How times have changed just in one year. Homes in Folsom are selling faster than you can flip a hotcake. Overbids are common and selling prices seem to be going up by the thousands every month. For the first time homebuyer - it is a jungle out there. Competing with cash investors who can swoop down and pick up homes under $300k knowing they'll get the rental income, positive cash flow.... more
Yes, agents do have rose colored glasses on. But saying don't buy anything with expectation that value will increase when buying anything at the bottom was last year. So that ship has sailed. No we can't predict rainbows and sunshine and continued price increases. Don't buy another home with the sole expectation that you'll make money. As, in that respect, Newportfiji is correct - there are no guarantees. But there's just too many people coming back in the market not to impact housing. All the folks who had foreclosures and short sales 3 years ago are in the market again - that's new. Add the first time homebuyers. Add the people who are FINALLY able to be a move up buyer because they're finally getting a decent price on their house.... more
Hi Evansbnl, Generally new homes have already set their for sale price and that is why a Realtor may be helpful to negotiate seller subsidies etc. Your Realtor should provide you with a Comparative Market Analysis. I currently have a couple of new homes under contract and was able to negotiate the features on one and added a few extra rooms on another saving about $10,000 for my buyers. They are receiving a free bathroom, 3 story sun room and a double shower, because I was there to negotiate for them.... more
Appraisers DO look at listings, in fact, recently this is a requirement. We also look closely at CONCESSIONS - there is now a place on the MLS form that addresses CONCESSIONS (the first item of adjustment). Also, some of those resale homes have been landscaped, added patios or decks, or upgrades that were not there when sold, etc. Perhaps you should use a REALTORÂ® as a consultant (paid) to help you instead of a tract salesman who has only one product to sell.
Auburn, CA... more