Here is this week's Folsom Homes Report, for sales activity in the Folsom real estate market as reported by Trulia.
In comparison to last week, the median sales price remained unchanged. The average price per square foot for Folsom homes had another slight drop of less then 1% from last week. There are 123 Folsom homes that are pending sales representing 29.71% of the available inventory. The time to sell Folsom homes is currently 97 days.
If you would like a free list of homes for sale in Folsom, would like more information about the City of Folsom or would like to be the first to know about hot new listings before other buyers do, then give me a call at:(916) 983-7653.
For free reports on buying and selling and Folsom California Real Estate visit http://www.HoffmanRealtyGroup.com
Jeff Hoffman
HoffmanRealty Group Inc.
(916) 983-7653
http://www.hoffmanrealtygroup.com
email:jeff@hoffmanrealtgroup.com
Here is this week's Folsom Homes Report, for sales activity in the Folsom real estate market as reported by Trulia.
In comparison to last week, the median sales price, and average price per square foot for Folsom homes had another slight drop of about 1% from last week. There are 113 Folsom homes that are pending sales representing 30.29% of the available inventory. The time to sell Folsom homes is currently 74 days.
Mortgage rates continue to decline. 30-year fixed rates decreased to 4.69% and 15-year fixed rate decreased to 4.44%.
If you would like a free list of homes for sale in Folsom, would like more information about the City of Folsom or would like to be the first to know about hot new listings before other buyers do, then give me a call at:(916) 983-7653.
For free reports on buying and selling and Folsom California Real Estate visit http://www.HoffmanRealtyGroup.com
Jeff Hoffman
HoffmanRealty Group Inc.
(916) 983-7653
http://www.hoffmanrealtygroup.com
email:jeff@hoffmanrealtgroup.com
Here is this week's Folsom Homes Report, for sales activity in the Folsom real estate market as reported by Trulia. 
In comparison to last week, the median sales price, and average price per square foot for Folsom homes slightly decreased by approximately 1%. There are 110 Folsom homes that are pending sales representing 30.14% of the available inventory. The time to sell Folsom homes is currently 80 days.
If you would like a free list of homes for sale in Folsom, would like more information about the City of Folsom or would like to be the first to know about hot new listings before other buyers do, then give me a call at:(916) 983-7653.
For free reports on buying and selling and Folsom California Real Estate visit http://www.HoffmanRealtyGroup.com
Jeff Hoffman
HoffmanRealty Group Inc.
(916) 983-7653
http://www.hoffmanrealtygroup.com
email:jeff@hoffmanrealtgroup.com
Here is this week's Folsom Homes Report, for sales activity in the Folsom real estate market as reported by Trulia.
In comparison to last week, average price per square foot for Folsom homes slightly increased and the median sales price had a large increase from $340,000 to $365,406. There are 100 Folsom homes that are pending sales representing 27.93% of the available inventory. The time to sell Folsom homes is currently 75 days.
One reality of our current market is that distressed listings comprise a large part of the homes available to be purchased. Currently 35% of all homes for sale in Folsom are Short Sales. That's a big percentage and a major contributing factor to the continued downward pressure we're experiencing on home valuation.
Last month I sold a property that was listed as a ‘Short Sale' and my buyer client asked me, "When is the offer accepted and can the seller accept another offer once he has accepted mine?" It's a good question and one that I'm often asked. I thought the answer merited repeating.
With Short Sales, there are two stages to when the offer is "accepted."
Since the seller is still the legal owner of the property, they must be the first to accept the offer, that's stage one. Stage two is when the lender approves the terms of the contract and the reduced payoff since they're being asked to take less than what's owed on the mortgage. For a Short Sale to go through you must have both elements in place. Often, the seller will accept the offer and the bank will counter offer with a higher price. If the buyer balks, there is no sale even though the seller has said "yes" to the buyer's offer.
The second part to my client's question is equally important and often causes the most confusion. The answer is "yes, the seller can accept another offer once they have accepted mine." Here's why.
When the seller accepts a buyer's offer on a short sale, under the terms and conditions of the contract the offer is "accepted," but it has at an unresolved contingency: the lender's approval of the short sale. Since this contingency can't be removed until the bank agrees to the offer, other offers can be presented and accepted by the seller in an attempt to secure the best price and terms that the bank will likely accept. I've seen Folsom homes that are Short Sale listings have as many as 5-7 accepted offers at the bank waiting for approval of the one that will net the bank the most money.
Short Sales are a fact of life in our Folsom housing market. Understanding the "rules of engagement" as a buyer and a seller can make life much more enjoyable when you find yourself buying or selling under this specialized type of real estate transaction.
I'm available to assist you in all of your Folsom CA Real Estate transactions. Jeff is a Top Folsom REALTOR®. For area Information, NorCalMLS Search & more visit Jeff's website & blog today.
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