You’ve probably heard the ads.  It’s often for one of the major banks and the commercials go something like this:  “30 year mortgage just 3%!”  A few of my customers have heard these ads and asked me to match the rate for their El Dorado Hills mortgage.  I could but I don’t.  Here’s why…   What the banks don’t advertise is that you can only get that screamin’ low rate if you are willing to pay “discount points”.  One discount point equals one per cent of the loan amount.  I saw a quote last week that included 2 ½ discount points with a 4.5% interest rate so let’s use that for our comparison of a standard 30-year conforming loan.   If you wanted to borrow $200,000 at that advertised mortgage rate of 4.5%, the 2 ½ discount points (2 ½ percent of the loan amount) would cost you $5,000 in f... 04/13/2009

This post is a continuation of my monthly study of Bank Owned homes Sold in El Dorado Hills, CA.  The El Dorado Hills market continues to track with the historic numbers that I have been monitoring for the past eighteen months or longer.  Unlike the Folsom market. (For those of you unfamiliar with the area. Folsom is the next town down hill from El Dorado Hills.) In March 19 REO home sold, a full 50% if the total of 38 homes sold, the largest percentage since I started this study.  The cost-per-square-foot for REO home sold was $ 154, down two dollars.  The cost-per-square-foot for all homes sold was $ 170, down one dollar from February.  The trend of saving about 10% of thecost-per-square-foot by buying an REO property continues in El Dorado Hills. The average days on market increased ... 04/07/2009

The only thing that is constant in our lives is change.  We are experiencing many changes as we try to rebound from our present economic situation.  There are many very bright people trying to make improvements.  As soon a new programs become available to the buyers, sellers and those interested in refinancing, I will endeavor to make the details of those programs public knowledge. We all need to work together to dig ourselves out.  I am committed to doing my part. Mike  04/07/2009

If you've wanted to live in El Dorado Hills due to its excellent location, terrain, schools - this is about as close to the best time to buy the home you've been dreaming about. There is still great inventory, but will they be affordable a year from now? Right now there is still choice, and excellent deals to be made. But the lowest priced homes are being gobbled up. There are currently 27 bank owned properties (REO) in El Dorado Hills with a price range of $310,000 to $879,900 for a home in the exclusive gated area of Serrano Country Club. There are 35 pending sales and the 46 sold listings of the last 90 days averaged only 36 days on the market with list price to sales price ratio of 97.8%.  Buyers realize the properties are already priced competitively. 04/05/2009

El Dorado Hills REO (Bank Owned Home) Sales Data For February 2009 For the past eighteen months I have reported REO sales data monthly for both El Dorado Hills and Folsom, CA. in the same report. It has become obvious that the El Dorado Hills and Folsom markets are different enough that each warrants a separate report. This is the first month that I will report the two markets separately. In February of 2009, there were 13 REO homes sold, up from 10 in January. The 13 homes represent 52% of all El Dorado Hills homes sold in February. The ten in January represented only 35.8% of all homes sold. The average Days-On-Market for sold REO properties in February was 38, down from 95 in January. The longest time on the market for any sold REO property was 90 in February. In January one was on t... 03/02/2009

For those of you who may have an interest, I have attached a snapshot of today's Real Estate market in El Dorado Hills, Ca. This data pertains to single family homes only. Of the 331 active homes--those available for sale--26.9% are active short sales. Short Sales are homes that are being offered for less than the seller owes their bank(s) with the hope of getting approval from the bank or banks by accepting the highest offer generated. This is a long, difficult process and not for the faint at heart. There are some buyers who have purchased a property for a great price. Most, however, give up because the process is so slow and frustrating. There are only seven REO properties (bank owned) available right now. Most of those have been available for some time. The data is broken into three... 02/12/2009

REO Sales Data for El Dorado Hills & Folsom, CA January 2009 This post continues my study of REO (Bank Owned) home sales in El Dorado Hills and Folsom, CA. for January 2009. The number of REO properties sold in the subject area in January was 26, down from 32 in December. The average days-on-market increased significantly to 70, up from 29 the previous month. One home in El Dorado Hills sold after being on the market for 458 days. There were four others that sold in January that had been on the market for over 100 days. These homes added significantly to the overall days-on-market average. Only 19.3% of the REO homes that sold in January sold in less than 14 days, a big drop from December. Also 11.6% of the REO homes sold in less than 7 days. That was also a drop from December. Of the 6... 02/06/2009

REO Sales Data for El Dorado Hills & Folsom,CA December 2008 This post continues my study of REO (Bank Owned) home sales in El Dorado Hills and Folsom, CA. for December 2008. The number of REO properties sold in the subject area in December was 32, one less than in November. The average days on market dropped significantly to 29, down from 49 the previous month. One home in El Dorado Hills sold after being on the market for 219 days. That was the only property sold that had been on the market for more than 100 days. The old inventory is being cleared out and there are less REO properties on the market for a long time, even when the condition as an important issue. A full 46.9% of the REO homes that sold in December sold in less than 14 days, up from previous months. Also 24.3% of the RE... 02/05/2009

REO Sales Data for El Dorado Hills & Folsom, CA November 2008 This post continues my study of REO (Bank Owned) home sales in El Dorado Hills and Folsom, CA. This blog covers November 2008. The number of REO properties sold in the subject area in November was 33, three less than in September. The average days on market dropped to 49, down from 55. One home in El Dorado Hills sold after being on the market for 217 days. There were also five other homes on the market for longer than 100 days. However, the old inventory is being cleared out and there are less REO propertied on the market for a long time, even when the condition as an important issue. Only 42.5% of the REO homes that sold in November sold in less than 14 days, UP considerably from previous months. Also 21/3% of the REO homes... 02/04/2009

This post continues my study of REO (Bank Owned) home sales in El Dorado Hills and Folsom, CA.  This blog covers October 2008.   The number of REO properties sold in the subject area in October was 39, one less than in September.   The average days on market increased slightly to 55.  One home in El Dorado Hills sold after being on the market after 429 days.  That sale obviously had an impact on the average days on market for the month.  Four others sold after having been on the market for over 100 days.   Only 26% of the REO homes sold in October sold in less than 14 days, down from 35% in September.  Also 12.9% of the REO homes sold in less than 7 days in October.   Of the 130 homes that sold in the area in October, 39, or 30% were REO properties.  This percentage is down slightly fro... 02/02/2009

Latest News and Topics of Interest:   The rapid decline in long-term interest rates continued in December.  Due to continuing actions by the Federal Reserve board, according to FreddieMac.com, the average cost of a 30 yr. fixed mortgage in the Western U.S. has dropped from 6.47% on 11/1/08 to 5.60% on 12/1/08 to 5.01% on 1/1/09.  "Word on the street" is still suggesting 30 yr. mortgages at 4.50%, or less, soon.  On the horizon:  Expect Obama's stimulus package to include a provision, empowering bankruptcy judges with the ability to alter home loans in an effort to prevent foreclosures.  The purpose of this is to get lenders to further engage in loan modifications and short sales, or the courts will do it for them.  National & Regional Snap-shot:  What a difference a year makes: 1,872 ho... 01/12/2009

As realtors, we are hearing more and more about rental scams taking place.   We were just made aware today of a scam that occurred with a listing in one of our local Lyon Real Estate offices.  The scammers pulled property information, including pictures, from the MLS and posted an ad on Craig's List.  An interested party drove by the property prior to submitting a deposit and saw the Lyon listing sign in the front yard.  The prospective tenant then called the listing agent's number on the sign to inquire why the home was for sale if it was being rented.  The listing agent then put the woman in touch with the homeowners and the scam was uncovered.  These kinds of scams are becoming more and more popular, especially with vacant properties.  We have also heard of scammers taking deposit mo... 12/30/2008

If you've wanted to live in El Dorado Hills due to its excellent location, terrain, schools - this is about as close to the best time to buy the home you've been dreaming about.  There is still great inventory, but will they be affordable a year from now?   Right now there is still choice, and excellent deals to be made.  But the lowest priced homes are being gobbled up.  El Dorado Hills has 307 active listings which is same as last report.  Home prices range from $275,000 for a 3bed/2bath short sale listing in Park Village to a newer 6900 sq ft home in Serrano priced at $2,995,000.  There are 52 homes for sale priced under $400,000 and 64 homes priced over $1,000,000 indicating both affordable and luxury living is available in El Dorado Hills.  Serrano (gated, award winning master plan... 12/27/2008

12/13/2008

El Dorado Hills, CA  -  As this is a rather slow time of the year and new inventory on the market is low, I thought I would touch on some of the other "bests" for our Sierra Foothills area.  I use to think of myself as a summer person because I love warm weather and clear sunny skies which is typical here in the foothills. I still love summer here, even though it can be too warm at times (106 on the hottest days)  throughout the Sacramento Valley.  I have, however, come to the conclusion that fall is "the best" season here.  We still enjoy clear sunny skies and daytime temperatures in the 70's and low 80's, but there is a definite beauty in the hills this time of year.  Our climate allows us trees that have amazing fall color, turning beautiful shades of red, orange, and yellow that sta... 11/23/2008

National & Regional Snap-shot:  The election has come and gone and the national focus has returned to the economy, the credit crisis and the slumping housing market. The roller coaster ride continued with 30yr fixed mortgage rates rising from 6.07%* at the beginning of October to 6.47%* at month's end. No sooner than Paulson and Bernanke talked voters and Congress into the "mortgage bailout," it evolved (was switched) to a different plan of injecting money directly into banks and other financial institutions as opposed to buying mortgages through reverse auctions. Officially, $125 billion was given to the nations 9 largest banks with another $125 billion slated to be injected into smaller banks across the country. From a regional standpoint last month, 2,084 homes sold in Sacramento Cou... 11/12/2008

Serrano (gated, award winning master planned community) has 112 active listings  down from 114 in last report with prices ranging in price from $359,000 for a 3bed/2bath with 1733 sq ft home to 2 homes listed at $2,995,000.   There are 16 pendings sales and 52 sold in the last 3 months indicating good activity in this sought after area. 10/25/2008

f you've wanted to live in El Dorado Hills due to its excellent location, terrain, schools - this is about as close to the best time to buy the home you've been dreaming about.  There is still great inventory, but will they be affordable a year from now?   Right now there is still choice, and excellent deals to be made.  But the lowest priced homes are being gobbled up.  El Dorado Hills has 364 active listings which is same as last report.  Home prices range from $289,000 for a 3bed/2bath short sale listing in St. Andrews Village to 2 new or newer homes in Serrano priced at $2,995,000.  There are 41 homes for sale priced under $400,000 and 82 homes priced over $1,000,000 indicating both affordable and luxury living is available in El Dorado Hills.  Serrano (gated, award winning master p... 10/25/2008

National & Regional Snap-shot:  The presidential election and Hurricane Ike became after thoughts in September as the credit crisis on Wall Street spread to Main Street.  The hope for an election year rally in the stock market has been put on hold, as the Federal Reserve and Treasury Department have scrambled to utilize every tool in their arsenal (including getting congress to authorize a $700 Billion bailout) to calm the markets and keep the American economy flowing.  From a regional standpoint last month, 1934 homes sold in Sacramento County, 1354 were bank owned (70%), 200 were short sales (10%) and the median home price dropped another 11% from $215k in August to $192k in September. El Dorado Hills: El Dorado Hills was a bright spot last month with the sales rising from 50 in Augu... 10/12/2008

How do I get the best deal on a home?  Where do I start? Part 5   At this point you have decided that you want to purchase a home.  You are tired of paying rent that only makes your land lord richer.   You have communicated with a loan consultant and narrowed your selection to a loan package that you can live with-NO UNPLEASANT SURPRISES.  NO PREPAYMENT PENALTIES.   You should have a fairly good idea what your payments are going to look like and, although you are not excited about having to pay so much, you can live with the payment.  You will have a good idea of what price range you should be looking in. You will be able to obtain a pre-qualification letter from your loan consultant.      (A pre-approval is better.  That means that your financial      information has been verified and ... 09/28/2008