"This time around, the house we just bought was on the market for three days. It had eight offers all over listing price, so it's very competitive," said Kimberly Duke, a local buyer.
[Ads /]
The Duke family is from Fresno. They say it's a much different experience buying a home in 2021 than they did years ago. They actually made a decision to jump right into their next home because of the market.
They plan to sell down later after moving.
"It can be a lot. That's why we decided to purchase our home first and sell afterward. There's a lot of people out there buying houses, and it can be very competitive," said Andrew Duke.
Action News spoke with realtor Don Scordino. He's worked in the market for four decades and says this is unlike anything he's ever seen.
"It's a buyer's market and a seller's market. Somebody might say, why is it a buyer's market when there's so much competition? It's because once you land into a home, you've got that really low 30-year fixed interest rate," Scordino said.
[Ads /]
He says most houses are going within the first three to four days of listing and receiving multiple offers.
If priced and presented well, they're going over listing price, creating issues for appraisals.
Scordino says cash means a lot right now.
So, where are buyers coming from?
"This is going to surprise people. Most everyone thinks they're all coming from the Bay Area. Most of the buyers are from the local area, and they're making move-ups. It's a move-up market right now," Scordino said.
[Ads /]
Inventory is low and creating competition.
In Fresno County, there are 1,500 listings, and 1,100 are in escrow. The median price of a home in Fresno County is $310,000.
Scordino says the pandemic has made many appreciate the value of a home and space.
With low-interest rates creating affordability, they don't see this market-changing anytime soon.