FRESNO, Calif. (KFSN) --After the housing market burst back in the recession of 2008 it is coming back to life in Fresno.
According to Corelogic, home prices in Fresno rose by seven-percent in February of this year compared with this same time last year. The average price of a home in Fresno is near $224,900.
Don Scordino is a realtor with Realty Concepts; he said this is good news for sellers and buyers.
"It is a seller's market because you can sell your home quickly and get a good price. And it still is a buyer's market though because the interest rates are still so low."
Scordino said FHA loan rates are at 3.75 and while there is currently a high demand and limited supply buyers must act fast. Some homes are only on the market for one to two weeks and buyers must have a plan to make the American dream of owning a home come true.
"In fact, I would say being prepared is the biggest thing. Because in a market like this when you see the right home you have to be prepared to make the offer right way," said Scordino.
Scordino said in some cases sellers are frustrated. Reports of a seller's market might have them setting their expectations too high and their home could be on the market for three to four months.
"Those are typically the sellers that have priced their home beyond the market, so they are no longer inside the seller's market and able to take advantage of it."
Scordino adds anyone selling a house should be prepared to make an adjustment to give the home better curb appeal.
Corelogic predicts home prices are expected to increase in the next year by 4.7-percent.