Topic: Refinancing/Interest Rate
The investors from the Bay Area, Los Angeles and Orange County have already invested their money in the hot real estate market that the Central Valley of California has ever known. For the past few years, house values have only gone up. Homeowners have benefitted from their home equity. A lot of them took money out to invest in their house and other businesses. Now that we are facing a cooling down of the market, many of these investors who were seeking better shores to make their money work for them are seeking to unload their inventories. No wonder that this seller's market has quickly changed to hot buyers' market. Shopnowshopping Million$$$Homes: The amount of homes for sale has increased in the past few months. So the more homes for sale there are, the lower the price of a home will go.
As I travel all over the floor of the San Joaquin Valley, I see for sale signs springing up in poor as well as rich neighborhoods, from Van Ness, Herndon Ave. to Clovis, Kings Canyon, Sanger, Fowler, Kingsburg, Reedley, Modesto and Bakersfield. What is clear is that investors and homeowners are racing against the clock. They want to get top prices for their homes. They do not want to see the ultimate selling price of their homes gets smaller than the buying price. Then, that would be a clear bust. They are dreaming about the boom of yesterday. They are not willing to cut down the selling price. Those who get wise enough to consider asking for less are seeing some interest. The market is such that all the buyers decide to wait out until the selling price of homes gets really low. Buyers are now in control again.
Here are a few ways that some Fresno-Clovis homes are marketed to attract buyers. A lot of these homes focus on their signs of distinction and luxury. Some times, even the names of the builder are used. There is some cache of excellence and great architecture hidden in adding the names.
"A fabulous home in the heart of Old Fig Garden and charming Wilson Ave. Beautiful hardwood floors, a burst of color and contemporary lighting compliment the loving space. Plantation shutters throughout, dramatic fireplace in the Living Room, plus a lovely formal Dr. A bright remodeled kitchen with the classic corner window and cozy breakfast nook, along with 5-burner gas stove and quality stainless steel appliances. The 4th bedroom is used as an office, has built-in wardrobe and storeage. Remodeled master suite with jetted tub, marble carrara floor, designer Kohler sink, glass black studded shower and walk-in closet. Approximately 16,650 s.f. of land with a long driveway that leads to a spacious 2-car garage. Quaint brick walkways, pations, BBQ and lush landscaping. The asking price is $675,000."
Real estate agents and brokers are a little uneasy about the sea of change. Spring is supposed to unleash consumers searching for new homes. Well, they are out, but they have too many homes to look at. The market appears ready for a flood. There is a rush to unload, a rush to get out on top. Homeowners are willing to relocate to more rural areas or other states with a lower living standard. They want to dwell on their money. More listings of home of luxury are noted:
"A lovely home on the San Joaquin Country Club, located off the 6th fairway. Fabulous pool and rock waterfall surrounded by Bomanite decking and patio area. Beautiful double front doors with leaded glass windows and wood floors int he entry and kitchen. Huge living room/dining room combo with beamed ceilings, fireplace, pass-thru service window to the kitchen and slider door to the pool and patio area. This kitchen is filled with built-in cabinets, ample storage, appliance nook, desk and pass-thru bar to the patio. The breakfast area has a full bar with sink, adobe fireplace in the FR, a wonderful casual area with spectacular views of the pool, patio and country club greens. The floor plan includes a 4th bedroom, making the third bedroom double, with 2 closets, lots of built-ins, a great game room, office, library, the possibilities are endless. The master suite has a handsome gas fireplace with/entertainment center, a setting area and access to the patio area. The bath includes dual sinks, vanity, spa tub and stall shower. Approximately 2886 s.f. with 2-car garage and extra paved parking. Asking price: $950,000."
Somehow, there is money to be made in marketing luxurious homes. London Properties, Ltd. appears to have done a good job of marketing these homes. Many potential buyers flushed with cash from the sales of their Bay Area or Silicon Valley assets seek builders of homes of excellence in the Valley. Some of the names that come to mind are: McMillin, Gary McDonalds, Cambridge Homes, Wathen-Castanos, Granville homes, Lyles Diversified, Joaquin Valley properties, Beazer Homes, de Young homes and the McCaffrey Group, Wilson Homes, KB Home, Centex Homes, DR Horton Homebuilder, generation Homes etc.