REAL ESTATE SALES DATA FOR THE PAST 15 MONTHS–EL DORADO HILLS, CA
This post will list the real estate sales data for all homes in El Dorado Hills, CA for the past fifteen months. Each month the data will be updated as soon as it becomes available. The data is provided in detail.
Unfortunately it takes some time to load. You will find the detailed data worth your wait.
This chart shows the number of homes available, the number of homes pending sale and the number of homes sold by month. THe trends are obvious.
This graph shows the average cost per square foot for all homes sold in El Dorado Hills by month.
This graph shows the average cumulative days on market and the reatio of asking price to selling price for all home sold by month.
This graph shows the average asking price and the average sold price for all homes in El Dorado Hills by month.
This graph shows the available inventory of all homes in El Dorado Hills by month. A neutral inventory is considered six months. Inventories of larger than six months indicate a buyer’s market and inventories of less than six month are considered a seller’s market.
Feel free to call if you have any questions.
WHY HOMES DO NOT SELL!
Why Homes Do Not Sell
Everyone knows that home values have taken a major hit over the past few years. Homeowners are faced with the fact that over 50% of the homes that sold in California in 2009 were either bank owned or short sales. That means that homeowners who wish to sell their home must compete with homes in the distressed segment of the market. That is not a great place to start.
Let’s take a closer look at the housing market over the past few years. We have all read stories and seen first hand what has happened to the new home market. Builders have closed up shop and have had to lay off staff because of the lack of qualified buyers. Developers have stopped construction in projects that are only partially done. Many large builders are no longer in business.
You may ask what that has got to do with me selling my home. It is simple. The down market over the past few years 
is going to result in a serious housing shortage in the very near future. Housing prices are down resulting in increased affordability. There are going to be more buyers out there who can afford to buy, but there is not going to be much of a selection. With more buyers chasing fewer homes the old Economics 101 comes into play: the laws of supply and demand will result in increased home values.
We are already seeing this play out in the lower priced segment of the market. Multiple offers are the rule, not the exception. Most of the homes are selling for more than asking price. Some buyers have submitted five to twelve offers on different homes but have yet to have an offer accepted.
Government incentive programs have helped and will continue to do so until the housing sector is once again healthy and vibrant. It is going to happen quickly and most sellers are not going to be prepared.
If you are thinking of selling your home, take this little quiz and see how you do. It is time to get your ducks in order so that you can take advantage of the pending boom.
1) Getting the price right. A home should be priced:
A) Higher than comparable home sales in the area.
B) Lower than comparable home sales in the area.
C) In line with comparable home sales in the area.
2) Getting Ready To Sell. A home’s condition should get high marks for:
A) Curb appeal
B) Interior charm
C) Landscaping
D) All of the above
3) Getting to “SOLD” Quickly. The best ways to market a home quickly include:
A) Realtor’s MLS inclusion
B) Internet exposure (Separate property web site, CraigsList, Etc.)
C) Local Advertising and Open House
D) All of the above
4) Photographs and Marketing. How important are photos in marketing
A) Photos are not important
B) One or two black and white photos should do
C) Multiple high quality photos are essential from day one
5) If your home did not sell. Why do you think your home did not sell?
A) Incorrect pricing
B) Your homes condition
C) Inadequate marketing
D) All of the above
And the answers are:
1) To set the right price for your home requires a combination of an objective evaluation of your property with a realistic assessment of the market conditions at that time. Asking too much for a home will discourage buyers and reduce the likelihood that local agents will show it. Price a home too low and you could leave some of your hard earned money on the negotiating table. A good rule of thumb is to price your home about 5% above true market value to leave a potential buyer room to negotiate. This, however, must be adjusted depending on the home’s condition, location and the seller’s willingness to make the home available to potential buyers on short notice.
2) A home’s condition should get high marks all around. Problems with curb appeal and landscaping may result in buyers driving by your home. Interior problems like deferred maintenance will reduce the likelihood of receiving offers or will reduce the offer price because buyers will have to bring the home up to their standards. Staging your home will make it more acceptable and can increase the amount of an offer. We will make suggestions to help you maximize your bottom line.
3) The best way to market the home is through all avenues. Exposure is paramount. Single property web sites, www.YourPropertyAddress.com yield surprising results. We market our listings on 17 different property search sites.
4) There are still agents out there who think that price, and only price sells a property. They make little of no effort 
to enhance exposure through photographs. We are of the second school of thought on photographs. The more high quality color photographs available on the Internet, the better. Our single property web sites often have 30 to 40 photographs. Most people look at new listings in the Realtor’s MLS and delete those without photos. The first day a property is on the market THOSE homes have greatly reduced exposure. We include the maximum number of photos in our listings when the listing is entered into the system.
5) When all is said and done, real estate sales are based on what a qualified buyer is willing to pay and what a motivated seller is willing to accept. Price is very important. Location and condition are also important but deferred maintenance could be a deal breaker. Not many buyers have the skill set or an interest in taking on a “money pit. Of course, aggressive marketing is what gets the buyer to the front door.
We will be happy to visit your home and provide a market evaluation free of charge. We will also make suggestions that will increase your home’s overall appeal. It is prudent to be prepared so that you can get top dollar for your home.
HAFA(Home Affordable Foreclosure Alternatives) Part 4 Who Is Eligible?
HAFA (Home Affordable Foreclosure Alternatives) Program—Who is Eligible? Part 4
Our previous posts provided an overview of the HAFA program and some detail on the financial incentives offered through that program. We will present a series of posts to cover the program in detail as a service to distressed homeowners, their families and friends.
We must remember that that the HAFA program is part of a series of government sponsored programs designed to help distressed homeowners to save their homes. It is not a get-out-of-jail-free card for homeowners who want to divest themselves of an underperforming asset. In order to qualify for any of these programs you must have a legitimate financial hardship. A major reduction in income, loss of a job, family medical problem that causes financial hardship or having to move because of your job are some of the hardships that should allow you to qualify.
This program was designed to help distressed homeowners who do not qualify for a loan modification through the HAMP (Home Affordable Modification Program). If a homeowner does not have sufficient income to make reduced mortgage payments they will not qualify for HAMP and are most likely eligible for the HAFA program.
There are, however, specific guidelines that the homeowner must meet. Loans originated or guaranteed by Fannie 
Mae or Freddie Mac do not qualify. You can go to the Fannie Mae or Freddie Mac web sites to determine if you loan falls into this category. Both organizations are considering implementing a similar program for their loans. That may take a little time.
Loan servicers must consider HAMP eligible borrowers for HAFA within 30 days IF the borrower has met one or more of the following criteria:
- Does not qualify for a HAMP trial period
- Does not successfully complete a HAMP trial period
- Is delinquent on a HAMP modification my missing at least two consecutive payment
- Requests a short sale of deed-in-lieu
For a loan to qualify, it must meet the following criteria:
- Be the borrower’s principal residence
- Be a first deed of trust originated on or before January 1. 2009
- Be delinquent or default is reasonably foreseeable
- Have a current unpaid balance equal to or less than $ 729,750
- The borrower’s total monthly mortgage payment exceeds 31% of the borrowers gross monthly income
- The mortgage is not owned or guaranteed by Fannie Mae of Freddie Mac
We would like to make one point clear. The HAFA program when into effect on April 5, 2010. Homeowners who were in default or participating in a short sale before that date can still apply for participation in the HAFA program. There is a path provided for those homeowners to apply for a HAMP loan modification if they qualify.
Additionally, the HAFA program applies only to the first deed of trust. Homeowners with a second and third deed of trust may find it difficult to complete a short sale or deed-in-lieu through the HAFA program. The program is so new that there are no presidents to show us what to expect.
Tune in for the next post in this series.
HAFA (Home Affordable Foreclosure Alternatives) Who Gets Incentives?
HAFA Incentives: Who Gets What?
Our previous post provided an overview of the HAFA program. We will present a series of posts to cover the program in detail as a service to distressed homeowners, their families and friends.
This post will cover the financial incentives offered in the HAFA program.
- Homeowners will qualify for relocation assistance after they complete a HAFA assisted short sale or after they surrender their deed-in-lieu of foreclosure. The amount of this incentive is $ 3000. The homeowner must complete all of the required forms and follow the process to completion to receive this incentive. Note that this incentive will likely be taxable income.
- Loan servicers, those who service, or manage the loan for the investor (e.g. B of A, Wells Fargo, and Chase) will get up to a $ 1500 servicing bonus for completion of a short sale or deed-in-lieu.
- Investors will receive up to $2000 for those who allow a total of up to $ 6000 in short sale proceeds to be distributed to subordinate lien holders. The incentive will be calculated on a one for three basis. “For each three dollars an investor pays to secure release of a subordinate lien, the investor will be entitled to one dollar of reimbursement up to the maximum reimbursement of $2,000.”
- Lenders pay all servicing fees
It is not clear how much of an impact these incentives will have on either the loan servicer or the investor. The amounts are certainly small compared to the dollar amounts they will have to forgive. However, it is an established fact that they consistently net more through a completed short sale than they do through the foreclosure process. That fact is probably the overriding incentive. It is all about their bottom line.
HAFA eligibility will be covered in our next post.
REO (BANK OWNED) HOME SALES FOR EL DORADO HILLS,CA MARCH 2010
El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR March 2010
This is a continuation of my two-plus year monthly report on Bank Owned home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in March2010.
There were only seven Bank Owned homes sold in March, down from twelve the previous month. This reflects the level of inventory. At this writing there is only a four month inventory of REO homes available in El Dorado Hills.
The average days-on-market decreased to 18, down from 26 the previous month. A full 58% of the REO homes sold were on the market less than two weeks. The well priced homes are selling quickly as usual. Those that were not well priced took longer to sell—Real estate 101.
The seven REO homes that sold represent only 15% of all homes sold in El Dorado Hills, down from 31.6% last month.
The cost per square foot of REO homes in March was $ 156, up $ 20 from last month; a considerable increase. The cost per square foot of all homes sold in January decreased to $ 169, up from $ 157 in February.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold 
indicates that REO homes represented a 7% savings for REO buyers.
The overall sales price for REO homes was 100% of the final asking price, and 99% of the original asking price. This proves once again that bank owned homes are selling for the asking price or a little more. There are good values available but the banks are not giving them away.
The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all home sold: in December, $ 13 per square foot. That is a $ 32,500 savings on a 2500 square foot home, not a small sum.
The data follows:
