A new report suggests more people may be in the position to buy a home in Fresno. According to the California Association of Realtors, housing affordability is up and experts say it's another sign the market is recovering.
Johnanna Haas and her growing family are outgrowing their rental home. The expecting mother and her husband are in the process of buying their first ever home. A dream that not long ago, was far out of reach.
"You have a little bit more opportunity to purchase new homes at lower prices where before, five or six years ago, you had to settle for a house that wasn't quite what you wanted," says Haas.
A new report shows 70% of Fresno buyers can now afford to purchase a median-priced, single family home. That's up from only 29% back in 2005.
Fresno real estate broker Don Scordino says, "I love it. I think it's great news that 3/4 of the people in the Fresno area can afford to buy a home. That's great news."
Scordino says it's the perfect storm of low home prices and even lower interest rates. Buyers only need to make just under $29,000 a year to purchase a $150,000 home. First time home owner Charlynn Chabot waited patiently for this turn-around.
Chabot says, "Now seeing that things are starting to come up and level out to where it's more of a safe investment, it definitely made me feel more comfortable to make that purchase."
The momentum is unstoppable at Granville Homes, where eleven lots were reserved just this month.
Granville Homes realtor Victor Gonzalez says, "I definitely think it is the time to buy and it sounds almost cliché because you hear that all the time, but it really is."
For Haas, there was no better time to invest not only in her dream home, but in her family.
Haas says, "Somewhere that your kids can start their life and continue to grow up with brothers and sisters and just have family memories. We're excited about setting that up in a new home for our family."
It's also good news for potential buyers in Kings County. The housing affordability there is at 76% -- a tie with San Bernadino as the most affordable area to buy a home in California.
But it's not such a great outlook for the state as a whole. The report shows an estimated 48% of buyers could afford to purchase a home at the end of 2012. That's a dip of 7% from the year before.
TXT 24
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