Selling Advantages in Fresno, California
Posted by Harold Penner on Wednesday, July 14th, 2010 at 4:59pm.
May 2009 -- Last month, I noted the interesting real estate trends taking place in the Fresno and Madera county markets. The number of foreclosures were dropping, while sales in all categories (short sales, foreclosures and conventional homes) were on the rise. These trends continued throughout the month of April 2009. Between January to April 2009, the number of active foreclosures have dropped over 60% from 1500 to 665. During that same time period the number of sold properties has increased from 833 (January 2009) to 988 (April 2009). So, despite less choices, the number of homes being sold is rising. Average sold prices of homes have remained steady and have risen slightly in some price points throughout this time period. Room to Grow – Easy Moves –
Market Trends in Fresno and Madera County -
To date, the promised release of the backlog of foreclosures by banks lifting moratoriums has not occurred. In fact, this week the number of active homes (in all categories) on the market reached a low of 2800 homes. The Fresno/Madera market hasn’t seen those types of numbers since 2005! But, I am anticipating that more foreclosures should be appearing in June and we’ll see what that does to the numbers.
The Advantages to Sellers -
But, in the meantime, prudent sellers are taking advantage of this unique time in the market to upgrade their homes. Here are two recent examples:
Adam and Niki Sheppard with four small children had outgrown their 5,000 square foot lot in Woodward Lakes. “We had always wanted to move to the country on the outskirts of Clovis, but never could have afforded it without this current market,” remarked Adam Sheppard.
The Sheppard’s were able to sell their home and buy a foreclosure on 2.5 acres with 3,600 square feet, 4 bedrooms and 4 bathrooms and pool for $385,000. This is nearly $300,000 less than what the house sold for in 2007.
Picture - Sheppard kids enjoying their new yard!
DeeDee Bush’s home was a PUD (Planned Unit Development) with an annual HOA fee. She liked the house, but was interested in finding one in Fresno without an HOA. And since she had previously bought in 2003, she was able to sell her home for a profit.
DeeDee sold at a time when there were fewer foreclosures available which created a high demand for her house. DeeDee’s home sold in a weekend with multiple offers and she was able to place an offer on another home that Monday. “I could have stayed in my old house, but the process was so quick and easy that I’m so glad I made the decision to move,” stated DeeDee.
Picture - Features DeeDee and her cute little yorkie, Willaby Girl!
Sellers - Click here for a free assessment of your home! APRIL 2009 MARKET STATISTICS* - Fresno and Madera Counties
*Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties.
FEATURED LISTING
422 W. Fallbrook Avenues, Fresno, CA 93611
Clovis Walking Trail! One of the prettiest areas of Clovis! Direct backyard access Clovis walking trail and nearby Railroad Park and close proximity Buchanan Educational Center. Single story home with three car garage and tile roof. Open layout includes kitchen with large island/breakfast bar, custom backsplash and pergo flooring overlooking family room with gas fireplace, built-in cabinets and entertainment center. Rear, private master bedroom features plantation shutters, jacuzzi jetted tub, large walk-in closet and raised sinks in master bath.
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