Fresno Real Estate Market Summer 2020
If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Fresno market.
Knowing the most important data such as the average sales price, number of homes sold, and days on market will better prepare you to sell your home.
Our market report showcases everything you need to know about local real estate trends.
Average Sales Price
Months of Supply
Average Days on Market
Average Price per Square Foot
Will home prices appreciate or depreciate in 2020?
Home prices will NOT decrease in 2020. Home prices will increase in 2020 and will continue to do so for the foreseeable future.
Due to the Pandemic, possible recession, and unemployment numbers there are widespread rumors about home prices. I've heard numerous people tell me "I'm going to hold out a little bit until home prices go down. It's going to happen, with all that' s going on in today's market how could they not." This belief is understandable, I'd probably believe it too if I wasn't inside the real estate market, analyzing it every day.
The truth is, these rumors are far from the truth and are harmful to those who sit back waiting for price drops that are not going to come. These buyers, waiting for prices to decrease, are going to miss out on one of the best markets for home buyers we may never see in our lifetimes again. More on this below.
How do we know home prices will go up in 2020? Simple economics. There is an undersupply of homes for sale compared to home buyers in the market. An abnormally large gap between the number of homes for sale and the number of buyers that are creating upward pressure on home prices. It's the classic theory of supply and demand when there is more demand than supply prices go up. Buyers are willing to pay more to buy now and homeowners are cashing out on healthy amounts of equity. It's the simplest way to explain why home prices will continue to go up in 2020.
Keeping Current Matters, the Nations leading real estate economic resource, summarize it well: "Many may think home prices will depreciate due to the economic slowdown from the coronavirus, but experts disagree. As we approach the second half of this year, we may actually see home prices rise even higher given the lack of homes for sale."
Is now a good time to sell?
Yes, as Marketwatch put it " As buyers return to the market as the country rebounds from the pandemic, a limited inventory of homes for sale could fuel bidding wars and much higher prices."
There's a healthy amount of preapproved buyers in the market capitalizing on today's incredibly low-interest rates and far fewer homes on the market to meet the high demand. For reference, the inventory of homes for sale today compared to this time last year is down and astonishing 25.2%.
This means most sellers will face less competition, a higher probability of bidding war and sell for top dollar. It will take years for inventory to meet demand which al but guarantees home prices will continue to appreciate for the foreseeable future.
If you’re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Trusted real estate professionals can help you list safely and effectively, keeping your family’s needs top of mind. Buyers are looking, and your house may be at the top of their list.
Is now a good time to buy?
Now is an excellent time to buy, interest rates are lower than we've seen them in the past few decades.
“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic…As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago.”
With mortgage rates at such low levels and states gradually beginning to reopen, there’s more incentive than ever to buy a home this summer. Locking in at a low rate today could save you thousands of dollars over the lifetime of your home loan.
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