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Folsom Housing Prices Lead The Region


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#1 Steve Heard

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Posted 18 June 2016 - 12:07 PM

Sac-Communities-Price-per-foot-1-382x234

With low crime, highly rated schools, 2 lakes, miles of bike/jog trails, great shopping and restaurants, there may not be a better place to live in the Sacramento region, than Folsom.

It’s seems that home buyers agree.  Taking a look at Folsom homes for sale, and those sold in May show that the average price per square foot is $231.  Compared to other communities in the region, having populations of over 50,000, Folsom leads the way. The next closest was Sacramento at $209 per foot.

Bargain hunters can check out Rancho Cordova, where prices average $172 per foot. The Anatolia community there is hot right now, with newer homes, and the long-promised shopping center anchored by Raley’s Supermarket, is under contstruction. A new park is in development as well. Price there are a bit higher than elsewhere in town, but still a relative bargain compared to Folsom.

As far as Folsom homes go, the average sold last month was a 3 to 4 bedroom home of 2243 square feet. The lowest price per foot was $113 for a foreclosure, a 33 year old condo fixer. The highest was $319 per foot, for a 2 bed, 1 bath 1948 bungalow in the Historic District.

No one knows how the new development south of Highway 50 will affect prices. If the demand continues, and people keep on seeking out the Folsom life style, prices should remain strong. Time will tell.

Note that in each community, prices can vary wildly, by neighborhood and other factors.

If you’re curious about a specific community or property, drop me a line.


Steve Heard

Folsom Real Estate Specialist

EXP Realty

BRE#01368503

Owner - MyFolsom.com

916 718 9577 


#2 folsom500

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Posted 18 June 2016 - 01:13 PM

This is very good information.   Considering SO50 what is the Cities take on property taxes after Sac county and others( Bloody School bond ) ...  figure 20,000 homes - what average value $450K or more...  or what ?


Another great  day in the adventure of exploration and sight.

 

 

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#3 maestro

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Posted 19 June 2016 - 11:30 AM

Housing bubble, identical to the last one, is heating up and impacting the market.

 

http://money.usnews....-housing-crisis

 

 

 

 January 2016, home prices, rising twice rate of inflation, (S&P/Case-Shiller U.S. National Home Price Index.)       Fannie Mae and Freddie Mac unveiled programs to allow first-time homebuyers to make a purchase with only 3 percent down.      And again, some lenders are using 'alternate' credit scores.

 

Not again....

 

*



#4 Steve Heard

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Posted 20 June 2016 - 12:50 PM

This is very good information.   Considering SO50 what is the Cities take on property taxes after Sac county and others( Bloody School bond ) ...  figure 20,000 homes - what average value $450K or more...  or what ?

 

I don't know how much of the property taxes go to the city, but there could also be landscape and lighting fees, mello-roos, and development fees.  

 

Housing bubble, identical to the last one, is heating up and impacting the market.

 

http://money.usnews....-housing-crisis

 

 

 

 January 2016, home prices, rising twice rate of inflation, (S&P/Case-Shiller U.S. National Home Price Index.)       Fannie Mae and Freddie Mac unveiled programs to allow first-time homebuyers to make a purchase with only 3 percent down.      And again, some lenders are using 'alternate' credit scores.

 

Not again....

 

*

 

Housing bubble "identical to the last one"? 

 

Maestro, the article you cite as evidence states just the opposite. 

 

Note that it says, "Government regulations have changed the playing field. Harrell isn't concerned about a housing crisis, in part, because the mortgage industry looks different today than it did in 2006. Most notably, the Dodd-Frank Act was passed in the wake of the recession to eliminate much of the risky behavior that led to the proliferation of subprime loans. The bill prohibited the use of negative amortization and certain balloon payments. It all but wiped out the possibility of lenders using so-called low-doc or no-doc loans that didn't require borrowers to substantiate their income. "The regulatory scrutiny is very high," Harrell says.

Many lenders have also voluntarily tightened up their lending standards and are limiting access to mortgages to only those with very good credit. While subprime mortgages could be found 10 years ago for borrowers with credit scores well below 620, the bar has been raised substantially, says Brad Friedlander, co-founder of Angel Oak Capital Advisors in Atlanta, Georgia. "A bad borrower has a credit score in 2016 that is 100 points more than the bad borrower in 2006," Friedlander says. Nowadays, many creditors are looking for mortgage applicants to have credit scores north of 720."

And also, "Reasons to remain optimistic about the housing market. With 10 years between us and the start of the last great housing crisis, many people are feeling optimistic that both lenders and borrowers have reformed their bad behavior. Not only have banks eliminated many risky lending practices, but "most American borrowers tend to be stronger savers now," Friedlander says.

Some people may feel skittish about rising home prices and apparent attempts to open the mortgage market to unconventional borrowers, but many industry experts say there is no reason to believe a repeat of 2006 is about to happen. "House prices have rebounded, and the jobs market looks quite good," Fleming says. "There's not a lot of data indicating another housing crisis."

Buyers and lenders are more conservative these days, so I don't see any major setbacks due to either of those. I think a significant rise in interest rates may slow things down, or some economic disaster, but it won't be due to irresponsible borrowing or lending practices, for now anyway. 


Steve Heard

Folsom Real Estate Specialist

EXP Realty

BRE#01368503

Owner - MyFolsom.com

916 718 9577 





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