If you have ever picked up a copy of the Folsom Lake Entertainer magazine at a local shop, you may have noticed my real estate article in its pages. If not, here is my latest article, from the June issue of the magazine. I hope you enjoy!
It’s Summer. Folsom & the Real Estate market heat up
June in Folsom. It’s hot. It’s lots of sunshine, long days and wonderful warm evenings. It’s time to be outside. It’s a great time to spend with friends and neighbors. There’s so much to do in Folsom. Take your pick. What’s your favorite pastime? Boating on Folsom Lake, fishing at Folsom Lake, golfing at Empire Ranch. How ‘bout riding at the BMX Park or Skate Park? Even my dog loves June. He enjoys Fido Field Dog Park. He talks about it all the time. What about home repairs and updates? Who loves fixing the deck, water faucet or planting flowers more than I do? Everyone. I do not love doing handyman work. I love real estate.
So June is also the peak of the moving season. The time to play musical chairs for homes. When the music stops – and school starts -- families want to be in their new home in the school boundaries of their choice and ready to start school. Sellers really want to be on the market in this time frame to attract the most buyers.
So, what does that mean to us? Whether you’re moving or not? Hmmm. June is time for Father’s Day. Uh… proximity to Home Depot and Lowe’s. You guessed it. Home repair time. It all starts so innocently. What starts as needing to repair a door, replace a garage door opener, or fix a gate. It ends up $1000s of dollars later as a kitchen remodel, new flooring, an updated bathroom. I know this from experience. Sellers and buyers go through this all the time. Well, if we have to replace the dishwasher, we should get a stainless one. And if we do that, it won’t match the range, oven or microwave. If we get new appliances, I’ve wanted to move the oven to over here anyway. Then we have to change the layout. So we might as well get new counters. And so on. It’s this type of thinking that ends up with, “Aw, we’ll live with dishwasher for another year and deal with it later. Let’s go golfing instead. If we hurry, we can get out at twilight and still finish before dark.” Now that’s what I call a great home repair day; a few pars and a birdie if I’m lucky.
But my daily summer pastime is helping families buy the home of their dreams and / or sell their wonderful home so they can move on to the next stage in their life. The real estate market in Folsom is exciting and changing every day. For buyers it’s still a challenge. As of today, there are only 108 homes on the market. The average listed price has risen dramatically to over $656,000. In June 2016, I reported that the average home price was $470,000. The average home on the market today is 2775 square feet, sells for a list price of $243 per square foot and has been on the market for an average of 46 days.
Let’s take a closer look. There are 136 homes pending sale today. There are more homes pending sale than there are homes for sale. That’s highly unusual. The average list price of a home pending sale is over $555,000, is only 2173 sq ft, $264 per sq ft. Sellers accepted an offer in an average of 18 days. The homes that had accepted offers were much lower priced than the average home on the market today.
Here’s another interesting perspective. In the first four months of 2017, the average sales price of a home was just over $495,000, 2039 sq ft, $251 per sq ft and sold in 24 days. Those numbers are much more in line with 2016.
It will be interesting to see what happens next. The size of the average home that has come on the market in Folsom has grown in price and size compared to the recent past. It looks like the seller’s market is changing. So what does that mean for you? If you are contemplating selling your home, it’s worthwhile to explore that now. If you are thinking of buying a home in Folsom, be prepared so your offer can stand out amongst the rest.
I talk with sellers and buyers about these topics and more all the time. With proper planning and a good Realtor (Luckily, I know a really good one….), you can smoothly get to your next stage in life. For more tips on how to successfully navigate the real estate purchase or sale, or suggestions on Folsom topics, please contact me.