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A Buyer's Market: Fresno and Clovis Real Estate

Posted by Harold Penner on Tuesday, July 13th, 2010 at 6:30pm.

December 2008 -- Despite a tough year for real estate, I have found many things to be thankful for this holiday season. For my office, work has been steady despite a rapidly changing local market. One of the primary reasons for that is the versality and expertise of my staff. In a world of job related lay-offs and declining business opportunities, the ability to maintain a full staff is a testament to their value in customer service and escrow management.

But, there have been some adjustments. During the past 20 years, my typical clientele has been comprised of approximately 70% sellers and 30% buyers. But, with the change to a buyer’s market and the flood of bank-owned homes, we have been able to assist many first time home buyers and investors, which adjusted that ratio to 60% seller and 40% buyers. In addition, I developed a specialty in closing short sale (pre-foreclosure) homes.

There are clear reasons why investors and first time home buyers have been taking advantage of the current market: 

• Price:
  Between May 2008 and November 2008, the average price of sold homes in Fresno and Madera County has dropped from $243,899 to $178,769. This is a 27% decrease in six months.
• Increasing Demand:
  There are over 1000 less homes on the market then in 2007. Yet, 30% more homes were sold in 2008 to date then last year. Demand has been building throughout 2008.
• Low Interest Rates:
  Interest rates are currently at their lowest point since January 2008 and currently average 5.5%.

Click Here to view the latest news on interest rates.

Click Here if would like to sign up to have some home options emailed to you as they appear on the market.

Also, my January newsletter will be a 2008 year end analysis of Fresno and Clovis real estate conditions including expectations for the upcoming year.

To learn more about purchasing or selling a home, please contact our office at (559) 322-7777 or email hpinfo@homesinfresno.com


NOVEMBER 2008 MARKET STATISTICS - Fresno and Madera Counties

• Average Price of Sold Homes in November '07 vs. '08 - $294,407 vs. $178,196 (40% Decrease)
• Sold Homes in November '07 vs. '08 - 329 vs. 642 (Nearly twice the amount of 2007)
• # of Foreclosures and Pre-Foreclosures Sold in November '07 vs. '08 - 79 vs. 454 (Increased over 5 times)
• Avg. Loan Percentage Rate in November '08 – 5.875% (30 Year Fixed)

Click here to visit HomesInFresno.com    

FEATURED LISTING  1173 E. Carnoustie $349,000 4 Bedrooms 3 Bathrooms 2,558 sq. ft. Prime Clovis Location! Situated near Copper River, Woodward Park and Clovis walking trails, this home has everything you have been looking for. High end upgrades includes granite counters, double ovens, gas stove, custom painted cabinets, and flooring with the gorgeous appearance of hard wood and the simple maintenance of tile. With 4 bedrooms (one downstairs), an upstairs loft and large, open great room concept, this home is ideal for entertaining and relaxation.

 

PENNER TEAM NEWS! C.J. is Engaged! Our little escrow coordinator is all grown up and about to get married! Christina Joy Nuckles will be marrying Wesley Workman in April 2009. Being the baseball fanatic that she is, Wesley proposed by writing “Will you Marry Me?” on a baseball and tossing it to her while playing catch at the beach. Centerpieces and cake toppers are going to be the talk of the office for the next few months as their families set out to honor this couple’s commitment to each other. We are all excited for the two of them and pray for a lifetime of married bliss!

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