Fresno enjoying healthier housing market

FRESNO, Calif. (KFSN) -- If you've tried purchasing a home in Fresno, chances are you've been involved in a bidding war.

Gilbert Artiaga and his wife recently moved into a new house on Los Altos Avenue but the road to home hasn't been easy.

"We were actually ready to put an offer on a house down the street," Artiaga said. "The house had only been on the market for six days. As soon as we were ready to put up an offer, our realtor told us there were eight offers pending."

For the past several years, Fresno has been a sellers market. Currently, there's about 4 months worth of inventory, with the hottest homes selling around $240,000.

"Builders didn't build very much during 2008 to 2013, so there was that shortage of new homes constructed," realtor Don Scordino said.

On Thursday, the Fresno County Economic Development corporation released its annual real estate forecast. Experts say the market has continued to move in a healthy direction and more buyers are local families rather than investors.

"I think it feels good for the community," Patrick Prince with the Fresno Association of Realtors said. "When you have traditional sellers able to sell their home with equity and you have buyers realizing the dream of home ownership I think that feels good."

Realtors say new home builders are coming back to the market to help solve the housing shortage crisis, but demand and those bidding wars may continue to hold strong.

"We spent a lot of time searching homes and come next week they'd be gone," Artiaga said. "There's high demand."

Successful home buyers say their best advice is for families to start researching early on and be patient.

"Meet with your realtor and ask if what you're dreaming of for a home that matches with what the market has to offer," Scordino said.
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