Carie Averill-Branch

Hi Jeff,

You are correct in your thinking about Folsom being a stronger market than the rest of Sacramento. There are a few pocket neighborhoods in Sacramento that are doing very well, but Folsom is the strongest within the suburbs. The market decline in Folsom is down 9% from March '07 to March '08. Compare that to 27.5% for Sacramento County. If you would like the full chart of the tri county statistics, please let me know and I'll send it to you via email.

There are currently an average of 265 single family homes on the market in Folsom (not including condos') and last year during this time, the daily average was closer to 300. This is normally the time of year when many home sellers place their homes for sale, during what we call the Spring rush. That has yet to happen and the Realtors in my office don't know why we haven't had the inventory increase.

As for the future of Folsom and the housing market, my opinion is that things will pick up within the next year or two based on the amount of new jobs that will be added by the addition of Kaiser hospital, the new outdoor plaza-style mall, the upcoming hotels and restaurants, and the completion of the new Folsom Dam Bridge. The school system is exceptional, with an average API test score over 800 and the recreation with nature preserves, bike/walking trails and Folsom Lake are among the main reasons people want to live in Folsom.

I think you are wise to save money to have a 20% down payment and will be in a great position when it comes time to get a home loan.

Good luck with your home search!

Carie Averill-Branch - Thu May 8 2008, 12:02

Hello Bud,

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!

Carie - Thu Mar 27 2008, 08:55

Hi Bud,

I currently reside in Folsom and have for 5 years. I moved from San Francisco (and yes, I lived in the city) based on the quality of life. The lake is a huge draw, lots of outdoor activities, close proximity to Lake Tahoe and The Bay Area, close to wine tasting in Amador County, etc.

The majority of the homes I sell for buyers and sellers are located in Folsom. Based on my experience, many people find Folsom very attractive for many reasons and we are considered a "destination" city. I would highlight that the main attraction is the amazing schools. Folsom-Cordova school district averages an API of 803, which is above average. There are 3 elementary schools that have API scores over 900, the high school is in the top 10% in the state and one of our elementary schools received the coveted "blue ribbon" award that is awarded to 250 schools across the nation! The high school jazz band and choir are ranked #1 nationally and Folsom Middle School has the #1 jazz band in the nation.

The final reason that real estate is doing well in Folsom is because the Sacramento area is the most affordable metropolitan city in California. In the downturn of the market, Folsom is fairing better than almost any other area in the Sacramento region and I don't think Intel has anything to do with it. They have been on a local hiring freeze for quite some time, according to people I know that are employees.

The REO craze has finally hit Folsom in the last few months and continues to push prices downward, but there are so many buyers out right now, that many of those homes are getting purchased very quickly, with multiple offers.

If you are considering a move to the area, I would be happy to connect you to some resources that may be helpful.

Cordially,
Carie Averill-Branch - Tue Mar 11 2008, 13:39

Hi Joyce,

I'm a Realtor that specializes in the Folsom market and currently it is rare to find a home priced at $150 per sqft. There are only 2 homes on the market, out of 295 active, that meet that price per square foot. These were highlighted by Jim. The current average is about $200 per sqft., but I have viewed a few that are under that price per sqft.

I would pay particular attention to "bank owned" homes, because those are selling well below market value. The banks are more willing to accept lower offers than traditional sellers. I have a link on my website for bank owned homes in Folsom.

www.RealEstateScout.ws

Please let me know if you would like any further information or assistance.

Sincerely,
Carie Averill-Branch - Thu Jan 24 2008, 08:45

Hi Dave,

I'm a Realtor in Folsom and believe that the newer subdivisions in Rancho Cordova provide a lot more for your money, but I always tell my clients to think about future resale. The Rancho Cordova community hasn't been as strong as Folsom in real estate and many people from those newer neighborhoods are trying to move into Folsom. I had one client that came from the Bay Area and purchased a new home off of Zinfandel a few years ago, only to find out that the middle school and high school weren't up to their standards for their children.

There are a number of homes in the Empire Ranch area that are selling in the mid 300s, that were built in the last couple of years. Have you checked into any of those yet?

Happy House Hunting!
Carie - Fri Dec 14 2007, 08:21