Very nice nieghborhood
Homes in that part of town
Average Price: $395,000
Reply and Get more Details,
Also, there is alot of Equity
in the property(86%),
So you could refinance at any time
and still have alot left over
The town of Folsom itself is very nice, was a gold rush town 160 years ago. Great history in Folsom.
The foothill towns of El Dorado Hills and Cameron Park are pleasant bedroom communities with no downtrodden areas that I know of.
Now moving off to the lower cost towns of Orangevale and Rancho Cordova, these are predominantly middle middle - but there are some poorer neighbors and neighborhoods there.
I agree with Darren about your qualifying ratios. A 100K in verifiable income, good credit, and 40K down should enable you to go well over $400K in loan amount which translates to about $440K or better on purchase price. But, why borrow the max if you don't have to; you don't have to go over $350K if you are willing to shop carefully for the house.
Going further up the hill to Cameron Park I found 10 listings under 350K over 1700 sq ft.
Neighboring Folsom to the north and west is Orangevale where the sub 350K inventory of 1700 grows to 17 listings. Neighboring Folsom on the west and southwest , Rancho Cordova has 63 listings.
To generalize, you will get about 5% more house for your money in Cameron Park, About 10% more house for your money in Orangevale, and about 15% more house for your money in Rancho Cordova.
Or you can pay about 20% more and go full swank to prestigious Granite Bay.
I'm a full time Realtor in Folsom and also reside here. There was a time when you could get more for your money in Folsom than El Dorado Hills. The current market has created the opposite effect, since there are more single family homes available in El Dorado Hills than in Folsom.
The current homes available in EDH are much larger, but also much older, within your price range. There is more to choose from in your price range within Folsom with an average of 1300 sqft. A couple of brand new home developments have very small lots, with very nicely upgraded homes in your price range too.
There are about 25 "bank owned" homes in Folsom for sale, and they rarely go to auction. Most of these homes are priced below fair market value and once they've been on the market for 30-90 days, the banks are much more willing to negotiate.
I will advise to you that there truly are mostly clean neighborhoods in Folsom and only one area is undesirable. For the most part, people migrate to Folsom for thecommunity, recreation, great schools, historic area, lake and nature preserves. Folsom has experienced the best resale value in a downturn market throughout the Sacramento region.
If you would like a referral to a few good lenders, to help get you on the right path with what to expect in a mortgage, I would be glad to help.
Good luck with your decision!
There is no patent answer on any given house for sale. Folsom is an area where you would be hard pressed to find cars parked in yards. This would be very much frowned upon by the City officials and those living in Folsom.
Below is a link to some homes in Folsom within your price range that have at least 3 bedrooms and 2 baths.
The first step to homeownership and responsible home buying is to get qualified with a reputable Lender. An experienced Realtor, knows good reputable Lenders to refer you to. I strongly suggest that you start there and welcome to CA.