Holding Pattern in Fresno Real Estate
Posted by Harold Penner on Friday, July 16th, 2010 at 3:34pm.
For
the past few months, the local Fresno real estate market has been in a
type of holding pattern. The number of active foreclosures reduced
by over two-thirds in the past six months leveling out around 450
active foreclosures beginning in May 2009. Pricing in homes under
$250,000 has been slightly rising, but overall the number of sold
properties and the average pricing of those homes has remained
relatively steady for the past 4 months. 1. Go
green. Energy efficient products and household goods are attractive
to buyers. Renovations or replacements that help make the house more
energy efficient are popular. Things such as better insulation,
replacing old windows, caulking, and adding skylights can increase
value. July 2009 --
There is plenty of
chatter and predictions for when the flood of foreclosures will return.
But, for now, one of the points for first time homebuyers to remember
is that federal tax credits will only apply for homes purchased before
November, 30, 2009. The reduction in foreclosures has meant increased
competition for homes coming on the market. Buyers need to act fast and
aggressively in order to get the homes they are interested in before
they miss this window.For sellers interested in taking
advantage of this time, here are some suggestions for enhancing your
home (excerpt from RealtyTimes.com):
2. Crown molding and wider baseboards. Some
homeowners are shy to experiment with this, especially if they live in a
small home, but it can be very attractive in any size home. Wider
baseboard. The measly baseboard that builders often use in tract homes
doesn’t draw attention. Adding a wider baseboard and a fresh coat of
paint makes the room come to life. Also, framing windows and doors helps
complete the look of a room.
3. Textured paint. Faux
finishes, accented walls, or even just a little fresh paint on them
makes a lasting impression. Choose colors and textures wisely. Don’t get
carried away with a color you love (e.g. purple walls—I’ve seen it in a
home for sale). Remember, that you want your home to appeal to the
masses. You can always paint your new home purple—and then change it
when it comes time to sell it!
4. Improved flooring.
Wood, tile, and new carpet can be a showstopper. But if the flooring is
chipped, torn, or dirty, you’ll get the opposite reaction from buyers.
They’ll think your home hasn’t been cared for properly which could
result in a lower offer -- or no sale at all. JUNE 2009 MARKET STATISTICS* - Fresno and Madera Counties
- Average Price of Sold Homes in June '08 vs. '09 - $232,076 vs. $164,118 (30% Decrease)
- Sold Homes in June '08 vs. '09 -675 vs. 978 (45% Increase)
- # of Foreclosures and Pre-Foreclosures Sold in June '08 vs. '09 - 371 vs. 663 (79% Increase)
- Avg. Loan Percentage Rate in July 2009 – 5.13% (30 Year Fixed)
*Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties.
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PENNER
TEAM NEWS!
Elevator Music Expert!
When
Ruth Showerman joined the Penner Team over a year ago, she dove into
the world of listings and real estate. As our office began assisting
more and more pre-foreclosure (short sale) clients, Ruth began adding on
more responsibility and expertise.
Recently, Ruth transitioned
into assisting with the Penner Team’s ongoing short sales fulltime. And
we believe anyone who spends the majority of their day navigating the
bureaucracies of over 20 different financial institutions deserves some
acknowledgement!
To balance the frustration of listening to
“hold” music all day long, Ruth is using the summer to learn how to
wakeboard, perfect her signature criss-cross pie crust, and is striving
to control her vacuuming obsession to a few times a week. We love every
bit of our ultra-organized, talented Ruth Showerman!
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