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.
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BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA -JUNE 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR June 2010
This is a continuation of a three year study of Bank Owned home sales data for Folsom, CA. This report covers REO homes sold in June 2010.
There were 16 REO homes sold in June, one less than sold in May. The days-on-market increased significantly to 84, up from 45 the previous month. This increase is due to the fact that one home sold after being on the market for 525 days! (It was in very rough condition.) Two others had been on the market well over 100 days. In June only 19% of the bank owned homes sold in two weeks or less. This is an unusually small segment of the sold REO homes.
The 16 homes sold represent 22% of all homes sold in Folsom, on the low end of the normal range. There are far fewer Bank Owned homes available on the market and short sale homes continue to have an impact.
The overall home inventory in Folsom increased to a 3.2 month supply, up from the 2.6 month supply reported for May. A neutral market is considered a 6 month inventory. So, we are still looking at a strong seller’s market. Available inventory in Folsom has not reached the six month level in well over a year. It may be a seller’s market in some areas, but that has NOT been so In Folsom.
The cost per square foot of REO homes in June increased by two dollars to$ 165. It has been running in a narrow range of $ 176 to $ 156 over the past fourteen months. The cost per square foot of all homes sold in January decreased to $ 174, down from $ 176 the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 5% savings for REO buyers.
The overall sales price for REO homes was 96.2% of the final asking price. Only 13% of the buyers paid more than the asking price for their bank owned home in June, an unusually small percentage. The banks are still pricing these homes well and in June there was a $ 9 dollar per square foot savings, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 22,500 savings, something worth considering when selecting a home.
The data follows:
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA JULY 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR July 2010
This is a continuation of a three year study of Bank Owned home sales for Folsom, CA. This report covers REO homes sold in July 2010.
There were only 9 REO homes sold in July, the lowest number for some time and a continuation in the trend of reduced number of REO homes sold in Folsom. That trend paralleled the reduction in the number of REO homes available for sale.
The average days-on-market for the month was 54, back within the normal range after a statistical anomaly of 84 days the previous month–due to the sale of one home that had been on the market for 525 days. There were no homes that sold that had been on the market for over 100 days this month. In July only two of the bank owned homes sold in two weeks or less, an unusually small number.
The 9 homes sold represent only 20% of all homes sold in Folsom.
The overall home inventory in Folsom increased markedly to a 5.5 month supply, up from the 3.2 month supply reported for June and the highest reported level of inventory in Folsom for more than 14 months. A neutral market is considered a 6 month inventory. So, we are moving from a seller’s market to a neutral market. The inventory of bank owned homes has also increased. It is 4.7 months, more than double the 2.2 month inventory reported in June. Available inventory in Folsom has not reached the six month level in well over a year.
The cost per square foot of REO homes sold in July increased to $ 170, up from $ 165. It has been running in a narrow range of $ 176 to $ 156 over the past fourteen months. The cost per square foot of all homes sold in January was $ 174, unchanged from the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented only a 2% savings for REO buyers. This is the smallest margin since we started reporting these figures.
The overall sales price for REO homes was 94.2% of the final asking price, and 23% of the buyers paid more than the asking price for their bank owned home in July. There was only a $ 5 dollar per square foot savings in the purchase of REO homes, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 12,500 savings, something worth considering when selecting a home.
The data follows:
BANK OWNED (REO) SALES DATA FOR FOLOSOM, CA MAY 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR May 2010
This is a continuation of a three year study of Bank Owned home sales data for Folsom, CA. This report covers REO homes sold in May 2010.
There were 17 REO homes sold in March, up from 13 in April. The days-on-market decreased to 45, down from 53 the previous month. Only one of these homes had been on the market for over 100 days. In May 30% of the bank owned homes sold in two weeks or less.
The 17 homes sold represent 20% of all homes sold in Folsom, on the low end of the normal range. There are far fewer Bank Owned homes available on the market and short sale homes continue to have an impact.
The overall home inventory in Folsom dropped back down to a 2.7 month supply after s spike in a February and April to a 4.2 month supply. A neutral market is considered a 6 month inventory. So, we are still looking at a strong or stronger seller’s market. Available inventory in Folsom has not reached the six month level in well over a year. It may be a seller’s market in some areas, but that has NOT been so In Folsom.
The cost per square foot of REO homes in May dropped back down to $ 163 from the April $ 175 number. It has been running in a narrow range of $ 180 to $ 156 over the past fourteen months. The cost per square foot of all homes sold in January decreased to $ 181, up from $ 176 the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 7% savings for REO buyers.
The overall sales price for REO homes was 97.5% of the final asking price. A full 30% of the buyers paid more than the asking price for their bank owned home. The banks are still pricing these homes well and in March there was a $ 13 dollar per square foot savings, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 32,500 savings, something worth considering when selecting a home.
The data follows:
PROPOSITION 8 — PROPERTY TAX RELIEF FOR HOMES THAT HAVE DROPPED IN VALUE
Proposition 8 –Property Tax Relief
California homeowners may or may not be aware of Proposition 8.
In 1978 California voters passed this constitutional amendment that allows a temporary reduction in the assessed value of their property when that property suffers a decline in current market value.
When, on January 1 of each year, the market value of a property falls below the assessed value, the assessor is obligated to review the property and enroll the lesser of the two values. If it is determined that the market value of the property at that time is less than the assessed value your property’s assessed value will be adjusted to the level of its current market value. This will result in a reduction of your property tax for that year.
To apply, contact your county assessor’s office. Some counties require the tax payer to complete a form requesting participation in the Proposition 8 outlined process, others will include you in the program based on information that you provide on the telephone.
Some counties have programs in place that review properties based on the purchase date. It is wise to contact them and ensure that your home is in the program. For more data go to:
http://www.boe.ca.gov/proptaxes/assessors/htm .
SCAM ALERT—NO FEE NECESSARY FOR THE VALUE REDUCTION
There is no reason to pay for a review that is required by law and will be performed FREE! Various private companies send mailings to property owners offering their services to pursue a reduction in the owner’s property taxes. These companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies even impose late fees if the application is received after an arbitrary deadline. Homeowners do not need the services of a private firm to seek a property tax reduction. State law requires county assessors to review all requests for property value reduction for FREE! |
Note that the reduction is not permanent. Each year on January 1 participating properties will be reviewed until their values return to the former Proposition 13 values.
If you do not agree with the assessor’s findings you may file a formal appeal with the County Assessment Appeals Board or the County Board of Equalization. These boards are independent bodies established to resolve differences in property value opinions between the county assessor and property owners.
For more information go to:
http://www.boe.ca.gov/proptaxes/pdf/filingperiods.pdf
