Low Housing Inventory

There are currently 87 homes, condos and duplexes for sale in all of Folsom!

It is April 2012 and the Folsom and surrounding area market is starting to see multiple offers on homes, similar to the seller’s market from 2003-2006. Remember when every home had 10 or more offers on it?   Those were the good ol’ days for seller’s and they are back!

It’s pretty incredible what’s happening right now!  Inventory is down by about 30% from this same time last year.  If you are a seller and you are thinking about selling later this year, you may want to consider listing now -you will have very light competition!  When a good house comes on the market and is presented properly and priced properly it is selling very quickly and we are starting to see multiple offers…again.

Folsom Annexation Approved

Folsom will soon be 3,500 acres larger. Sacramento Local Agency Formation Commission unanimously voted this evening for Folsom to expand its boundaries south of U.S. 50. When developed, plans are for 1,000 acres of open space and wetlands, 120 acres of neighborhood parks, 474 acres of residential construction, and 511 acres of commercial, industrial and office space.Incorporation is expected as soon as February.

* Discuss in the Forums

Low Rates + Low Prices + High Rents = Brisk Market

Here we are, nearing the end of summer, and despite the state of the economy, despite the lack of job growth, despite the warnings of impending doom, home buyers continue to buy.

In the first 7 months of 2010, 480 homes were purchased in Folsom. For the first 7 months of 2011, 585 homes were purchased, representing an increase of over 20%.  

Over 100 homes were sold in Folsom in each of the last 2 months. The last time that happened was 2005.  (more…)

Affordable Housing Debate Returns

MyFolsom.com got kickstarted with a plethora of heated discussion regarding affordable housing about 2002. After roughly 8 years of zoning properties for low-income housing, the city dropped the requirement and switched to a voluntary basis for developers, since the mandate stalled development. Even though 200 affordable housing units will be provided in the next 3 years, a housing advocate group is suing the city since it is no longer a requirement.

* Discuss in the forums

34 Acres Bought for Housing

34 acres of commercial land off Parkshore Drive have been purchased by a real estate investment firm, with the hopes of re-zoning to residential. The group hopes to build dense residential homes and is happy about Folsom’s “strong” housing market and proximity to light rail.

Persistance Pays Off for Some

When the government unveiled HAMP (home affordable modification program), it was estimated that up to 4 million borrowers would have their loans modified by rate and/or loan balance reduction thus saving their homes from foreclosure.

Here we are 2 years later, and the latest reports show that only about 522,000 loans were permanently modified and another 792,000 ‘trial modifications’ were cancelled by the banks. The blame for the low success rate is placed on everything from too much red tape to uncooperative borrowers to the fact that the program is voluntary and the banks don’t want to volunteer. (more…)

It’s Gonna Be a Good One

I am an eternal optimist, but I also study the market, I talk to people, and I sell houses, so I know a little of what I speak. Plus, I’ve got this really cool crystal ball… (more…)

The Crazy Myth of Housing Affordability

The good news for buyers is that both home prices and interest rates have fallen to the point that housing is more affordable than ever. The housing market is on sale! Funny thing is, it seems the more affordable the houses the fewer of them sell. (more…)

Short-sale Success!

We’ve all heard and read about short-sale nightmares. I’ve written about them several times myself. They banks can turn them into terribly long, complicated, frustrating ordeals, and they often end up forclosing.

This isn’t always the case, however, and they’re getting better and better every day. Why? Lots of reasons, but mostly it’s about money. Yes, there is pressure from the government, the press and the public for the banks to do a better job of processing short-sales, but the bottom line is the bottom line. It can be cheaper for a bank to accept a short-sale, a pay off of less than what is owed, than to foreclose on the property and gamble that they can make more by foreclosing. (more…)

Short-sale Nightmare, part II

Hey Kids,

In my last post, I talked about the short-sale nightmare of having Bank of America drag their feet and pass the buck on a short-sale for over 7 months before foreclosing and auctioning the property off for $214,000, when they had an initial offer of $310,000. This foot-dragging has killed lots of sales, but some of the banks are getting better.

Today, I want to tell you about another issue you may face if you want to buy or sell a short-sale; the dreaded second mortgage. (more…)