Archive for December, 2008
REI Hosts FREE Ski Equipment Clinic in Folsom CA
December 30th, 2008 categories: Folsom CA, Folsom Lake, Outdoor Activities, Skiing, Snowboarding, Special Events
Learn How To Professionally Maintain Your Equipment
Every so often there is a seminar about taking care of equipment that I would actually want to attend and considering the high cost of maintaining my skis this looked like something worth the effort. I barely give my skis a thought until it’s time to drag them out of the closet and head up the hill. Let’s face it, tightening bindings and waxing skis isn’t exactly exciting let alone sharpening edges and checking for tensions. So when I got my monthly email reminder from REI and saw this seminar I thought I’d share the information with all you ski and snowboard fans.
There are other events that REI has and trips too! On my hike yesterday with the Sacramento Trail Mix I met a gal who told me about a trip to Utah to see Zion Canyon and others this June. Apparently REI sets up trips across the world for various interests and this hiking one sounded fantastic. It includes all meals, transportation to/from the airport, lodging and guides for a week. Airfare was not included but the price was reasonable and knowing you’ll be spending time with other folks who have similar interests makes it appealing. Finding friends and family who move at the same pace with the same interests can be difficult and this offers a great way to take a vacation focusing on what you like to do.
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Folsom CA Home Statistics for 2008
December 28th, 2008 categories: Folsom CA, Real Estate
Inventory count for the final quarter of 2008
It’s that time of year again when I go through the MLS and gather the figures that reveal the pulse of real estate in Folsom CA for 2008 and I find we’re holding our own in terms of sales and inventory. Currently there are 252 active homes for sale in Folsom which includes all units including condos. There are 75 pending sales and 36 contingent sales pending a close of escrow. Believe it or not by comparison it’s a pretty average year for a community of just under 70,000 people. Our numbers were pretty close to that in 2001 and dipped much lower in 2004 so all things considered we’re doing well.
The highest number of homes sold between $300,000-$350,000 which tells you that Folsom is much more affordable than previous years when the average price hovered just below $400,000, currently the median price. The average days on market was 54 and as of today there have been 744 homes sold in Folsom CA for 2008. Not surprising is the fact that Remax Gold ranked number one for sales in both volume and listing count for Folsom this year. Personally I held my own and fell in the middle in terms of sales volume but can say that once again I made Master’s Club in 2008 although I am a life member.
So what does all this mean in light of the current economic situation? Once again we are starting to see the investors showing up, and I’m not talking about the folks who want to flip properties and make quick cash. I’m talking about real investors who view real estate as a long term investment. There are neighborhoods where with the usual 25% down you can purchase a nice home that will cash flow. This provides a strategy to build wealth secured by real property (and personally I’ve always liked owning the dirt!) So my forecast is to save your pennies and plan on doing some shopping this year…seems that’s what the smart money is doing.
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Christmas Shopping on Sutter St. In Folsom Ca
December 18th, 2008 categories: Folsom, Special Events
Great Places to Find Unique Gifts
When my kids were young we used to take them to Historic Folsom and let them buy one ornament each for the Christmas tree during December. Each child would select from the array of ornaments at one of the many shops on Sutter St. and invariably would select the first one they were attracted to. Christmas in Folsom includes old fashioned things like Santa riding throughout the neighborhoods on a fire truck, tossing candy canes out to the children and watching the Christmas tree being lit in old town on Wool St.
Last Saturday American Visions Art Gallery hosted a reception to meet Cao Yong, an artist who commands upwards of $85,000 per original painting. This Sutter St. gallery focuses on international artists but Giovanna also opens her doors to up and coming local artists. When I was involved with the Folsom Arts Association I met a number of local artists in town and a couple have held workshops at their studios this past month to make Christmas gifts. Another great idea to think about when looking for that special gift.
Of course Christmas isn’t complete without chocolate and Snooks offers the best on Sutter St. I was hosting a dinner party and needed favors and nothing says welcome like a truffle from Snooks. My husband is hooked on their Unbearably Hot Cinnamon Bears. Strolling down Sutter St. you’ll find jewelry stores, antique shops, coffee bars, a wine tasting room and more. All offer great gift wraps and supporting the local merchants has always been my goal as a small business owner.
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Short Sales: Are They Worth The Wait?
December 3rd, 2008 categories: Foreclosures, Real Estate, Short Sales
When Is It Time To Give Up?
This past year the majority of homes that have sold have been either foreclosures, REO’s or short sales. This post will focus on short sales because although they tend to take longer, are probably the riskiest, they also have the potential to be great deals. I have closed a number of them this year and have helped sellers get out from under a mortgage that had a rate adjustment or got caught in a relocation they didn’t expect. The buyers gained because these homes are usually well maintained and have good locations. In the previous market these are the homes that would sell quickly. 
First of all let me define what a short sale is: When the bank agrees to take an amount short of what is actually due on the loan or loans against the house. If there is more than one loan then position will dictate who gets paid first and who stands to lose the most. For example: A home was purchased for $400,000 and the loans originally taken were for $300,000 (1st position) and $100,00 (2nd position) with different banks. (This was how a lot of people avoided paying PMI (Private Mortgage Insurance) which can increase your monthly payment by hundreds of dollars.) The seller lists the home for $320,000. An offer comes in at $310,000 and the 1st bank approves the amount at $310,000 because the cost to do business:realtor fees, title fees, taxes, etc. comes in around $20k so they will take a short amount of about $10,000. The problem lies with the 2nd lien holder. They are stuck with nothing so the agent needs to negotiate with them to accept a small amount to come off title so the house can reconvey to the new buyer. This is where you need to make sure you have an agent who is dedicated to seeing this transaction through.
Patience is the key to a successful short sale. I have a client who will be closing escrow on a short sale that we first made an offer on in March 2008. We will close this Friday so, doing the math, it took 9 months to deliver this baby. There were some interesting twists along the way, one of which was a reduction in price of $15k because by the time the bank decided it would agree to the short sale the market had dropped. My appraiser said he couldn’t come up with any closed sales to substantiate the price so the bank had to reduce the sales price or lose the buyer and start the process all over again. This is very costly and even though the NOD (notice of default) was filed and the bank was ready to foreclose they were willing to reduce their price because it saves them money in the long run.
Another short sale I will be closing on next week has a very happy buyer because the rates dropped last week and his interest rate went down. We asked the bank to extend the closed date and they agreed and the buyer now has a lower monthly payment. The seller is happy because he managed to keep his credit intact by keeping all his other bills paid on time so the hit from missing only one payment didn’t damage his credit rating too badly.
The dirty little secret about short sales and the real estate community is that agents don’t like to show short sale properties. Why? Because it takes so long and the potential for the sale to NOT close is greater. Conversely when the sale does take place there exists a possibility that that buyer could realize some equity in the property even in this down market. The reason that is possible is because finding an equal comparable property that has closed escrow within the past 3 months is hard to come by so the appraisers only recourse is to use what actually closed. In some areas there isn’t a true equal comparison. It’s the different between finding a home with the same square ft. and lot size but the interior has been completely remodeled vs. one with original equipment.
There are so many variables when purchasing a short sale but the old adage of location, location, location still rings true. The fear of not closing the sale is very real when trying to purchase a short sale and the agent representing the seller needs to be flexible and willing to do the extra work to get it across the finish line. So when is it time to give up? I would say that if you have a timeline that doesn’t allow you to wait. If you absolutely need to get settled quickly, can’t stay in your current home or need to focus on something else (like a new job) then don’t get involved with a short sale. But if you have the time to see it through then find an agent who is patient and will work with your situation. Grandma was right, good things come to those who wait.
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