Info for Buyers in the Fresno marketWith rocketing prices, it has become increasingly difficult for first-time homebuyers to enter the real estate market.
First-time homebuyers face various hurdles besides escalating home prices such as finding the down payment money, understanding credit scores and their effect on getting loans, and comprehending the gazillion loan program options from No Doc to no money down.
Moreover, if you are new to real estate, you will need to learn the real estate language and the real estate buying process.
In California, the percentage of homes in the real estate market that were sold to first-time homebuyers have plummeted to an all time low of 26% in 2004.
It is not easy being a first-time homebuyer in general but the situation is amplified in Fresno and the rest of California.
Nevertheless, according to the California Association of Realtors, the central valley real estate is still the 2nd most affordable region in California (most affordable is the High Desert area).
The fastly-appreciating prices have also alerted real estate investors to the area. The Fresno real estate is still relatively affordable when compared to the rest of the state.
As such, many real estate investors have flocked to the Fresno market to take advantage of the fast appreciation and “lower prices”, further increasing the real estate demand and making the situation particularly hard on Fresno homebuyers.
Here are some "survival" Tips for Buyers in the Fresno Real Estate market:
• Research and determine what you want beforehand - how many bedrooms, approximate square footage, preferred neighborhoods, and how much you can afford to spend.
Make sure your credit scores and reports are accurate. There is nothing worse than finding the perfect house and missing your chance to make an offer because there's an error on your credit history that places you in an unfavorable light with a lender.
Get pre-approved for a real estate loan or mortgage before you begin looking at homes. Not only will this give you an exact price range for your purchase, but pre-approval will add muscle to your offer and is a must in this strong market.
• Stay in close contact with your Fresno realtor and clearly express your needs.
• Keep in mind that there's no such thing as the "perfect" home especially in this Fresno real estate market where prices have been consistently rising. Instead, set priorities. Determine what you're willing to sacrifice.
• Most importantly, if you're determined that now is the time to buy, don't be timid. You'll need to be ready to act on a moment's notice and present an attractive offer as soon as you see that close-to-perfect home that hits the Fresno real estate market.
We realize that the biggest and best investment you'll ever make is probably in your home. As such, you should want the best team on your side, working with you towards your goals. That's where we come in. Let us be part of your team.
It is our job to guide you through this complicated process. We want you to get the maximum value for your home, in the shortest time possible and with the least amount of problems.
We pledge to you that we will treat every client with the utmost respect, honesty and integrity. We also pledge to continuously give the highest level of competent, ethical and quality service to our clients.
Word of Caution: The information stated on this website is for general information purposes only. The subject of taxation is complicated and should be discussed with your legal tax counsel. We are not tax experts nor do we claim to be. The tax laws change frequently and must be referred to prior to entering into any sales contract. Please consult with your tax specialist before entering into any binding sales contract.