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Changes in Fresno Real Estate

Posted by Harold Penner on Friday, July 16th, 2010 at 3:19pm.

June 2009 --

For the first time in recent history, active short sales now outnumber foreclosures in the Fresno and Madera county residential real estate market. As of Friday, June 12, 2009, out of 2,727 homes for sale, 22% (591) were short sales and 18% (490) active foreclosures. Yet, due to the delays and potential complications associated with short sales, in May 2009, only 10% of sales (99 homes) were short sales and 61% (578 homes) were foreclosures!

Click here to learn more about the difference between short sales and foreclosures.

This means that despite a recent trend of less foreclosures being available, these foreclosed homes are still dominating the sales in today’s real estate market. This provides a unique opportunity for sellers to take advantage of the current market conditions to sell. With less choices on the market, seller-owned properties garner more attention and, if priced correctly, will sell faster than in the past.

Sellers - Click here for a free assessment of your home!

Important News for Buyers:

 Recent Rise in Interest Rate – The historically low interest rates hovering around 5% experienced significant increases this past month and are now averaging near 6%. An increase of one percent in loan rates means, for example, that if someone bought a house for $250,000 today, it would cost approximately $156 more per month than it would have cost them last month.

Click below for more information:

BankRate.com

MortgageNewsDaily.com

Down Payment Assistance – Recent legislation benefits first-time home buyers purchasing with FHA loans. Between January 2009 and November 2009, all first time home buyers receive a tax credit of up to $8,000. But, buyers, previously, had to wait until tax time to receive that credit. The new legislation allows for some of those funds to be immediately available at the close of escrow to assist with down payment costs.

For more information:

HUD News Release

News Report on Credit 

MAY 2009 MARKET STATISTICS* - Fresno and Madera Counties

• Average Price of Sold Homes in May '08 vs. '09 - $240,304 vs. $159,839 (33% Decrease)
•  Sold Homes in May '08 vs. '09 - 636 vs. 994 (56% Increase)
•  # of Foreclosures and Pre-Foreclosures Sold in May '08 vs. '09 - 313 vs. 681 (Doubled)
•  Avg. Loan Percentage Rate in June 2009 – 5.38% (30 Year Fixed)

*Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties.

Click here to visit HomesInFresno.com

FEATURED LISTING  4924 W Bedford Ave, Fresno, CA 93722 $548,000 4 Bedrooms 3 Bathrooms 2,757 sq. ft. Four Car Garage! Located on a quiet cul-de-sac in Northwest Fresno. This Mediterranean style custom home is located in the elite Bellaviera neighborhood on a large corner lot. The open layout includes a central great room with 20 foot ceiling, dining room & kitchen. Three separate wings allow for maximum privacy for 4 large bedrooms & 3 bathrooms.

 

PENNER TEAM NEWS!  Our Global Engineer! Aaron Quaresma, Harold’s son-in-law, recently spent an intensive, yet rewarding week volunteering his structural engineering skills in Haiti. He traveled as part of a Christian organization called Engineering Missions International (eMi) which provides free, complete building plans for Christian organizations worldwide. The 12 person team (including architects, civil engineer, surveyor, electrical engineer and others) collaborated to create a master plan for the future development of an orphanage and supporting buildings on a 16 acre parcel of land. Aaron will be finalizing the design documents on his evenings and weekends in the coming months. We are so proud of Aaron and how he is using his skills to help others!

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