Pat's Column January Folsom Lake Entertainer

Real Estate

My January 2017 first column of the year highlights the exciting change we have in front of us.  It should be an amazing year. The outlook for residential real estate is positive according to experts. 

As always, enjoy, and if you have suggestions for future columns, please contact me at pquan@cbnorcal.com

2017!  Ch-Ch-Ch-Ch Changes.

Happy New Year!  Hold on tight.  We may be in for a lot of change in 2017. 

This is the time of year that we not only embrace change, we try to create it in our lives. It is practically tradition to create and define change.  Time to set new goals, to change habits.  We strive to do things to improve our lives; lose weight, spend more time with family, learn to hit a golf ball straight, exercise 4 mornings a week, hire new staff, do more volunteer work, not work as late, oh and the biggie –snack less.  The sky’s the limit.

But change is hard.  My youngest daughter will be headed off to college in 2017.  That change will be hard for me and my wife – and for my daughter and her sister -- but that’s not quite the change I am thinking about.

 Change can come from many directions. For me, my real estate business is thriving. 2016 was a fantastic year.  Every year I am rewarded with the opportunity to help more families with their real estate needs due to the trust, referrals and positive experiences of my current clients.  OK, that’s one thing that’s not going to change!  Yet I’m the type of person that loves change.  That’s what I love about real estate.  Every day, every client, every home, every home sale is different.  But I’ve struggled with the process of change to add the right assistant to my growing business.  But it will be a change that I plan to implement in 2017.  

2016 ended with epic change.  Time magazine stated that Donald Trump’s victory “shocked the world” and he is their 2016 Man Of The Year.  Daniel Goldstein, Personal Finance Reporter writes that the victory is likely to presage some dramatic changes in 2017 for the housing industry.

If you like change, this is the year for you.

What changes are in store for real estate?  Who knows?  The stock market is at an all-time high with the DOW nearing 20,000.   Interest rates have ticked up which could restrict buying power but are still at historic lows. As expected, the Federal Reserve raised the target federal funds in December 2016. The policymakers also projected a three quarter-point increases for 2017.

Personally I would like to go into 2017 with a positive outlook.  And there’s a lot to look forward to. The experts express their optimism. John Burns Real Estate Consulting expects 80% of residential growth to occur in suburban communities.  The National Association of Realtors expects more millenials to buy their first home in 2017.  Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, thinks that with the uncertainty of how Donald Trump’s presidency will begin and fears of recession, another year of low interest rates could be in the cards.  All of these factors point to another good year for real estate. 

Nancy Dennis, a vice president at American Financing Corp. sums it best: This is absolutely a seller’s market and has been for quite some time, and we do not feel Donald Trump’s win will negatively affect the market for those looking to sell. 

So closer to home, how has Folsom real estate been in 2016 Year-To-Date?  Through November 2016, 1017 homes sold, down 1.2% from 1029 YTD in 2015.  A deeper look into the numbers shows that the average sales price of a home in Folsom is $480,213, a definite increase from the previous year.  With fewer homes for sale this year, more demand was evident as the average time it took to sell a home (Days On Market) trended down slightly compared to 2015.  

I’m excited about 2017. I’m excited to continue to help more families in 2017 with their real estate needs. With proper planning and a good Realtor (Luckily, I know a really good one….), you can smoothly get to your next stage in life.  Along with the help of a wonderful assistant!

For more tips on how to successfully navigate the real estate purchase or sale, or suggestions on Folsom topics, please contact me at Coldwell Banker, 916.812.4341, pquan@cbnorcal.com, www.PatQuan.com.