Challenging Real Estate Market Continues to Impact Home Buyers in Fresno, California – BollyInside

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Housing Watch: Challenging times persist for buyers

Buy/sell, rent/lease residential &
commercials real estate properties.

  • Home prices outpacing incomes
  • Low inventory impacting supply of homes
  • New homes being built but inventory remains low
  • Mortgage rates near 8% making it a tough time to buy
  • Housing Watch: Challenging times persist for buyers

    In the real estate market, home prices have risen faster than incomes, impacting the expectations of many buyers. Low inventory and high mortgage rates near 8% are making it a tough time to buy a home. New homes are being built, but the supply remains low in the Valley. Many homeowners who locked in lower mortgage rates are in no hurry to move, further impacting the available supply of homes.

    Impact on Home Prices and Inventory

    Bankrate analyst Jeff Ostrowski explains that the reason for expensive home prices is due to many homeowners locking in low mortgage rates and being unwilling to trade them for higher rates. This has resulted in a lower supply of homes, making it challenging for buyers to find their ideal home.

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    Advice for Home Buyers

    Ostrowski suggests that while it’s hard to imagine a sharp decline in home prices in the near future, if buyers come across their ideal home and are financially prepared, they should go ahead and make the purchase. With no guarantee that the market will be any better a year from now, it may be best to take advantage of the current situation.

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