Housing Watch: Home sales picking up, interest rates slow to dip

FRESNO, Calif. (KFSN) -- Many families looking to buy a home are in limbo, wondering how high or low interest rates can go.

Homes are being sold a little quicker than they did a year ago.

In May, it took an average of 28 days to sell a home in Fresno.

A year ago, it took 37 days, according to Realtor.com.

If you're on the fence, thinking you should wait until mortgage interest rates drop from the current rate of about 7%, that could take a while.

"Right now, if need to move, if you need to buy, if you need to sell, if you're waiting on 4% interest rates again, you might be waiting a couple more years. And it might not happen again, in general. We saw decades and decades without those super low rates so it's not a sure thing we'll ever see them again," explained JP Shamshoian, the CEO of Realty Concepts.

Shamshoian says the industry environment is a little more buyer friendly now than it has been in years past - when many people lost out in a very competitive market.

"When inventory drops, you get these very competitive environments where there are multiple offers on every house and that's great for sellers obviously but it puts a lot of pressure on buyers. We're still seeing some of that.'

High home prices coupled with high interest rates have slowed the typical spring uptick in buying.

Shamshoian believes you shouldn't pass on a property if you come across your dream home which fits all your needs.

"I know a lot of people out there, a lot of my friends, a lot of my family members - both on the investment side and and on the residents side, who say, 'golly, four years ago I wanted to buy but I was waiting for prices to come down and now they're kicking themselves because they didn't buy and they missed that opportunity," said Shamshoian.

It is a feeling many prospective buyers have felt at some time.

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