Valley realtors in bidding wars
FRESNO, Calif. (KFSN) -- The recovering housing market has Valley realtors dealing with bidding wars.
Some are now taking on unusual strategies to stay a step ahead. The average amount of time it took to sell a single family home in may was 2.6 months. That is down from 2.8 months back in April. In addition real estate prices are down are down from about 3.6 months from last may. That is according to the California Association of Realtors.Those numbers mean realtors are having to get creative to get business.
Real estate agents are offering door-to-door service of a different kind
"Our inventory is very very low we're wondering if you'd like to list your property for sale or if you know anybody else who might be considering that," said Stephanie Goff from London Properties.
Goff is forced to pound the pavement, looking for a lead. She and her colleagues haven not had to put in this sort of effort since 2005.
"We only have about 1600 listings and that include all of the Fresno area and we're selling 900 homes per month, that only leaves 700 available to show and buy," Goff said.
Goff says that is not much. Especially when you consider the fact that the number of buyers and sellers have increased. Since Interest rates are low for buyers, so sellers could make more money selling a house now then they could have in the past.This means competition is stiff.
"We are in bidding wars like you can't believe," Goff said.
The other problem out here is that houses are selling quickly. Some houses are selling in less than a day and most houses sell in less than a week
"They're getting 5-7 offers at a time, then the listing price is highest and best, it's vicious, it really is vicious out there, " Goff said.
Realtors are not stopping at the doorbell either. They are leaving cards at houses they have targeted.
" We do quite a few mailers to people who bought before 2003 because according to our calculations they have enough equity in their homes to sell again at this point in time," Goff said.
Realtors that while they don't have a crystal ball, they do know things seem to be ending well for both sides of the housing fence.
fresno, fresno county, local, stephanie stone
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