The first-half numbers are in, and for Folsom home owners, the news is still good.
523 homes changed hands in the first half, slightly above the same period last year.
The average price per square foot for homes sold was at it’s lowest, $219, in March, then jumped to $235 per foot in April, averaging about $227 for the year.
That is an 8% increase over the same period of last year.
Short-sales and foreclosures are rare, and not always a bargain, either. 14 have closed this year, averaging $208 per square foot.
Average days on market for the year has ranged from 47 in February to 15 in April, averaging 29 for the year. 287 homes sold in 7 days or less.
Driving all of this has to be the lack of inventory. While Folsom housing demand remains steady, it’s not unusually so, but fewer people are willing to sell at this time.
June of 2015, there were 196 listings vs 125 sales. June of this year, 157 listings and 135 sales.
Multiple offers are the norm, when homes are priced right.
I recently handed the keys over to a young man who had been out-bid 5 times. His perseverance paid off and he is now a home owner. He did end up paying $10,000 over the listed price, but it did appraise for that number, so he feels he made the right move.
That’s not to say that one always has to over-bid, but it is common, as the average sale-to-list price for Folsom homes is 98%.
Interest rates are still near record lows, with Bankrate reporting the average 30 year fixed rate at 3.6%.
I’ve been asked how the upcoming election might affect the housing market, and my answer is, ‘It might make it better, worse or have no effect at all!’ We’ll just have to wait and see.
For now, it’s good to be a Folsom home seller, with strong prices and steady demand.
On the buyer side, there are strategies and ways of sweetening offers to make them more appealing. Consider shortening or opting out of some contingencies, and shortening your escrow period. Often one of the biggest challenges, and stress-producers a seller faces is finding a new place and moving out on time. Letting the seller stay in the home for a brief period, maybe a couple of weeks to a full month, takes some of the pressure off and can make your offer stand out.
Also, with so much competition, I recommend the old ‘letter from the heart’. Write and tell the seller a little about yourself, why you love the home, and promise to take care of it.
That, accompanied by a strong offer, and you might have a deal.
Any questions? Drop me a line at steve@myfolsom.com or call 916 718 9577
Take a look at Folsom homes for sale here.