Folsom’s Short Sale Market
Folsom has its share of short sales. Currently Folsom has a total of 261 single family homes for sale. Of those 94 are short sales. The average days on market(DOM) for regular listings are 73 DOM. Available short sales average DOM is 121.
Folsom has 85 homes that are pending, that are not short sales. There are 19 homes that are short sales that are pending. Average DOM for the pending (non-short) is 57 days. For pending short sales it is 74 DOM.
In the past month Folsom has seen 42 homes sale that were not short sales. The DOM for those were 77. Folsom has seen 7 homes that were short sales close in the past month. The average DOM for the short sales was 151 days.
Since the first of the year Folsom has had 25 short sales withdrawn from the market. Of those 25, 7 have gone to foreclosure and 3 more are due to be foreclosed on within the month.
Bottom line, only about 8% of our short sale inventory is closing escrow in any month. That leaves a lot of buyers who are sitting around wondering if the short sale they put an offer on will get accepted by the bank, or go into forclosure. While they are waiting they may be missing out on the best time to buy a home, not just make an offer on a home. Interest rates are record low and with the first time buyers credit expiring at the end of November, there is only a window of opportunity left. I urge you to take advantage of the window. If you have a home that you like and it is a short sale, be sure and have a backup home that is not a short sale.
My next post I will post more about how you can increase your chances of a successful short sale.