THIS MONTH IN REAL ESTATE – FEB 2012
Each month we include the “This Month In Real Estate” video, which provides some of the latest real estate market data and information designed to help buyers and sellers make prudent decisions when buying, selling or refinancing their homes. This is the February 2012 edition.
If you have any questions about the buying, selling or refinancing processes feel free to contact us at (916) 337-0658 or e-mail us at Mike@BuyYourVilla.com.
We thought that you might be interested in viewing a slide show of a choice parcel of land currently on the market in Pollock Pines, California. This 14 acre parcel is conveniently located only five minutes travel tim off Highway 50 and a.5 miles from Jenkinson Lake. Sacramento is less than an hour away in one direction and South Lake Tahoe is an hour away in the other.
There is paved road access all they way to the parcel and a graven driveway to the building pad. Of course, with over 14 acres you can choose to build at any of the many possible building sites. There is an EXCELLENT well in place, power to the parcel boundry and the perk test has been done.
The timber has been marked but the seller never harvested, so a new owner may elect to do so or leave things as they are.
If you have any questions abokut this prime parcel, or if you would like to schedule a visit, just give us a call at (916) 337-0658.
STEER CLEAR OF MORTGAGE MODIFICATION SCAMS
Unfortunately, there are people out there who do not hesitate to take advantage of people in difficult situations. Although Federal and state authorities are cracking down on illegal activities, there are still a lot of them out there preying on unsuspecting victims.
The Certified Distressed Property Expert organization, of which we are members, has come out with a chart designed to help folks who are vulnerable avoid these scams. Please pass this information on to anyone who you know who could benefit from the information.
Please feel free to contact us if you have any questions or fi you need help (916) 337-0658
BANK OWNED (FORECLOSURE) HOME SALES DATA FOR EL DORADO HILLS, CA – JANUARY 2012
This is the latest monthly report of our more than four-year study of bank owned home sales in El Dorado Hills, CA. This report covers January 2012.
The average days-on-market decreased from 79 in December to 65 in January. Two of the homes had been on the market for over 100 days. In addition, 23% of the homes that sold had been on the market for two weeks or less, a smaller segment than unusual.
The nine bank owned homes that sold represent 22% of ALL homes sold in El Dorado Hills this month. The lower inventory level is having its effect.
The available inventory of bank owned homes in El Dorado Hills dropped to a 2-month supply in January, down from a 2.4-month supply in December. The inventory level exceeded a two-month supply in only two months in 2011. The inventory for ALL homes available increased to a 3.9-month supply in January, up from a 2.2-month supply the previous month. Pundits advise us that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market for ALL homes in El Dorado Hills, both bank owned and non-bank owned.
The average cost-per-square-foot for Bank Owned homes was $ 126 in January, a steep drop from $150 the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in January was $ 149, down from $ 153 the previous month.
The overall sales price for bank owned homes was 100.4% of the final asking price and 94.2% of the original asking price. A full 59% of buyers paid the full asking price or more in January for their bank owned home.
When based on the cost-per-square-foot for ALL homes sold, bank owned homebuyers paid 15% less in January. That is a $ 23 pre-square-foot savings. When applied to a 2500 square foot home, that represents a savings of $ 57,500, a substantial sum.
If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.
The data follows:
BANK OWNED (Foreclosure) HOME SALES DATA FOR FOLSOM, CA – JANUARY 2012
This is the latest monthly report of our more than four-year study of bank owned (REO) home sales in Folsom, CA. This report covers January 2012.
There were 10 REO homes sold in Folsom this month, down from 16 the previous month.
The average days-on-market decreased from 67 the previous month to 47 in January. Only one of the homes had been on the market for over 100 days, and only 20% of the homes that sold were on the market for two weeks or less. That is a smaller segment than usual.
The 10 REO homes that sold represent 17% of all homes sold in Folsom this month. The very low bank owned home inventory is the reason for this statistic.
The available inventory of bank owned homes in Folsom increased to a 1-month supply. That inventory level has not exceeded a two-month supply since February of 2011. The inventory for bank owned homes in Folsom peaked at a 2.8-month supply in January and has steadily declined since. The available inventory for ALL homes available edged up to a 1.6-month supply, up from a 1.5-month supply the previous month. Pundits tell us that a 6-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.
The average cost-per-square-foot for bank owned homes was $ 155 in January, up from $ 139 in December. The average cost-per-square-foot for ALL homes sold in Folsom in January was $ 154, down one dollar from the previous month. It has been moving within a narrow range for the past year.
This is the first time during our four-year study that the cost-per-square-foot for bank owned homes has exceeded that for all homes sold. At this point we consider that a statistical anomaly.
The overall sales price for REO homes was 99.50% of the final asking price and 95.1% of the original asking price. In addition, 50% of the buyers paid the asking price, or more, for their bank owned homes in January.
Based on the cost-per-square-foot statistic, bank owned homebuyers paid 1% more for their bank owned home than did buyers of non-bank owned homes in January. Once again, this is highly unusual, there is normally a considerable savings when one purchases a bank owned home.
Given the overall data, it is obvious that homeowners who do not have to sell are keeping their homes, rather than accepting current market value offers.
If you have any questions about purchasing a home in Folsom, a Folsom REO, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.
The data follows: