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Home Prices Continue To Climb

Home prices Folsom Real Estate

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#16 folsom500

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Posted 31 May 2013 - 10:02 AM

 

and I like working with people more than I like working with numbers. .. 

 

By 'afford' I mean meeting the debt-to-income ratio (DTI) required by lenders. In the case of a couple making $60,000 per year, or $14.42 per hour each, they'd have a monthly income of $5000. 

Just a note - normally a month is considered 173.3 hours and 2080 hours per year - $60,000 would be $28.86 per hour.

 

Have a good time at Big Wake Weekend and hope you get to see the boats run.


Another great  day in the adventure of exploration and sight.

 

 

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-Margaret Mead-


#17 Steve Heard

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Posted 31 May 2013 - 03:07 PM

Just a note - normally a month is considered 173.3 hours and 2080 hours per year - $60,000 would be $28.86 per hour.

 

Have a good time at Big Wake Weekend and hope you get to see the boats run.

My number was based on a couple, with each earning $14.42 per hour, or $28.84 combined.

 

Big wake is going to be awesome tomorrow. It was pretty good today, but mostly time trials and not that many people.

 

I've got to hit the gym, so no beer for me!   


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#18 Sonny

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Posted 31 May 2013 - 04:00 PM

If interest rates rise it's because employment will be getting better and home prices will be rising more. Remember there is a lot of new printed money in the system, when that money starts moving expect price inflation on everything.  Probably a steady climb for home prices with higher interest rates, don't fight the trend. 



#19 Steve Heard

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Posted 07 June 2013 - 10:56 AM



Just out of curiosity Steve, do you have a chart showing average selling price per square foot (in Folsom) over the last 10 years or so?  I'd be interested to see where we are relative to the bubble years.

 

Your wish is my command. I created this graph a year or so ago. It shows the peak price per square foot for each year going back to 2001. 

 

Note that May sales in Folsom averaged $195 per square foot, which is close to 2004 levels. 

 

I think it's going to slow down, however, as more home owners are realizing they can sell and actually take some money with them when they go.   

 

 

FolsomAvgPricepersqfootover10years.jpg


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#20 4thgenFolsomite

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Posted 07 June 2013 - 11:08 AM

 

Your wish is my command. I created this graph a year or so ago. It shows the peak price per square foot for each year going back to 2001. 

 

Note that May sales in Folsom averaged $195 per square foot, which is close to 2004 levels. 

 

I think it's going to slow down, however, as more home owners are realizing they can sell and actually take some money with them when they go.   

 

 

FolsomAvgPricepersqfootover10years.jpg

cool, Steve!  would love to see this updated to 2013!


Knowing the past helps deciphering the future.

#21 Steve Heard

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Posted 07 June 2013 - 11:34 AM

cool, Steve!  would love to see this updated to 2013!

I'll see if I can create a new one. 

 

For now, know that the peak price last year was $170, hit in December, and the high so far this year is $195 for last month.    


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#22 rip

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Posted 09 June 2013 - 04:43 AM

Pretty interesting article from the New York Times.  Not specific to the Sacramento/Folsom market, but seems topical to our conversation.

 

http://www.nytimes.c...es.html?hp&_r=0



#23 Steve Heard

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Posted 09 June 2013 - 11:16 AM

Same thing is happening here at all price levels, but primarily on the below $300K market. 

 

BTW, here's a crazy one:

 

I wrote an offer on a home in Folsom yesterday morning. 3500+ sq ft., remodeled kitchen and baths, beautiful home. $649,000

 

I then went to Belmont, down in the Bay Area to talk to some folks about selling their home. It is a 70 year old, 1300 sq ft, 3 bed 1 bath home with a crack in the foundation where an addition was put on years ago. I think we'll get about $725,000 for it.   


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#24 4thgenFolsomite

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Posted 09 June 2013 - 11:41 AM

yes, but I bet it wasn't 108 in Belmont yesterday!  :)

 

I am noticing on the highly unreliable Zillow that my house has gone up about 1 percent a week for the last two months.


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#25 Steve Heard

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Posted 09 June 2013 - 11:51 AM

yes, but I bet it wasn't 108 in Belmont yesterday!  :)

 

I am noticing on the highly unreliable Zillow that my house has gone up about 1 percent a week for the last two months.

 

Nope! It was in the 70's! I finished the evening having dinner with a friend in Milbrae and had to wear a jacket. 

 

As for Zillow, unrealiable on prices, but they are correct that your home's value is increasing. 

 

I think a slowing caused by more inventory might be a good thing. 


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#26 Carl G

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Posted 10 June 2013 - 08:41 AM

Steve - I think we are in a bubble, a really big bubble.  How I wish I bought this house when it was only $1.383 million.

1006185_10200563290339716_1142847468_n.j



#27 Steve Heard

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Posted 10 June 2013 - 10:16 AM

You could have flipped it and retired! 


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#28 folsombound

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Posted 10 June 2013 - 12:05 PM

Seems like someone got a little crazy with the zeros. :lmaosmiley:



#29 4thgenFolsomite

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Posted 11 June 2013 - 09:01 PM

After steadiy climbing about $500.a day for weeks, zillow dropped me $8000 in a day. Hmmmmmm.
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#30 Sonny

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Posted 12 June 2013 - 03:59 PM

I think Zillow has major lag time.  They are almost 20% off (low) for our neighborhood.  They must be based off last years sales numbers as they were high the entire time the market dropped from 2005 - 2012.   

 

A friend of mine was married a few months ago and is now looking for a house.  He's disappointed because every time he looks the prices are higher.  He is going to wait, which I think is a mistake as the trend is up again.  Trends go for a long time.  The inventory should get better but people will price a little over the last sale going forward many years.







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