Folsom Home Inventory
As you have been reading, the inventory of homes available for sale here in Folsom is low. I thought I would break it out in the three segments of our market. There are equity sales, which are traditional home sales. There are REO, which are foreclosed on homes. Then there are the short sales, where the owner owes more than the home is worth.
Chart 1 shows the inventory for equity sales here in Folsom.
Chart 2 shows the REO inventory.
And with Chart 3 I am showing the inventory on short sales.
While pendings and sales are consistent in equity sales, and a little bumpy in REO’s, take a look at short sales.
The short sales are trending up in both pendings and solds. That is telling me that more banks are coming to terms (at least for the moment) with the situation and are agreeing to the short sales.
What does this mean for buyers? If you are not concerned about the First Time Buyer’s Tax Credit, and you find a short sale that fits your needs, it might be worth trying to buy.
It still requires some questions asked, such as how many loans on the property, which lenders are involved, and how upside down is the seller. But if those answers are the right ones, and you have patience, you might consider it.
And if you are considering selling, and might be in a short sale situation, more of them are getting sold and it might be time to put your home on the market.
Want to know how the market will impact your situation, give me a call!