Blogging Broker

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

With prices continuing to decline in the Fresno Real Estate Market buyers are shuffling into the market. Anyone who has read my blog in the past (say since this time last year) knows that I have advised extreme caution and repeatedly stated I believed prices were going lower.

At this time last year sales were abysmal, inventory was peaking (it actually hit a peak in Sept of 07) and prices were substantially higher.

Here are couple of graphs taken from the FAR Grapevine that will help you to see what is taking place in the Fresno Market.

I don’t think anyone really knows where the bottom is with respect to prices but statistics indicate to me — AGAIN, as I have previously stated in other blogs — we are bouncing along a bottom. The only thing I dont know is if this is THE bottom. I certainly hope that it is and that the market is able to mend from here.

Share This

Here’s a tidbit gleaned from a recent publication of the Grapevine:

A FAR survey of 1,800 single family residences in an equal amount of homes from high, medium, and low income in the Fresno Clovis area found that 43 out of 1,800 homes had active notices of default. Translation:

97.5 % of the Fresno/Clovis homes are NOT in default

Which means the GLASS IS MORE THAN HALF FULL!

Share This

Anyone who knows anything about the Fresno Ca real estate market knows that we have substantial supply of lender owner properties for sale. Here is one listed by Lazarus Realty that just had a substantial price reduction. The ask price was 118,500 and was recently reduced by the lender to $95,900.

If you would like to preview this home or make an offer on it - Call me @ 559-301-1647

Share This

I haven’t done this for awhile and should probably do it more regularly. It does take time but I expect its the kind of information I would like to see if I was going to a Realtor’s® website looking for information on a particular market.

I’m not going to add much in terms of analysis, I will just let the numbers speak for themselves. What you need to know is that these are the numbers for the last 24 hours as of 10:00 P.M on June 16 2008.

Share This

Sunday’s Fresno Bee reported that home sales in Fresno are indeed picking up. I read the news and intended to comment on it but even if you ARE the blogging broker you still only have 24 hours in a day. Then last night ABC 30 did segment on the market. Unfortunately, I’m not able to embed the video into my blog but you can go here and see/read the story.

I will add that besides the sales being UP as they mention, the *MSI (months supply of inventory) is WAY DOWN from what it was in the fall of last year when I began reporting the numbers. In September of 2007 the MSI was at 20.2 months. In April the MSI was down to 6.3 months. What an improvement!

As I’ve stated before, the numbers show we hit a bottom in November of 2007 - and AGAIN - whether or not this is THE bottom I can’t tell you. But the numbers are improving and it would be nice to see things continue like this.

Lazarus will be out showing homes this evening and hopes to write and OFFER THAT STICKS

If you are looking to area, call me, Lazarus @ 559-301-1647

*The MSI is calculated by taking the number of properties listed on the last day of the month and dividing it by the number of solds in that month

Share This

The aforementioned slashing of prices by the lenders, which has only just begun, is bringing out the “investors”; bottom feeders who seek to profit from plunging prices. Personally, I would be happy to have a balanced market where buyers and sellers play an even hand. This sign is posted at the corner of Bullard and Fruit, in my neighborhood. The market weakness is arousing the passions of the “get rich quick” crowd. NOT GOOD imo.

If you would like to make an offer on an Foreclosed property in the Fresno / Clovis area contact me. Lazarus @ 559-301-1647

Share This

INFORMATION ON THE FRESNO CALIFORNIA REAL ESTATE MARKET FROM FRESNO’S BLOGGING BROKER

C.A.R. stands for the California Association of Realtors and they constantly send Realtors®. Often more info than we have time to digest. Here are some recent highlights:

NEW HOME SALES DOWN 57 PERCENT IN FEBRUARY (Statewide)

that’s 57% from last Februaty

Median price of SoCal homes plunged 24 pct to 4-year low

March 2008 median price was $385,000 compared to March 2007 median price of $505,000>
The median price in 2004 was $380,000

Fifty-six percent of homes sold in Riverside County in March were foreclosures

Foreclosures Creating Ghost Towns
read the story HERE

After C.A.R. gives us the bad news they actually conclude by saying:

Here’s what to tell consumers — and then they proceed to tell us what we should be telling YOU, the consumer. Personally I think they need to word that differently. N.A.R. and C.A.R. dont have the best reputation - and neither do Realtors®. When I was at the S.W.A.T. meeting last week they said that consumers rated Realtors® as and 11 on a one to twelve trust scale - with ONE being the highest rating. It think we rated lower than auto mechanics.

Folks, the glass is half-full:  interest rates remain at historic lows, the affordability index is rising, and sales volume is picking up, and if you’re BUYER you are in the driver’s seat (oh what a difference a few years make!)

All Lazarus lacks is YOUR business.  Call me TODAY and let me hep you buy or sell your home: 559.301.1647

Share This

Get-rich real estate books also hit a slump

Which is somewhat ironic because usually when these books are flying off the shelves and everybody is in a real estate buying frenzy you’re probably near a market top.

I am a real estate investor and a stock investor.  I have done fairly well with most of my real estate investments but I’m going to tell you a little secret - Lazarus has made far more money investing in stocks than in real estate.  There are several one liners that I have heard about timing stock trades over the years which have stuck with me.  Here are a couple of my favorites:

1. Buy when everybody else is sad and sell when they are happy.
2. Buy straw hats in February, sell them in July.

I think the same principle applies to real estate in terms of those who are buying for investment (capital appreciation and income).

Anyone who has followed my blogs knows that I have been very bearish on buying real estate until the numbers indicate we have bottomed out.  I do believe we have hit A BOTTOM I just cant tell you if it is THE BOTTOM - only time will tell that.

If I could I would  share with you the charts and graphs with statistical data assemble by C.A.R but their copyright forbids me from doing so.

Want to buy a home in the Fresno / Clovis area?  CALL ME: Lazarus @ 559.301.1647
Owner/Broker  of  Lazarus Realty

Share This

Tea Leaves? No!
Tarot? No!
Iching? No!
Ouija Board? No!
Haruspicy? No, No, NOOOO!

HOW DO I DO IT?

It’s sheer brilliance, investor acumen, and finely honed financial perspicacity… and its all underutilized! What am I referring to? My prediction in this blog about the home I previewed on a Sunday 3 weeks ago (MLS # 308605 @ 1730 W Ellery). On March 10th I said that I found a great home in my neighborhood and predicted it would be in escrow within 2 weeks. The home went PENDING on March 24th, two weeks from the date of my prediction.

If you would like to take advantage of Fresno Califorinia’s most underutilized real estate talent - CALL ME: Lazarus @ 559.301.1647

Currently I have only ONE buyer that I am working with to locate a property. I have enough time for a couple of more. Consider being one of them

Share This

For those of you who are following the real estate market nationwide I am sure you already read today’s Associated Press news story about the real estate market which announced that sales of existing homes rose in February - which also happened to be the month that home priced dropped the furthest. It appears that as prices decline buyers are willing to move off the sidelines.

Here is a recent article on the local market citing industry professionals who believe the Fresno real estate market has bottomed.

The market is still very unhealthy and we have a lot of foreclosure, short sale, and REO inventory to absorb. Let’s hope and pray that out economy can get back on track soon.

Want to purchase a foreclosure, shortsale, or REO property in Fresno? Call me, I can help.
Lazarus @ 559.301.1647

just dont ask me if the market has hit bottom - because I don’t know. 

Share This