Fresno Investors Grabbing Real Estate Bargains
Posted by Harold Penner on Friday, March 18th, 2011 at 9:10am.Fresno Investors Grabbing Real Estate Bargains
Fresno County’s Under-Priced Market:Fresno’s real estate market is currently priced 30% (approximately $50,000) lower than it should be. That assessment is according to real estate economist Mark Boud, principal of Irvine-based Real Estate Economics, who shared his research findings recently at CSU Fresno.
Boud’s assessment of Fresno county’s real estate market is that the prices bottomed out this past year and the next five years will be a slow road to recovery. Mortgage interest rates will continue to tick up, the inventory of foreclosed homes will continue to shrink and pricing will slowly rise again. Boud noted that Fresno’s job market experienced growth in 2010 and that affordable housing will once again attract buyers to relocate from the coastal markets.
For more details on Boud’s assessment – Visit The Business Journal
Real Estate Investors Recognizing Opportunity:
While buyers may still be wary of taking the plunge, investors who follow these trends have begun to buy up discounted homes throughout Fresno County. According to Fresno tax records, 519 residential properties (single family homes, PUD’s, condos) were purchased as non-owner occupied homes in 2011. This is a 27% increase from the 378 properties bought during these same months (Jan. 1 - March 17) last year.
Yet, the total number of homes sold in Fresno County during this time remained constant. There were 1,518 homes sold by March 17 in 2010 and there are currently 1,530 sold in 2011 according to Fresno MLS. These numbers show that investors are recognizing the unique opportunity presented to purchase homes at the bottom of market with low interest rates. They are buying the lion’s share of the homes available at the moment and buyers should be encouraged to see this confidence in the market.
If you would like more information about how to invest in Fresno County’s real estate market, please visit www.HomesInFresno.com
MARKET STATISTICS*
MARCH 2011 - Fresno and Madera Counties
- Average Price of Sold Homes in February 2010 vs. 2011 – $159,489 vs. $166,245 (4% Increase)
- Sold Homes in February 2010 vs. 2011 - 669 vs. 695 (4% Increase)
- # of Foreclosures and Pre-Foreclosures Sold in February 2010 vs. 2011 - 431 vs. 458 (6% Increase)
Link to HomesInFresno.com
FEATURED LISTING
7669 N. Ann Avenue
- $224,000
- 5 Bedrooms
- 3 Bathrooms
- 2,418 sq. ft.
Visit 7669 N. Ann Avenue
PENNER TEAM NEWS
Austin James Smittcamp!
Life is filled with burp cloths, onesies and diapers at the Penner and Smittcamp homes. The third grandchild has arrived!On February 27, weighing in at 8 lbs., 4 oz and 21 ¼ inches long, little Austin James decided to finally make his arrival. Mommy had been sure she was having a second little girl, so this little guy was one wonderful surprise. Big sister, Aubrey (who is three years old today!), has been a gentle, sweet helper to her little brother. She is always ready with plenty of kisses, blankets and pacifiers. And with cousin, Jedidiah, only 4 months older, we can already see that this boy is going to have plenty of family and love surrounding him.
Congratulations Blake and Cherie Smittcamp on becoming a family of four!
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