Some individuals are far more open of becoming landlord than others. It is my goal, so my views are already slanted. perhaps a good thing perhaps not. the key ingredient is the mystery renter.. in all reality that is defining factor or so I suspect. Do know there are property management agencies that handle everything.. again my goal!. Doing the math, you have to figure that the homes seem to be going up at a nice steady clip. And surely interest rates are expected to as well, If you are locked into a great rate below 4%.. then that is a huge factor.. The great news that you may be overlooking is that you are one of a very few who have this option,, the ability to purchase a new home and possibly keep this one.. so well done!. if only we all had this option. and never forget you can take equity out of your first home without selling it.. again locking in at this awesome rate. I think many undervalue this incredible interest rate,, the 50 year average if I recall is close to 8.5.. something like that,. My fist home was at 16%,,so I understand the value more than most. Go with your instinct,, don't let someone tell you what to do , you seem to have everything under control. I'm willing to bet , I already know. or you wouldn't of even brought it up.. if you need any assistance in finding your new home. or info on getting lowfunding .I would be more than honored.... more
Keisha and Bruce have already answered your question with the stats. The house is indeed beautiful and the pictures are great. A couple of issues that could be affecting the time on the market with the price you have are the stairs, steep driveway, and tri-level for the less than young people who may be looking in Fair Oaks. Another may be the proximity to Players and Carmelita's and the parking issues, and the third could be the noise from Sunrise.
Your home is a special home that won't appeal to all buyers, but someone will fall in love with it. I've sold a couple of homes in your neighborhood that actually backed to Sunrise Blvd. Good luck!
Michelle Lehman, Broker Associate
Century 21 Noel David Realty
DRE License#00779645... more
Both areas are real nice locations. The main differences Fair Oaks is an older community with more established landscaping. Folsom is newer and close to the lake. The best way to see what you really are interested in is to create yourself a search for homes for sale. This way you can start looking at the pictures and get a better idea of the area. My web page www.MartinWitter.com has such a search and it is free to use. Let me know if I can help you in any way. I do answer my phones. If you have any issues with the search let me know and I will create the search for you.... more
Of course rents would be dependent upon several factors including location, condition and square footage.
I encourage you to check out Craigslist and type in Fair Oaks or 95628 and also rentals.com where you can check out homes and their current rental amounts. Don't hesitate to contact me if you have more specific questions... we specialize working with many property investor clients.... more
In Fair Oaks the 3 bedrooms 1 bath homes are selling for average 97.93 % of asking price...Average asking price is $180-200 depending on the improvements within the home..The lot size is a big factor in pricing your home..... more
Selling now is selling at the bottom of the real estate market.. (my opinion is we are near the bottom)
It really depends on your personal financial situation. If you can easily afford to keep the Fair Oaks home either as a rental or as a residence, it will regain its lost value over the long term ( four to five years from now )
Or you can "cut your losses" by turning the loss you already have on paper into reality.
That sale will also destroy your opportunity to recover that loss unless you purchase another asset that will gain in value over the next several years.
If you can't afford to keep the home in the short term, the favorable long run aspect of the investment does not help you. - The massive numbers of owners that cannot hold property for the long term is a major reason why prices are so depressed in Sacramento County now.... more