Housing Inventory Is Down Demand Is Up Fresno, CA.

Housing Inventory is Down Demand is Up Fresno, CA.

Were you waiting for the market to hit rock bottom before you bought a home?  You better hurry up and buy one because the housing inventory is shrinking like never before.  A study done by Inman news found that from May 2012 compared to May 2011, Fresno has over 48% fewer residential properties for sale on the market.  Fresno has had the 2nd largest decline in inventory in the entire nation for metro real estate.  What is this lack of inventory doing to our market you may ask? 

Demand is back and consumer confidence is here like we have not seen in a long time.  I am hearing reports of listings getting 10-20 offers.  All cash offers for full price and asking for no repairs or inspections are not the winning bid in some cases.  If you are buying an entry level or a first time buyer home, you may need to write several offers.  Who is buying up the few homes that are on the market?  Investors, first time buyers and people who lost their homes to short sales or foreclosures three years ago are now back in the market and they are drooling over the idea of getting a home that is twice as big for the same price or less than the house that they lost. 

Since the housing inventory is down and the demand is up in Fresno, CA., when you find the right house for you, you should put your best foot forward with your initial offer.  You are not guaranteed an opportunity for a highest and best multiple counter offer notice.  If they ask for your highest and best, you can always stay with your original offer since you put your best foot forward.  Buying real estate is emotional.  You are up against emotional, sometimes desperate, want to be homeowners.  Make good offers and choose your agent wisely.


Housing Inventory is Down Demand is Up Fresno, CA.