Fresno Sales and Interest Rate News!

 June 2008 ---  I am certain you have heard that Fresno is currently in a buyer's market. Last year at this time a buyer would have purchased a home in the Fresno area for an average of $331,045. Today the average price is $244,300.

Despite these solid numbers, I find that buyers are still quite hesitant to purchase. This is typically for two reasons.

1. Will the Market Drop Lower?

 This past month I have seen a significant shift in the number of buyers looking for properties as well as seeing multiple offers placed on well priced homes. This is particularly true for homes priced under $300,000.

The statistics for this past month are also quite interesting. For the second month in the row, more houses were sold this month than a year ago. In previous months sales were steadily declining which meant more homes were sitting on the market. However, in May 2008, there was a 17% increase of sales in Fresno and Madera counties compared to May 2007.

During this same time period the average price has dropped 26%. An increase in the number of sales, number of buyers and number of multiple offers combined with a historically low decrease in prices means that this is an ideal time to buy.

2. Interest Rates May Drop Lower:

This second concern has also had some interesting developments this past month. Interest rates are determined by the Federal Reserve and lately there have been indications that in order to protect the American dollar, the government will not be lowering interest rates again.

View Recent New Articles:

USA Today, by Sue Kirchhoff
Published June 4, 2008
Bernanke hints that Fed's done cutting interest rates

View the complete June 3, 2008 speech by Chairman Ben S. Berhanke here:
"Remarks on the economic outlook"
At the International Monetary Conference, Barcelona, Spain

If you are interested in learning more about buying in the Fresno County area, please contact my office at (559) 322-7777 or email hpinfo@homesinfresno.com.


MAY 2008 MARKET STATISTICS - Fresno and Madera Counties

• Average Price of Sold Homes in May '07 vs. '08 - $331,045 vs. $244,300 (26% Decrease)
• Sold Homes in May '07 vs. '08 - 487 vs. 570 (17% Increase)
• # of Foreclosures and Pre-Foreclosures Sold in May '07 vs. '08 - 33 vs. 267 (809% Increase)
• Avg. Loan Percentage Rate in May '08 – 5.875% (30 Year Fixed)

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FEATURED LISTING 

5450 E. Liberty Ave.

• $829,000
• 4 Bedrooms
• 3.5 Bathrooms
• 3,864 sq. ft.

Nearly an acre! This French Country inspired home features a park-like, nearly one acre lot with towering, shady trees. The home includes exquisite wood detailing, custom built-in options, and extensive storage options. The kitchen includes double ovens, Viking gas stovetop, breakfast bar and indoor grill. This spacious and elegant home is a unique find in the Sunnyside area!

  PENNER TEAM NEWS!
Graduation!

May was a big month for the Penner's as both Jesse and his wife Allie graduated! Jesse, who sells real estate fulltime with the Penner Team has been steadily working his way through a business degree at CSU Fresno and most recently a Master's of Divinity from the Mennonite Brethren Biblical Seminary.

Jesse and Allie were married on June 16, 2007 and have been living the life of students as Allie completed her nursing degree from CSU Fresno with honors. We are excited that they now are able to experience married life without the pressure of looming homework or exams!