do you think homes in fresno will increase by a lot by december of this year?

Question

or will they stay the same?
what do you think is better for me

a house w/ 2 or 3 bedrooms 1+ baths

or a 2-6 unit property?
(im only 20 but would like to make a purchase within a year from now)

Answer 1

Resale homes in Fresno County have felt the pinch, as a month-to-month comparison shows prices falling from $275,000 in March to $270,000 in April.

Personally, I think that rising interest costs will force home prices downward, as speculators flee the market. We're at a pretty high level of foreclosure rate and it's still climbing. For the long term, buying property is always a good thing, but you need to make sure that you truly can afford it. Just because you can qualify for a loan doesn't mean that you get to keep the property. Remember that every person who has ever experienced foreclosure also qualified for a loan.

You seem like a forward-thinking young person who wants to have a good financial future. Have you started your Roth IRA yet? If not, put your money toward that, while you're young and can get time working on your side. Click on my name and drop me a note if you want to learn a little bit about investing. In the meantime, I urge you to read a book, "The Only Investment Guide You'll Ever Need" by Andrew Tobias. It will give you a basic foundation on investing, including real estate. Good luck!

Answer 2

This is my thought:

Following is an article I wrotte back in November 2005 and this still stands:

(FYI: Speculators GET OUT!! Real true investors THERE MIGHT BE SOMETHING HERE!!)

REAL ESTATE MARKET BUBBLE BURST!!!???

Well, we’ve heard so much from so many different “experts” but we ask how many print media columnists does it take to create a Real Estate market bubble? They really can’t but they can sure create fear on the consumer of a bursting housing bubble.

Most media are always looking for ways to increase circulation, which would equal to profits therefore any story suggesting a bursting bubble is going to attract readers. Not that they write this articles for the sole purpose of inducing fear on the consumer but don’t let media stories convince you that a bubble will burst or even worst become a self fulfilling prophecy.

Ultimately, the consumer is the one that dictates if there will be a bubble burst in the Real Estate market.

Three important facts that guide property values are:

Supply vs. Demand: If supply of housing is greater than the demand, housing values will drop. If the supply is less than the demand, housing values will rise.

(In California the supply has increased and demand has diminished therefore it has forced prices to dip)

Employment: This should be a no brainer. Solid and growing employment provides income for down payment and house payments.

Interest rates: This is very powerful driver in creating and sustaining property values. When the rates are reasonable, most people are willing to make important investments like purchasing a home. With lenders now offering easier loan programs to qualify, there are now many people able to purchase a home.

Now, just because lenders have been offering “generous” programs should not encourage people to go out and obtain any type of loan available. Many loans are dangerous and don’t fit with everyone’s lifestyle and economic situation. Many loan agents have been quick to over qualify borrowers and what’s worst not explain completely the pros and cons of each loan program available.

Rates have been creeping up little by little over the past couple of months and are expected to continue to rise a bit more next year as well.

It could be possible the “bubble” will burst but not likely. The Real Estate market will most likely will slow its rapid ascent, level out and maybe dip a bit. But a big burst? I don’t think so.

Nobody can tell what exactly will happen in 2006 with the Real Estate market or the interest rates. What you can do is get informed and protect yourself against a busting of the bubble. You can sure minimize the damage if there was a burst by planning ahead. How well secured are you in your current job? Your income? Have much equity have tied up with loans? Does the equity you have now along with your savings withstand a dip in your home’s value during the time you anticipate to own it?

Don’t stretch your finances by paying a high price for a home just because you’re stubborn and want to have that home.

And one FINAL thought: If you are looking to invest in Real Estate, this might be the best time for you to do it IF AND ONLY IF you are a true investor looking to invest long term. Real Estate is the BEST investment you will ever make in your life!

If you are a speculator/flipper I suggest you dont do anything right now, you will end up loosing money.

Answer 3

Because Fresno housing is at an all-time high, many experts are telling their customers to wait until the market cools off. That's the problem of realtors specializing in only one field!

If they knew anything about meteorology, geology, and hydrology, they'd be out buying everything on the market.

Because there is every indication that this winter will be as rainy as last winter, the mountain snowpack will at least double. It still hasn't melted even half way since the beginning of spring.

This means that the runoff will be too great for the system of dams to manage. Due to the Central Valley's topography, the excess water (millions of acre feet) will flow north, through the Hetch Hetchy system. As water backs up from the San Francisco Bay, it will inundate Oakland, Hayward, and Alameda before forcing itself through the foothills of the Coastal Range.

Then, Modesto will submerge, Merced will be flooded, and Madera will turn into marsh. That will lead to Fresno having beachfront property! The average $350,000, 2 bed/1 bath home will soar to $1.65 million.

In a couple of years, if you feel that you owe me a commission on the bundle that you'll have made, you can send a check to PayPal.

Answer 4

There is definately a rise in the market in Fresno, but you have to be careful where you plan on buying. If this is your first purchase, look at why you are buying first. Home for yourself, investment, or to make a quick profit. If it is omething that you want to make money and have time and money, go for the house in the North Fresno area as that is where developement has been steadily growing. As a rental, stay close to the University as there will be a better return but higher turnover rate in tenents.

For tax purposes, if buying a multi-unit property, you do not want to go over four units.

With your age in mind, I would look into a house that you could live in for the two year minimun and then resell for a profit.

Answer 5

With the way prices are leveling, I don't think it would increase that much. There are too many houses on inventory for the prices to go up.