by V J Webb

Created on: April 30, 2009   Last Updated: May 14, 2009

Now is the time to buy real estate in Fresno, California. Foreclosures are higher than ever and interest rates are the lowest since 1956.

During the housing bubble, home prices in Fresno tripled in value. This was largely due to the increased demand from Southern California and San Francisco Bay area residents moving to Fresno. Home values have now started to stabilize at a decreased value of 36%. The new median price of a home in Fresno is less than $220,000.

With such a high foreclosure rate, finding a home in Fresno with built in equity is easy. An unemployment rate of 17% is driving the foreclosures. Too many people purchased more home than they could afford. Especially vulnerable are those that purchased at the peak of the housing bubble. Their homes are now worth less than they paid.

Distressed properties are not always the best way to find a deal. Fresno has many homes for sale where the owners still have equity, are motivated to sell and have priced their homes to move quickly. Homes purchased in the 1990's and never refinanced still have ample equity and the owners can afford to sell below market value.

These situations create the ideal environment for the buyer. The current economic climate has affected all areas in Fresno. For an area with large lots and loads of charm, check out Old Fig Garden. The houses in Old Fig are on large lots with old trees. Built in the 50's and 60's, many have upgraded interiors and appliances. For something newer, check the Fig Garden area north of Shaw Avenue. Build in the 70's, these houses have ample square footage and are on decent sized parcels. Farther north there are several developments around man made lakes.

Fresno also has a wide selection of new homes with eco smart features. It ranks number one in the state for diverting 71% of its solid waste from landfills into recycling.

Fresno is between San Francisco and Los Angeles in the Central Valley. It is three hours to Pismo Beach, two hours North to Yosemite and two hours West to Kings Canyon.

Fresno does not have hurricanes, tornadoes, floods or fires. Even the occasional earthquake is too light for most to notice. However, it does have a noticeable pride of ownership. The neighborhoods are well kept with manicured lawns and an abundance of flowers. Roses thrive in the Central Valley weather and most bloom ten months of the year.

Fresno has an ethnically diverse population of 450,000. It has the advantages of a large town without the commute headaches of Los Angeles or San Francisco. The ethnic diversity has resulted in restaurants and festivals that are perfect for experiencing other cultures. Fresno is family oriented with a first class zoo, Japanese Gardens and several water parks for those hot summer days. Fresno is one of the most affordable towns in California.

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