Housing Industry: New and Existing Homes Sales

Existing homes and new home sales are going for a slide show. Things are not looking up in the real estate market these days. It is the time for sellers to give lots of incentives to attract the few buyers willing to take a risk. Some home sellers and builders resort to offering up to 12,000 incentives to attract buyers. Who thought that the housing market would get to this impasse? Flippers or fly-by-night investors have already gotten out of the market before it gets normal. But those who thought that the boom was going to be there for ever are in for a huge surprise. They still have quite a large inventory of homes to sell. So they are desperate as the banker is threatening them. Home prices are sliding badly in Fresno county. Industry insiders report that it is worse there than the rest of California. It is time to compete. Competition among sellers is fierce in the San Joaquin Valley, especially Fresno, Clovis, Bakersfield, Modesto and all over California. Home sellers need to make their property stand out. If they need more landscaping job done, they need to contract out with a good landscaping designer. If they have to add some fresh layers of paint, it is better to get it done. Otherwise, they will have to cut down the initial listed price of the homes. From Clovis, Sanger, Selma and elsewhere, sellers are cutting down the prices. Lands are expensive. Construction materials are not cheap either. So, whichever way an investor looks at it, there is a lot of money that has been poured into new development and the acquisition of homes.