Latest Statistics for Folsom CA real estate
October 29th, 2008 categories: Folsom Lake, Real Estate
Approximately 25% of current inventory pending a closed sale!
There was an interesting question posed on Trulia today that asked for the latest statistics on Folsom CA real estate and that got my little mind working to see exactly where we are at in the overall scheme of things. Last week, at the SAR board meeting in Folsom, we had a speaker from one of the local brokerages talking about the state of real estate in Folsom and what to expect within the coming year. I did a quick search and found that there were approximately 273 homes for sale and about 72 pending sales as of 10/29/08.
That question got my mind going and I wondered what the cheapest home on the market was which turned out to be a home on Market St. for $165,000. A little 3bedroom, 1 bath, across from Theodore Judah school. The next home was much higher at $194,500 and located across from Blanche Sprentz school on Flower Dr. and happened to be a bank owned home listed by one of my fellow REMAX agents. There are great deals to be had while the interest rates stay below 7% (which won’t last long since the election is next week!) I suggest you take advantage of this market.
Even though money is tight I figured that if a family could manage to come up with 3% down payment of $5700.00 they could qualify to live in the 2nd home with a payment of about $1630.00 per month. That’s not much more than the average rent for a 3bedroom 2bath in Folsom. Granted it’s not a home located in the best part of town but you can paint the walls whatever color you want and no one will argue with you except your teenager! Actually, my kids went to Blanche Sprentz and we lived near there for many years and really enjoyed the neighborhood.
Inventory is constantly changing and the market remains volatile so judging what will happen in the next quarter is a guessing game but I do know that statistically the interest rates will rise after an election. That should get you thinking about making your move so if you need to start touring properties please give me a call and by all means please share this information!
