Pending up. How many of these pending actually go through? That's saying it getting hard to get the loans approved.
How many 'pending' end up sold? That's not one of the figures available through this system, but I'd have to guess it to be high, in the 80 to 90% range. Most sellers aren't going to take their properties off the market without a bona fide pre-approval. Many sellers are requiring buyers to pre-qualify through a lender they trust before accepting an offer. This prevents fallouts due to financing.
As far as difficulties in getting approved, if one has decent credit (I think they're looking at minimum 620 these days), 3.5% to put down, and their debt-to-income ratio is reasonable, they can usually qualify. With prices and rates where they are, even moderate to low income can qualify.
And any way to tell how many of the for sale have been for sale over and over each month?
I think you're asking about how many days on market? It does vary wildly. A home priced correctly will get offers right away. Priced poorly, not so much. Short-sales can take many months to close, if at all (see my latest blog entry).
Collectively, average days on market for Folsom is just about 100 days.
Overall Folsom is a pretty strong area, what does this chart look like for Sac?
Davburr helped me convert the graph for display on the forum. I'll have him show me how to do it so I can post the graphs more regularly, but for now, I can tell you that for the Sacramento city areas, figure Folsom x 10. There were 3029 on the market, 1082 pending and 699 sold in October. Their average price per square foot is $117, and the average price for homes sold was $178,000. Average price per square foot for Rancho Cordova was $119.
