When it comes to real estate, there are so many questions you must ask yourself before pulling the trigger. Questions such as:
- Is it a good time to buy real estate in Fresno?
- Where should I buy in Fresno?
- What is life in Fresno like?
- Is Fresno safe?
- What does Fresno’s local economy look like?
- What are Fresno’s growth projections?
Fresno has been experiencing explosive growth and is becoming one of the nation’s hottest housing markets in California. So we often get asked: Is now a good time to buy real estate in Fresno? If you’re considering moving to Fresno or are curious about whether it is a good time to buy real estate in Fresno, we have answers for you.
Is Fresno good for real estate investments?
Fresno is a great place to invest in real estate. Fresno is centrally located, boasts a diverse economy, a culturally diverse population, a favorable climate, and an overall great quality of life. More specifically, Fresno offers the following to its real estate investors:
- Diverse economy
Fresno has a mixed economy, however, the prominent industry in Fresno is agriculture. Fresno sits in the middle of California’s Central Valley, which is one of the most productive agricultural regions in the world. Fresno also offers a variety of jobs in transportation, manufacturing, and healthcare, which has been growing significantly in recent years. The city is also home to many colleges and universities, providing a talented and educated workforce to the city.
- Central location
Fresno’s central location offers many advantages for businesses, residents, and employees with remote work options. Fresno is perfectly located in the center of California, making it easily accessible by car, train, and plane. Since Fresno sits equally between cities like Los Angeles, San Francisco, San Jose, and Sacramento, many people have relocated to Fresno during the pandemic and can still commute to larger cities when necessary. Fresno Yosemite International Airport offers flights to many major cities, allowing for convenient personal and business travel.
- Diverse population
Fresno’s population is culturally diverse. There are people from various parts of the world living in Fresno, making the city a cultural melting pot and a vibrant place to live. Fresno is home to many different restaurants and businesses that cater to these various cultures, making the city a great place to experience different types of food from around the world. The cultural diversity of Fresno is one of the things that make the city so special.
- Favorable climate
The Fresno climate is dry and hot in the summer and cool and wet in the winter. The city experiences an average of 217 sunny days each year. The temperature rarely falls below 32 degrees Fahrenheit in the winter or above 106 degrees Fahrenheit in the summer. Mild temperatures and sunshine make Fresno an ideal place to live, work, and play in the real estate market and a better place for investment properties.
- Good quality of life
Located in the center of California, Fresno has a population of around 550,000, making it the 5th largest city in California. Fresno city is known for its modest quality of life and being a great place to raise a family. It has a fairly low crime rate, high graduation rate, and a vast array of cultural and recreational activities. Fresno is also close to renowned parks such as Yosemite, Kings Canyon, and Sequoia. If you love the outdoors, it’s not a problem to get outside and camp, hike, kayak, cycle, dirtbike, surf, or ski.
How is the housing market in California?
The housing market in California is incredibly diverse. Depending on the region, the housing market can vary quite considerably. Coastal cities such as Los Angeles and San Francisco have some of the country’s most expensive and competitive housing markets. Inland cities, such as Sacramento and Fresno, have much more affordable housing options available for Fresno real estate investors but are now also experiencing price increases due to high levels of demand.
What is the cost of living in Fresno, California?
Fresno housing costs are some of the lowest in California and the cost of living in Fresno is relatively low compared to other major metropolitan areas in the United States. Housing is normally a household’s largest expense and Fresno is generally 30% lower than the national average. In general, Fresno’s consumer prices are 8.5% lower than the national average. Utilities, groceries, transportation, and healthcare are generally more affordable in Fresno city.
What’s the best time to buy a house?
As always, the best time to buy a house is when Fresno home prices and interest rates are low, allowing buyers to stay on budget and get the most value for their money. It is important to keep in mind that housing market conditions change rapidly, so staying up-to-date on current trends is important. Three major factors that can influence the time one buys a house include a person’s financial situation, job security, and the time of the year:
- Financial situation
When it comes to buying a house, the buyer’s financial situation is a major consideration. Down payment, monthly mortgage payments, and other associated costs are all factors to consider. Credit scores are a major factor in getting a mortgage, so it’s important to know where you stand. A high credit score will help get a lower interest rate on a mortgage, saving a lot of money over time. If your credit score is low, you may want to consider waiting until you have improved your score before buying a house.
- Job security
One of the biggest life decisions a person can make is buying a house. Before making such a large decision, one of the most important factors is job security. If you’re unsure about the stability of your employment situation, it may be unwise to take on the added responsibility of a mortgage. However, if you have a stable job and income, buying a house can be a great way to secure your financial future. You’ll gain more stability and be able to build equity over time.
- Time of the year
An important factor to consider when buying a house is the time of year. Depending on the time of year, different aspects of the buying process can be more or less favorable. For example, if someone is looking to buy a house in the winter, they may find that there aren’t as many houses on the Fresno real estate market as there are during other times of the year. Oftentimes, many people wait until spring or summer to list their home for sale. With more houses on the market, the buyer holds the advantage and can negotiate a better deal.
Fresno is an untapped market
Overall, it’s a great time to buy real estate in Fresno. There are abundant properties throughout the city suited for various needs and budgets. With Fresno city experiencing such rapid growth, you are sure to see the value of your property rise. Fresno has been “under the radar” for many years and there are still many real estate investment opportunities to get in at a very low rate. As prices continue to rise, we anticipate many will start to get priced out of the Fresno real estate market in the coming years.
If Fresno has been on your radar, we suggest reaching out to a local Fresno real estate agent as soon as possible. The Dehlan Group can help you find the perfect property for you.