Investors:
Residential
Income Properties in Fresno
and Clovis are Wise Investments!
The two types of residential
income properties, Single
Family Homes and Multifamily Apartments offer great opportunities but also have distinct advantages:
For homes see Single
Family Income Properties
For apartments see Multi-Family Income Properties
~ LATEST FRESNO AREA MARKET ANALYSIS ARTICLES ~
Fresno Housing Market
Third Quarter, 2010
By Larry Hawkins, Investment Broker
This is your opportunity to buy the home of your dreams - but it is becoming increasingly difficult.
The drastic drop in home prices combined with low interest rates and home buyer tax incentives have generated a huge number of buyers. The inventory of homes for sale in Fresno/Clovis has dropped from a high of 20 months supply in Sept of 2007 to a 2 month supply today. Read
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Fresno Area Rents Analysis
Third Quarter, 2010
By Larry Hawkins, Investment Broker
The single-family rental market has seen an increase in number of homes for rent. This is because many would be sellers are unable to sell their homes in the current market and instead of selling are forced to convert the property into a rental. Also investors are buying the bank owned homes in record numbers and creating more rentals. This increase in available rental homes has kept rent incomes for houses at a flat rate for the past two years and those rental rates will continue flat for the next 24 months or so. Vacancy remains low due to foreclosures forcing previous home owners into becoming tenants that prefer to live in single family dwellings and the lower rents attracting apartment tenants to make the move to rental homes.
The apartment market is a different story. Apartment vacancies have increased in the Fresno market. I believe there are two main causes; people leaving the area due to unemployment (which is estimated at above 15%), and families doubling up as a result of less income. Read
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Residential Income Properties
Fresno/Clovis
Third Quarter, 2010
By Larry Hawkins, Investment Broker
Single Family Homes: At this time I am recommending single family homes as income properties. 2008 saw a glut of inventory and prices were headed downward. Today we have a shortage of properties. During the past 12 months we have experienced a 14% increase in the median price of homes. Those homeowners displaced by foreclosure are looking for homes to rent and we have a low vacancy in homes at this time.
Two to four units are becoming more affordable as the market works through a price adjustment and there are some very good buying opportunities. The older, lower priced rental units are most competitive in this market. The higher end units are suffering a very high vacancy rate – 30% or more. Read
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