No REO Wave?
Home buyers have been circling, anticipating a great wave of REO’s to hit the market for months. The illusive shadow inventory agents have been talking about. Instead of the great wave, Folsom is getting a trickle.
For several reasons, I don’t believe we will see a huge increase of REO inventory here in Folsom for quite some time if at all. Banks(some, not all) are working on loan modifications. Banks are also holding onto their REO inventory and releasing them a few at a time so as not to flood the market and push prices down lower.
Folsom’s home inventory is low. Today there are a total of 246 single family homes for sale, 107 short sales, 24 REO and 115 regular sales.
What this means to buyers who have been on the fence, thinking something better will come along, maybe with even better pricing, don’t bet on it. Almost all the buyers out there, in almost all the price ranges are looking for the turnkey home, new paint, carpet, granite etc. There is a lot of competition out there for those types of homes. Where I think buyers can and should look are at the homes that are in good locations, but need some updating or TLC. There is not as much competition for those and thus possibly a better value.
Potential sellers should also pay attention to Folsom’s low inventory, and put their home on the market now, with less competition from other sellers and REO’s, it is an ideal time to take advantage of the shortage of homes for sale here in Folsom.
If its time for you to take advantage of this market, call me, I love helping my clients get a good deal!