im just wondering....

Asked by May, 93720 Thu Mar 6, 2008

has the market gone done yet on homes in fresno...? or not yet?

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Lisa Lambert,…, , Fresno, CA
Tue Apr 8, 2008
I agree that the prices will continue to drop over the next nine months. In response to Nathan's answer, The Economic Development Corporation is looking for ways to diversify our economy. The fact is that buying a home now, to live in as a home for the next 5 -7 years, is still a good buy because prices will begin to modestly appreciate over time. We should expect to return to a normal market (pre-2004) over the next 18 months. The fact is that Fresno and the Central Valley, in general, is still the second most affordable place to live in California (the first being the high desert). Our population is expected to double in the next 15 years. Basic supply and demand dictates that with equal supply and more demand, prices will increase.

The same is true with investment property. Although, if it is purchased now, the buyer may see some modest depreciation over the next 18 months, if it is purchased as a traditional real estate investment (i.e., intending to hold 5 - 7 years), there will be a profit. The lower prices also mean that more properties will cash flow sooner.

If you wait for the "bottom" to hit, you may be too late. We won't know that we hit bottom until 3 - 5 months after the fact.
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Nathan, Home Buyer, Fresno, CA
Sat Mar 8, 2008
Yes prices in the Fresno & Clovis market have dropped over the last year and they will continue to drop because of the all time record number of forclosures coming onto the market every month. Are we near the bottom of this current down turn I would say no without a shadow of doubt. The market will go lower over the next two years and we must remember the unemployment rate in Fresno County is now above 10% again based on the current numbers reported from February '08. The economy in Fresno is probably on the verge of a recession and because this once in a generation housing bubble was creating a massive amount of jobs for the real estate industry and those jobs are disappearing on a weekly basis. The writing is on the wall because our economy in the first part of this decade was a one trick pony due due to the fact real estate was doing everything and creating all the new jobs. What I'm saying is we need a much better diversified economy in Fresno or we are going to have big problems in the years ahead?
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