Custom Search

HOTSHEETS


Categories

Archives

Folsom and El Dorado Hills Housing Statistics

July 8th, 2009 categories: El Dorado Hills, FHA, Folsom CA, Home buying, Real Estate

folsom

Folsom July 2009

Current Statistics  07/08/09

Single Family Homes Available  625      

Short Sales Available 213          

REO’s (bank owned) 20

First time buyers can finally afford to live in Folsom and El Dorado Hills and are actively buying homes and according to one of my lenders, most are staying with a 30 year fixed rate mortgage. That speaks to the ever increasing credit squeeze the banks are passing on to consumers. One interesting statistic is  just last month the amount of  listings available increased from 451 total homes available but the REO’s remained the same. There are a large amount of  bank owned homes that are not on the market yet and it’s this “shadow” inventory that banks are withholding in an effort to stabilize the market. The banks are starting to send out for BPO’s (broker price opinions) which is the appraisal they need to determine at what price the home will be sold so look for more to come soon.
el-dorado-hills1

El Dorado Hills

It seems that even though most people say they want to get a deal from the bank, once they actually see the inventory they elect to spend more up front rather than after they purchase. Traditionally, bank owned homes are in need of repair or renovations and that is where FHA loans provide the perfect remedy to an ailing house. The 203k Streamline home loan offers up to $35,000 towards renovations without having to hire a contractor. In fact, Home Depot, Lowes and other major retailers have been approved for this program, which “streamlines” the process and gets the repairs done quickly so buyers can move in without delay. Repairs include everything from new appliances to roofs and gives the new buyers the opportunity to select which finish they prefer. Once the home closes escrow the repairs start immediately but have to be finished within 30 days which is not usually an issue.

Another thing to notice between Folsom and El Dorado Hills is that although Folsom has a much larger population than El Dorado Hills it has less inventory. Currently Folsom has 270 single family residences on the market and El Dorado Hills has 355 yet Folsom hovers around 67,000 people and El Dorado Hills comes in around 42,000 population. Current stats also show the extreme lack of activity in the higher end (above $700,000) market which contributes to the glut of inventory in El Dorado Hills.

Overall, it appears that the lower end market is fueling the fire and frankly, I’m delighted to see young people who have lived here their entire lives be able to purchase a home. It should prove to be much better for the entire community as the next generation puts down roots vs. what my generation had to do which was relocate in order to afford to live.  I’m sure the baby boomer grandparents are enjoying their grandchildren living closeby…I know I am. If you would like help finding a home in either community please email me and I’ll be happy to help you get started.

To subscribe to my newsletter click on: http://www.feedburner.com/fb/a/emailverifySubmit?feedId=2571487

This entry was posted on Wednesday, July 8th, 2009 at 2:34 pm and is filed under El Dorado Hills, FHA, Folsom CA, Home buying, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply