Home Buying in Folsom>Question Details

Jon, Home Buyer in Sacramento, CA

What do you think the value of 1851 sq ft house in empire ranch (Dover model) ? The built year is 2005. Is $365K-$375K worth it?

Asked by Jon, Sacramento, CA Wed Aug 29, 2012

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$330k-$370k. If your talking about the home on Zittle, it has no upgrades but location is great. You have to be ready to buy in Folsom if you want a home. Competition is fierce! Multiple offers above market value is the norm in that price range. There are some things you can do to increase your chances of getting an offer accepted.
0 votes Thank Flag Link Wed Aug 29, 2012
Interesting conversation between Jon and the Reynolds team. Picking up on the comparison between Folsom and Elk Grove. - I looked up the price per square foot average for each town for Aug 2001 11years ago to compare with August 2012. Average price per square foot now in Folsom $164. Then it was $151. an 8.6% increase. In Elk Grove Average price per square foot now in Elk Grove is $112. Then it was $129. a 13 % decrease. Average sale price then $228,000. Now it is $239,000 a 4.8% increase. In contrast Folsom's average price increased 22% from $302,000 to $368.000.

I went back to 2001 because that was before the market bubbled as well as after it tanked.

Fair Oaks averages were slightly lower in 2012 than they were 11 years earlier
Citrus Heights 8 to 9% lower.

El Dorado Hills price per square now and then was around $160 but the average sold price of house there increased 15%.

I have long wondered why Folsom has outperformed every other city in our metro. Jon's hypothesis that the employment engine of Intel is a strong influence on Folsom housing values sounds like a good reason to me.

Statistics were found using gotrendvision .com
1 vote Thank Flag Link Sat Sep 15, 2012
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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Mike & Lucy, thanks for your insights. I did some research on last layoffs in intel Folsom that happened in 2007 and how Folsom housing market reacted. I observed that the sales decreased all through 2007 ( source is trulia ). To compare how other cities were doing around that time, I chose elk grove and Sacramento, and these cities showed upward surge in sales, opposite to what Folsom experienced. As I mentioned earlier housing market responded well when intel did good in first 2 quarters. With 9000 employees work force and the support force that work at intel, I don't think we can ignore its significance. This would make a nice research project in MBA program :)
1 vote Thank Flag Link Sun Sep 9, 2012
Jon,

2005 Horseshoe Glenn is back on the market. Thought you'd like to know.

Mike
0 votes Thank Flag Link Sat Oct 13, 2012
Certainly an influence but even without Intel, Folsom and several other areas will outshine and out perform the majority of areas. Location, location, location. Thanks Jim, I'm going to use that info this week with my relocation clients.
0 votes Thank Flag Link Sat Sep 15, 2012
No problem Jon. I'm not about pressure unless it's absolutely the right thing for my clients and getting things done. I've got clients that I've been working with for a long time because it's just not right for them. Even though they could buy, their situation says they shouldn't. While I don't determine if it's right for them, I do remind them of their goals and advise on the best way to get there.
0 votes Thank Flag Link Mon Sep 10, 2012
Mike & Lucy,

Good points, I agree with you. I liked it when you said that you can't predict as how the prices might behave in future...this is so unlike of many other Realtors. See, the buyers hate it when they see the Realtors trying to scare them mentioning that the prices are just going up and up and showing different skewed statistics...the realtors would never say in even next 100 years that prices are going to go down. Even though the buyers act infront of the realtor that they are listening, back in the mind they would be thinking ok this guy is trying to pressurize me into buying :)...no buyer would like to buy when put in a pressure situation.

I will definitly consider your offer to meeting with you to further discuss on home buying. Thanks for taking your time to share your thoughts.
0 votes Thank Flag Link Mon Sep 10, 2012
Perfect! That sounds like you are ready. Forgive me but so many people are busy "polishing the cannonball". In the meantime, the target has moved on. Without actually sitting down with you for a consultation, it's difficult to determine your situation. My job is to ensure you don't miss the boat. Sometimes I have to push the envelope to do that, even if it's a little uncomfortable. I'm committed to your success so I'm willing to step into that if I need to. You want an agent that is honest, right?

That said, here are some stats that may help you see what I see. In Folsom and the square foot range of 1500-2000, sold home prices have increased by 9.6% over the last year. Price per square foot has increased 8% over the same period. Does that mean they won't go down again? We can't really predict but those that bought a year ago have a lot of room.

You are absolutely right, it's not like buying a phone or a T.V. but it's not like the stock market either. Unless your an investor and going to flip the home, it's a long term investment and requires a different mindset. The housing community (Realtors, included) have really pushed the idea that a home is an investment, which is absolutely true. However, we failed in conveying that it's a long term investment and not just in real estate. It's also an investment in your lifestyle. What do you want your life to look like 5 years from now? 10 years? 20 years? These are questions that can't be ignored yet, we do.

I'd love to sit down and talk about your goals and how I would help you achieve them. Our consultations take about 30 minutes and, of course, there is no obligation. Let's have coffee or meet at my office in Folsom. If nothing else, you will walk away with some valuable information. You can call or text me at (916) 230-0278 or email mike@mikenlucy.com.
0 votes Thank Flag Link Mon Sep 10, 2012
Mike & Lucy,

In my humble opinion I don't think you asking me if I want to buy the home is not warranted. Why would I be wasting my time on Trulia researching on the right property to buy and at right time?? . I don't have to tell you being a experienced realtor that buying a home is not like buying a phone or T.V. As a buyer we would like to get the best of every penny we are paying.

Buying a home constitutes paying attention to all the macro and micro economics affecting the locality...a single wrong step can lead to having all your life long hard earned savings washed away.
0 votes Thank Flag Link Mon Sep 10, 2012
Again, the cause and effect may not be Intel. In 2007 the market was on the down turn. Elk Grove and much of Sacramento are a different economic model. I'm not saying you're wrong but it's not a given that Intel is the deciding factor on our market. Still the question remains; do you want to buy in a market where the prices and interest rates are at the lowest in years or wait to see if it goes down further. If so, the competition frenzy would increase even more. Maybe to the point that it will take cash only to buy. We are already there in many cases. Anyway you look at it, it's a great time to buy if you can get your offer accepted. And the question remains; do you want a home in Folsom?
0 votes Thank Flag Link Sun Sep 9, 2012
I guess we'd have to define "major" but even that isn't the real cause and effect question. How many Intel workers actually live in Folsom and of those, how many are part of the buying pool? And, if Intel Folsom takes a dive, how many will be in the selling pool? I've seen this before and the realized effect on real estate has been minimal. Also, with prices so low and interest rates so low, smart buyers are taking advantage. Everyone else is sidelined hoping for even more of a break. If you really want to buy, no one is saying wait. I hope you can appreciate many candid response. I really want you to be successful. I wouldn't be doing many job if I wasn't a resource to you. I'm in the trenches everyday, and like my collegues here, I owe it to you and the community to be honest and straight forward.
0 votes Thank Flag Link Sun Sep 9, 2012
Mike & Lucy, I disagree with you. There aren't any major companies in Folsom apart from Intel. One of my buddy working at Intel mentioned there was major hiring in Folsom in first 2 quarters, which translated to sudden surge in housing demand in Folsom. Think of this as demand and supply. And with intel's bleak near future, we can expect reduced demand for the houses in coming days.
0 votes Thank Flag Link Sun Sep 9, 2012
Jon, the effect of Intel isn't what it used to be. There are so many other companies that have been moving to Folsom and many others have been expanding. Folsom has done a great job of not putting their eggs in one basket. That's why people are buying here. There is no doubt that now is the time. But it takes the right strategy to get an offer accepted. There are many frustrated buyers out there.
0 votes Thank Flag Link Sun Sep 9, 2012
Looks like the property on horseshoe glen is back on market. Is it worth $369k to purse this property in present market conditions in Folsom especially since Intel corp announced weak forecasts for the quarter. As I understand Folsom housing market is heavily dependent on how intel is performing.
0 votes Thank Flag Link Sun Sep 9, 2012
It depends on many variables,like does the house have any upgrades(Tile floor,Hard wood,Granite counters, large walking closet in M.B. ETC....) & also lot size? and backyard conditions/improvements It seems a bit high! The last factor is how is the floor plan? does it flow well with Kitchen & family room? Is there a fireplace in Family Room?
An experience Realtor can also walk you through the comps after viewing the house and compare and give you his/her price opinion.
0 votes Thank Flag Link Tue Sep 4, 2012
What do you think the value of 1851 sq ft house in empire ranch(Dover model)? The built is 2005.is $365-$375 worth it?
0 votes Thank Flag Link Tue Sep 4, 2012
Shady creek property is back on market. Are the buyers thinking that the property is not really that worth after going through the appraisal ?
0 votes Thank Flag Link Fri Aug 31, 2012
Thanks, all. Based on responses looks like the Zittle dr might be some where between 350 - 370K. But then one has to take into account the amount to put bring back the sold house into decent shape...changing carpets, putting new paint etc. Folsom market is just crazy and it is really difficult to figure out the right value for the property since there is no proper trend in selling prices.
0 votes Thank Flag Link Wed Aug 29, 2012
It is hard to say for sure without knowing the upgrades or updates you have done to the property but the average that I am seeing in that area is around $176 to $190 per square foot. There is a Dover model at 2005 Horseshoe Glen Circle that is pending at $369,000 (not sure if that is the price they got but it went pending in a few days so my guess it was close to that price). If you wanted a more in depth value, we would need to know more specifics on the property (upgrades, location, lot size, etc) and preferrably do a walk through of the house if you were looking at selling it. Best of luck-
0 votes Thank Flag Link Wed Aug 29, 2012
Jon,

There are several factors Realtors take into consider when determining the value of your home. The first is its condition and then we do a comparative analysis of the homes in your area that are similar in condition and square footage. There are currently several homes listed in your area. Email or call me directly and I can give you a more definitive answer...my email address Aneie@allcityhomes.com and 916.287.3463.

Regards,

Aneice Dixon, Realtor
All City Realty Group
Lic#01881408
916.287.3463 direct
888.551.7603 fax
0 votes Thank Flag Link Wed Aug 29, 2012
Hey Jon,

If you are talking about the home on Zittle, it looks like a beautiful home. Great location! You have two of the same models that are pending sale on Horseshoe Glen Circle at 369K and Shady Creek Rd at 375K. So, there are definitely supporting comparables. Best of luck with your offer.
0 votes Thank Flag Link Wed Aug 29, 2012
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