THIS MONTH IN REAL ESTATE – APRIL 2011
THIS MONTH IN REAL ESTATE – APRIL 2011
The monthly video, “This Month In Real Estate” covers real estate related topics for buyers, sellers and borrowers. EAch month it focuses on different aspects of ownership, acquisition or sale of real estate assets.
THIS MONTH IN REAL ESTATE–March 2011
THIS MONTH IN REAL ESTATE—MARCH 2011
The monthly video, “This Month In Real Estate” covers real estate related topics for buyers, sellers and borrowers. Mortgage interest rates continue to remain low. That factor, combined with excellent values has resulted in an increase of sales by 2%. Also mentioned is the importance of quality photographs of your home, enabling you to stand out on the Internet, where most buyers start their home search.
El Dorado Hills–Serrano Visitor’s Center Photo
This is a photo of the Serrano Visitor’s center. Serrano is the largest planned unit development in El Dorado County. We thought that people considering moving to the El Dorado Hills area might like to see what it looks like. Here is a photo of the visitor’s center.
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – OCTOBER 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR October 2010
This is a continuation of a three year study of Bank Owned home sale in Folsom, CA. This report covers REO homes sold in October 2010.
There were 19 REO homes sold in October, up from 11 in September. Lenders continue to release these homes for sale at a very slow pace in order to avoid causing major problems in the housing market. A glut of low priced homes would be catastrophic to an already shaky market.
The average days-on-market statistic for the month was 78, up from 73 the previous month. The trend for the length of time REO homes are on the market is increasing. Six of the homes sold had been on the market over 100 days. Only two of the REO homes sold had been on the market for two weeks or less, a much smaller number than has been reported over the past years.
The 19 homes sold represent 24% of all homes sold in Folsom, on the lower end of the normal range.
The overall home inventory in Folsom increased to a 6 month supply, the highest level of inventory in well over fourteen months. The overall is trending up over the past year. We had a 2.9 month supply last October. The inventory for REO homes peaked for the last year in July with a 4.7 month supply and has dropped steadily since. The present inventory in October was a 1/7 month supply. A six month supply is considered a neutral market.
The average cost per square foot of REO homes sold in October decreased to $ 154, down considerably from $ 166
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. That is the same as reported the previous month.
The overall sales price for REO homes was 95% of the final asking price. And only 11% of the buyers paid more than the asking price for their bank owned home in September. There was a $ 9 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 $ 22,500 savings, something worth considering when selecting a home: not a small sum.
If you have any questions about purchasing a Folsom REO or an REO anywhere in the area, or are just looking for the best buys available feel free to call us at (916) 337-0658.
The data follows:
NEW HUD HOME BUYERS VIDEO: SHOPPING FOR YOUR HOME
New HUD Home Buyer’s Video Clip: Shopping For Your Home
The Department of Housing and Unban Development has just come out with a three video series designed to help home buyers better understand the home buying and financing process. The videos are straight forward and easy to understand. They range from 10 to a little over 12 minutes long and are a MUST VIEW for any first-time home buyer. More experienced home buyers may also find them helpful.
Here is a link to the first of the three, Shopping For Your Home: http://www.youtube.com/HUDchannel#p/a/u/0/kTn6hSrEGZg
Anyone who is seriously considering the purchase of a home should take the time to view these videos. It might be prudent for home sellers to view the videos as well.
If, after viewing the video, you have any questions or need assistance in finding the best deal on a home, feel free to give us a call at (916) 337-0658, or e-mail Mike@BuyYourVilla.com.
Serving El Dorado Hills, Folsom, Cameron Park, Placerville, El dorado, Sacramento and Place counties.