An update on the real estate market in Folsom can really be called the tale of two cities. Why? Well, the market is really divided into two distinct sub markets as we approach the bottom of our current market cycle. Pending sales (homes that have accepted offers) are up across the board throughout the Sacramento region. In Folsom sellers priced below $450,000 in March find that they are in a red hot sellers market reminiscent of the 2003-2005 period. Multiple offers are back in vogue and agents are scrambling to find homes for their buyers that are returning to the market. Above $450,000 the market is slower, currently in a weak buyers to a neutral market where buyers and sellers have equal weight in negotiating the transaction. The upper end of the market $800,000 + is so cold that ice cream is now considered a hot meal. Homes are languishing on the market and only homes that meet one of two conditions are moving: 1) Priced right, staged well, and marketing aggressively; or 2) Priced ahead of the price curve.
So what are you to do?
As a first time buyer the time to be in the market is yesterday if you plan on holding your home for more than 3 years. Take advantage of the discounts in prices over the last 15 months and continued low interest rates and pick up a property at a reasonable value. Two years from now you will be popping a bottle of bubbly and celebrating your smart move to get into the market.
If you are a move up buyer do it today. Sell you lower priced home in the warming market, and buy a higher priced home in a slower market. That's called maximizing your equity position.
A move down buyer needs to spend a bit of time with a Realtor to determine if now is the best time to move. The value of this move varies across the region.
Sellers, unless you are willing to wait another year or two for the market to MAYBE improve enough to make it worth the wait you need to hop in the market now before the competition does. Take advantage of low interest rates and the seasonal warm-up - beginning this month. Consult your Realtor to be sure your home is staged to show well, priced aggressively, and definitely review your Realtors marketing plan. It needs to be aggressive and cover all the bases to maximize the exposure of your home. Do anything less than this, and, well, see the ice cream reference above.
Want to learn more or see what we think your home is worth? We offer no bull straight up real estate consulting services. When it comes to real estate we don't sell homes, we get homes sold. Contact us for additional information or market conditions for your specific market segment.
Werolin Real Estate Group
Jeff Werolin jWerolin@GoLyon.com 916.741.9505
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