Valley Housing Market on the rise; inventory low

April 4, 2013 12:35:18 AM PDT
For the first time in more than five years home prices across the nation are up. It's encouraging news for the economy, for sellers and for buyers.

There have been huge monthly increases in the Valley, and here in Fresno. Sellers are getting offers well over the asking price, but that also means inventory is low.

"I put a home on the market on Friday. On Saturday I had two offers. By the end of the weekend, Monday, 14 offers."

Deanna Spellman of Realty Concepts says she can't keep the "For Sale" signs up. She says in Fresno and Clovis there's usually as many as 3,500 homes available. But for the past few months the inventory is nowhere near those numbers.

"Right now, we have 566 houses in Fresno active in the market and 177 active in Clovis on the market."

Nationwide home prices rose by more than 10 percent in February. It's the largest annual gain since 2006.

And it's great news for people who have been waiting to sell their homes. Spellman says it also means there's "traditional" sales.

"Mr. and Mrs. Smith decide they want to move and put their house on the market, a regular person, a house not in distress."

Spellman says buyers are even writing letters hoping sellers will accept their offers.

The market is seeing a lot of investors from outside the Valley who are quick to snatch up homes, even ones they haven't seen.

"I feel for buyers. It's really difficult to get into a home right now. It's gone before it even hits the market."

We're told interest rates are extremely low meaning people are rushing to purchase while they can.


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