What kind of home can you get for $350K in Folsom or El Dorado Hills?

Asked by Bud, Portland, OR Thu Mar 27, 2008

I'm trying to decide whether I should relocate from Oregon to Folsom. It all comes down to being able to afford a decent home larger than 1750sf, good schools, and is not on a busy street or in a neighborhood where they park their cars in their yard.

These are my $ stats:
Income $100K, $40K for down and closing. Based on this, most online calculators state the most home I can buy is around $350K.

There are a few foreclosures advertised on trulia in this price range, but I've read that these just get auctioned higher or the banks are unresponsive to offers. Any honest opinions would be much appreciated.

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Claire Wills, Agent, Oakland, CA
Tue Apr 15, 2008
Hi Bud, my name is Claire Wills. I would love to help you with your relocation. I grew up in Placerville and Cameron Park, and my brother lives in a quiet, treelined street off of Cambridge Rd. Cambridge Rd is 10 min further from Eldorado Hills. Eldorado county has great schools too, I went to one of them, Ponderosa High. In your price range, there are a lot of great properties in the surrounding areas. Please email me and I will send you a list right away. Email: Claire.Elyse@yahoo.com Also, please note you found me on Trulia.
0 votes
Flores, , Folsom, CA
Sun Mar 30, 2008
Stay away from Rancho Cordova and Orangevale... I've been living in folsom since 2003 and I absolutely love it (We were very lucky to move with less than 350K at that point, in a beautiful neighbordhood)... My husband has lived in folsom since 1974... There are a number of condominiums in your price range and desired sf... There are many incentives for new developments in the area... I saw a nice looking town house development near the "Parkway neighbordhood"... Good luck...
0 votes
David, Home Seller, Sacramento, CA
Sun Mar 30, 2008
single family home
in Orangevale,CA
available immediately
sq.ft. 1,724
Very nice nieghborhood
Very Safe
Homes in that part of town
Average Price: $395,000
- &455,000
Reply and Get more Details,
If interested.
Also, there is alot of Equity
in the property(86%),
So you could refinance at any time
and still have alot left over
0 votes
Jim Walker, Agent, Carmichael, CA
Fri Mar 28, 2008
I forgot to talk about your biggest concern - safety. I swear I saw a man in an orange jumpsuit climbing underneath a barbed wire fence not too far from Folsom State Prison a decade ago. Statistically prison escapes are extremely rare, but I would not buy a house right next to the prison.

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.
0 votes
Jim Walker, Agent, Carmichael, CA
Fri Mar 28, 2008
There are only 5 listings each in Folsom and El Dorado Hills that get you that much square footage or more, for less than 350K.

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.
0 votes
Bud, Home Buyer, Portland, OR
Fri Mar 28, 2008
Thank you for the responses. With 3 small children, I think 1700 sqft is the smallest I want to go ... and still remain sane. Their safety is my primary concern. So, which area in Folsom is undesirable? I'd like to exclude this from my search and factor it into the decision of whether I will relocate.
0 votes
Carie Averill, Agent, Lees Summit, MO
Thu Mar 27, 2008
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!

0 votes
Darren Miller, , CA (Licenced in 50 States)
Thu Mar 27, 2008
Bud, what are your current liabilities? I'm showing a Conservative Estimate: $485,941.19, Aggressive Estimate: $613,352.96 with zero liabilities (credit card, car payment, etc.) There is not much in El Dorado Hills for under $350K. You will probably be able to find something nice in Folsom for that amount in this market.
0 votes
Gena Riede, Agent, Elk Grove, CA
Thu Mar 27, 2008
Hi Bud,
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.
0 votes
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