I am often asked the question, “What is 2008 going to bring for the Real Estate market?” That is a great question and of course, nobody really knows the answer. The top and bottom of each market is only seen after it occurred. However, there are several things that I do know for sure: Central California still has a housing shortage and we are expected to be the growth area in the State for years to come. The demand for housing will be up. Fresno County has always had one of the most affordable housing prices in the State. 2007 brought even lower prices and the demand is growing. A rising demand and lower prices should bring a turn in the market. One of the first signs of a turn has already occurred. There are now fewer Active listings in the Fresno Multiple Listings Service. In September 2007, there were 4,393 Active listings. As of today, there are 3,621 Active listings. That is an 18% drop in the number of listings in just a few months time. Yes, there are foreclosures coming into the market, but the great news for buyers is that these lenders will sell. They don’t have the option of just staying in the home and living there.
 
Another thing that I know for sure is that the opportunities to buy haven’t been this good in a long time. Right now the long term cost of money a.k.a interest rates are in the mid 5’s. Prices of homes are lower than they were last year and there is an abundant inventory of homes to choose from. That is a great combination, low prices, low rates and a big selection. Buyers should be getting into action to buy the American Dream. The American Dream of your own home is the place to raise your family, sink your roots and have that secure place to come home to after a hard day of work. Painting your home whatever color you want, planting flowers and trees and just the pride of knowing that you earned it and it’s yours makes it worth it.
 
Homeownership has been a great long-term investment. Historically values have gone up ever since Manhattan was bought for $24. Some short-term speculators have not enjoyed the last 2 years, but your wise investors who are in it for the long-term are happy their money is in Real Estate.
 
Before you buy, talk with a local Realtor. Find out what your options are. Ask plenty of questions. Your Realtors knowledge and willingness to answer your questions will establish your relationship, a relationship that can last years and years and for several homes and even generations. Today is a great time to buy a home.