FOLSOM TOWN AND REAL ESTATE
Folsom Town & Real Estate
Folsom is a thriving city on the eastern border of Sacramento county. It stretches from Folsom Lake south to Highway 50 and borders Fair Oaks and Orangevale on the west and El Dorado Hills on the east. The population in Folsom currently sits at a little over 67,000 residents. The American River runs through town on the way to Sacramento.
Folsom has a rich history. It was a stage coach stop in the pioneer days and a railroad stop in later years and the historic section of Folsom remains a bustling tourist attraction to this day.
Dell, Inc is the cities largest employer with a mega-complex on the south end of town. Johnny Cash made the Folsom State Prison famous in song a few decades ago. The Folsom Prison is on the north side of town very close to the lake. Shopping opportunities abound with the Folsom Outlet complex and numerous other shopping centers throughout town. Folsom Lake College sits on a hillside overlooking the newer part of town. The local schools are excellent and the real estate market offers numerous housing options to the interested buyer. Offerings range from homes built well over 100 years ago in the historical section of town to up-scale gated communities still being built today. Single family homes and Condo complexes abound. Folsom is considered one of the most desirable communities in Sacramento county in which to live and Folsom real estate demand remains high. For this reason, homes for sale in Folsom tend to be priced a little higher than those in surrounding communities.
Folsom has several Condo complexes that were built in the 2004 – 2008 time frame and include all of the modern amenities. There are also many varied neighborhoods containing single family homes, each offering a different feel. Naturally, there are homes for sale in each. The map below identifies those neighborhoods. They include American River Canyon North (1), American River Canyon (2), Historic Folsom (3), Central Folsom (4), Briggs Ranch (5), The Parkway (6), Empire Ranch (7), Broadstone (8),Lexington Hills (9), Willow Springs (10), Prairie Oaks (11) and Natoma Station (12).
You can easily find the Folsom home for sale in the area that you select by going to the SEARCH PROPERTIES page. The link to that page is on the HOME page of this web site. After performing a search go back and change the search parameters a little. You will be surprised at the different results you can get.
“REAL ESTATE: IT’S TIME TO BUY AGAIN”—FORTUNE MAGAZINE
“Forget stocks. Don’t bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing.” –A quote of the first paragraph of the recent Fortune article.
Select this link to view the entire article:
$150 FIRE PROTECTION FEE
In July of 2011, Governor Brown signed ABX1 29 into law. This legislation requires those who own homes in the SRA (State Responsibility Areas—those who receive fire protection directly from the state of California) to pay a $150 fee each year. Homes within the SRA tend to be those in rural settings. Cities have their own fire departments and districts, paid for by local taxes.
The fee is to help offset the cost of fire prevention in areas where the state has responsibility for fire protection. The fee will fund a variety of fire prevention services within the SRA to include brush clearance and activities to improve forest health so that the forest can withstand wildfire. Other activities planned include firebreak construction, inspections and fire prevention education, to name a few.
Those involved the purchase of a home in California should be aware of this new legislation and factor the cost into their home purchase calculations.
In order to determine if a specific property is located in the SRA, one can go to http://www.FirePreventionFee.org/SRAViewer.php. This information should also be included in the Natural Hazard Disclosure booklet that buyers should receive during their purchase escrow.
Buyer’s agents and escrow officers will be familiar with this fee and may be able to confirm if it will apply to a specific property.
When we reviewed the SRA map, we have been able to determine that there are portions of El Dorado Hills that are in the SRA and portions that are not. Most of El dorado County seems to be included but there are excluded pockets. I will be necessary to view the map to determine if a specific property is in or out of the SRA.
From what we have been able to determine, Folsom and most other residential areas of Sacramento county, do not fall in the SRA. It would, however, be prudent to verify that information.
The economy grew at a faster-than-expected pace in the third quarter, according to the U.S. Census Bureau. Real GDP increased 2.6 percent, after rising 1.7 percent in the second quarter. Brightening economic data, including improvements to new-and-existing home sales and consumer spending, have boosted expectations for the fourth quarter and 2011, with many economists raising their growth estimates from previous forecasts. Eight banks and research firms surveyed by The Wall Street Journal have upped their fourth-quarter growth estimates to an average of 3.5 percent from 2.6 percent in early December. More here.
Among the various factors cited as key to housing’s health in the new year, employment remains the most obvious and vital component to a market recovery in 2011. Improvements in job growth and security will provide a healing housing market with more financially confident consumers eager to capitalize on high affordability conditions. Nick Timiraos of The Wall Street Journal writes that without more tax credits to boost sales, the housing market is dependent on job growth. If employment improves, so will demand for housing, Timiraos says. Calculated Risk, a website covering financial-and-economic news, expects modest economic and job growth in 2011, in addition to increases in residential investment and construction employment. Housing analyst and former chief economist for the National Association of Realtors, John Tuccillo, says uncertainty is holding the housing market back and feels the most immediate source of new jobs will come at the state and local level, rather than from the federal government.
With unemployment high in California, we will be challenged. El Dorado Hills & Folsom Real Estate are likely to lag behind the rest of the country until employment improves.
30% OF MORTGAGES ARE UNDER WATER
Money.com reports that 30% of all homeowners with mortgages around the country are under water—they owe more to their lien holder, or holders than their home is worth. That is not a good place to be. Home prices dropped 2.6% in the last quarter of 2010, increasing the number of members in this non exclusive club on a daily basis.
Select this link for the full story:
Additionally, with 9.8% unemployment nationally, homeowners are finding it difficult to make their payments even if they are not in that club. Over 40% of subprime mortgages are in some stage of foreclosure.
Unfortunately, many distressed homeowners do not know what to do. Lenders and loan servicers are telling government regulators that half of these distressed homeowners are not even trying to communicate with their lenders. We find this claim questionable. Try and contact one of these institutions and see how easy it is. It is not unusual to be on hold for 30 minutes or more while you wait for some customer service person to answer, someone frequently on the far side of the planet!
If you have a family member, friend or coworker who is in this position, tell them to get some help. There are no cost services available. We are one such service. Although we can’t help everyone, we can provide information and support. Have them give us a call TODAY! (916) 337-0658