These days I feel like a pirate hunting for buried treasure. I am searching high and low for homes for my buyers. Inventory of homes for sale in Folsom is lower than it has been in five years. And if you take away the homes that are short sales, it gets even worse.
Today there are 236 homes for sale here in Folsom. Of that 236, 107 of them are short sales, meaning they may sell or the may not. If a buyer wants to take advantage of the tax credits offered, they would be gambling to make an offer on a short sale.
And I am not the only one looking for the treasure. Other Folsom agents are also hunting. Last week a bank owned home came on the market around 4pm. The size and price of the home put it in the range of one of my clients. I literally raced over to the home to preview it. It had been on the market less than an hour. I was not the first agent there! One other agent beat me to the home. He also had clients that needed that size home. By the time I showed my clients this weekend, there were at least 20 agents having gone through the home.
In December 41.8% of the homes for sale in Folsom sold, based on closed sales. This does not mean (in my opinion) that our prices will go up anytime in the future. But we have an active market. It is also still too early to see if we get a rise in inventory during our spring months. (I have my fingers crossed that we do!)