Fresno Real Estate News
February 15th, 2012
Home Values in Fresno: The Honest Truth
The Truth About Your Fresno Home’s Values
Recently I posed the question, “Is the American Dream of Home Ownership Dead?” Many Fresno home owners have seen their primary investment, their home, steadily decline for the last five years. Along with this decline in values has been the demise of their dreams of home ownership. These thoughts led me to wonder, “what is the truth about home values in Fresno and Clovis?” Here are two quick observations about home values in Fresno…
1. Home values very depending on neighborhood and quality. According to a recent article in The Fresno Bee, Home Value collapse hits Fresno area unevenly, says that concerning certain areas of Fresno and Clovis, “The relative drop in value hasn’t been as severe there — 41% in northeast Fresno and 49% in some parts of Clovis, for instance.” Home values and areas in Fresno and Clovis that have been affective the least are in northwest and northeast Fresno, as well as parts of north Clovis. Here is a guide to some of Fresno’s Best Neighborhoods to buy a home. What the below chart does not show or track is the values associated with certain areas and neighborhoods in Fresno/Clovis. For some Fresno home owners who purchased their homes prior to the peak of the market or for those who used conventional loans (10% -20%+ down) the hope of retaining equity/value still exists. So, if you are not planning on moving or selling you are in good shape and should feel confident about the future value of your home.
2. The median sales prices of homes have stayed constant over the last 3 years. In this case no change or no new news is good news. After 3 straight years of dramatic decreases in home values and prices have leveled off a bit. Obviously as stated above in #1 it depends/varies by location and for some neighborhoods, even from street to street. Having said this we are positioned for a great future, if the economy grows, jobs are created locally and we can sell off most of the foreclosure and short sale inventory.
For more information about Fresno and Clovis home values find out below.
Fresno Home Values
Fresno Home Values
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