Housing Watch: Valley buyers noticing easing market conditions

FRESNO, Calif. (KFSN) -- Central Valley homebuyers have noticed the easing market conditions.

Mortgage interest rates are the lowest we have seen in a year.

"Right now, it's technically not a seller's market," Paul Salazar of Sierra Pacific Mortgage. "It's not a buyer's market. We're right in no man's land right now."

Salazar says people have been encouraged by the lower mortgage interest rates.

He says the so-called "naked rate" has made a significant move.

"A naked rate basically means we don't know your credit score," Salazar said.

Salazar has been urging people to pay down their debt.

If you are in the market for a home, he says you should get pre-qualified.

"When the rates are a little bit higher, you had maybe one or two people competing for one house," Salazar said.

As rates drop to a place where home shoppers are interested in making an offer, those who are pre-qualified immediately move to the front of the line.

"You're going to have five to seven to eight people offering on that one house -- before, it was only one and two," Salazar said. "It's very important that you get pre-qualified because the rates have come down. More people are going to be in the game."

The Federal Reserve began a two-day meeting in Washington on Tuesday to discuss policy.

An announcement on whether or not it will cut rates is expected on Wednesday.

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