Fresno Real Estate Market Surging!

We are seeing increased activity over the last several months as prices have dropped dramatically. Many homes are 1/2 the price they were just 3 years ago! Just last week, I got an accepted offer on a bank owned home in Madera for $157,900, that originally sold new in 2006 for $340,500. The bank is also paying 3% towards buyers closing costs. The home is 4 bedrooms, 3 Baths with 2053 SF of living space. Here is a picture of that listing:

It had been roughed up a bit in the foreclosure process, and needs interior painting and carpeting, but will be a "like new" home when those items are completed by the new owner. Prices in Fresno are slightly higher than Madera, but there are many good buys to be found. The negotiating process is slow with bank owned properties due to the massive inventory these banks and asset managers carry, and buyers must be patient. This home took about 3 weeks waiting for an answer to the offer. It was worth the wait.