them were short sales and 12 were REO.  In July 2009, 74 homes sold in July, 23 were REO and 10 were short sales.

Clearly the total number of homes and the number of REO homes that are selling went down significantly during the past year while the number of short sales sold are flat or slightly up depending on the area. Buyer's, if you want to consider all homes that are available, consider short sales as they are an increasing part of the available inventory. When you work with an experienced agent, buying a short sale often does not take much longer than a traditional sale.

Weekly Statistics

The chart below shows new listings for the week.

08/15/2010 – 08/21/2010         

Looking for information on a location that was not listed? Contact us and we would be happy to supply you with that information.

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What is the number 1 thing sellers say about pricing their home?  If you guessed, "I'm not gonna give it away" you would be correct!  This reminds me of a story.

We had a listing of a home at $27,500. The market value of the home was about $65,000 based on what was selling in the immediate area.  How much do you think the home home sold for?  The answer is $75,000.

You see by listing the price so low, an auction effect was created thus driving up the price.  We received over 50 offers on this home.  What can  a seller learn from this story?

Buyer's decide what to pay for a home and seller's decide if they will accept what the buyer will pay. If the seller says yes, they have a sale. If the seller says no, the home remains with the seller. 

In Folsom in July 2010, only 45 homes sold while 248 were listed. That means only 18% of the homes that were listed actually sold. Did the 45 that sold "give their home away"?  No, they decided that they were going to sell and they accepted the "market" price that buyer's offered. They also moved on to the next phase of their life.

In El Dorado Hills during that same time, only 48 homes sold of the 289 that were listed. That's only 17.7% that sold. The point is that when you need to sell, listen to the "market". Otherwise, you can remain where you are, essentially the buyer of your home rather than moving on with your life.  

If you own a home in California, you are most likely distressed by the change in your property's value.  Most property values in California have dropped from the peak, some well over 50%. For some this is a loss on paper only. For others, it is a devastating circumstance to be dealt with.

If you are one of the myriads of people who are having trouble making their mortgage payment, there is one critical thing you must decide before taking action to resolve your situation.

Do you want to remain in the home? 

The answer to this question is key because there are several potential solutions available to a distressed homeowner. People typically jump to foreclosure as the only option to someone who cannot pay the mortgage. However, did you know that there are fully 10 other possibilities? The key is to choose the one that is best for you and your family. 

If you want to stay in your home, there are 6 possibilities to consider.  If you want to leave your home, there are 4 possibilities. Remember Steven Covey's habit of "begin with the end in mind"? That is especially good thinking for the distressed homeowner.

A second question to ponder is

For How Long? 

Many people make a decision based on an unrealistic time frame.  You may want to stay in the home for another year and then leave. If this is you, be aware that it is important to know the ramifications of that 1 year time element.   

There is no one right answer and yet, having the facts can help you make the best decision. Take heart that this is not a forever situation. There is light at the end of the tunnel.

Weekly Statistics

The chart below shows new listings for the week.

08/08/2010 – 08/14/2010         

Looking for information on a location that was not listed? Contact us and we would be happy to supply you with that information.

Click Here