Paul Salazar of American Pacific Mortgage in northwest Fresno is encouraged by several factors.
"I believe we'll probably get a little decrease in the pricing, but the inventory is right now is a little bit higher," says Salazar. "Meaning that we have more inventory, so there might be a little competitiveness on that."
Many prospective buyers have their eye on mortgage interest rates. Salazar expects them to dip below 6% this year.
"Right now, it is at 6% straight across the board," Salazar said. "There is never a good or a bad time to buy a house, but there is an opportunity when you do buy that house because you could always refinance as the economy or the conditions get better."
A 20% down payment isn't always required.
"The only hard and fast rule for 20% is for investors. A primary residence for first-time homebuyers, you can go as low as 3%. FHA is 3 1/2," he says.
Salazar says if you are in the market, it is very important to first get pre-qualified.
"I always say, we need to see all the 'bumps and uglies' first to take care of everything so we can move forward," he said.
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