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 HAROLD PENNER: Fresno Real Estate Market Analysis
Holding Pattern in Fresno Real Estate
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.
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):
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.
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.
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