While 2023 is now behind us, here's a summary of key trends in the Fresno County real estate market for that year:
Prices:
Median home price: Remained largely flat compared to 2022, hovering around $385,000-$400,000 depending on source.
Market: Shifted from a strong seller's market in early 2023 to a more balanced market by year's end.
Price fluctuations: Some saw slight declines (0.05% to 2.6%) depending on location and data source.
Sales:
Number of sales: Varied throughout the year but generally decreased compared to 2022. Fresno Association of Realtors reports 6,100 closed sales for the entire Fresno-Clovis metro area in 2023.
Days on market: Decreased significantly compared to 2022, indicating faster sales (17-23 days on average).
Inventory: Decreased from earlier in the year, but slightly higher than pre-pandemic levels.
Overall:
Market: Cooled down from the rapid growth of 2022 but remained relatively stable.
Competition: Less intense for buyers than earlier in the year, offering more negotiation opportunities.
Outlook: Predictions for 2024 vary, with some suggesting continued stability and others expecting potential price adjustments.
How can you break in to the market? Landmark can help
Breaking into the Fresno County real estate market can be exciting, but navigating the path requires research and planning. Here are 5 steps you can take:
1. Choose your path:
Real Estate Agent: This is the most common route. You'll need to get your California real estate license by completing pre-licensing courses, passing the state exam, and finding a sponsoring broker.
Real Estate Appraiser: Requires specialized education and training, followed by licensure through the California Department of Real Estate.
Real Estate Investor: You don't necessarily need a license, but understanding the market and regulations is crucial. Consider starting small and learning as you go.
2. Gain relevant knowledge and skills:
Education: Take real estate courses, workshops, or even consider a real estate degree if you want in-depth knowledge.
Network: Attend industry events, join professional organizations, and connect with established agents and investors to learn the ropes.
Develop essential skills: Communication, negotiation, marketing, and financial analysis are crucial in any real estate path.
3. Get licensed (we can help, become a Landmark agent today):
For becoming an agent, complete pre-licensing courses, pass the California real estate salesperson exam, and find a sponsoring broker.
For appraisers, pursue specific education, experience requirements, and pass state licensing exams.
4. Start building your experience:
Agent: Intern with an established agent, shadow them on appointments, and assist with tasks to learn industry practices.
Investor: Start small with fixer-upper properties or partner with experienced investors to gain knowledge and navigate initial hurdles.
Appraiser: Look for trainee or apprenticeship opportunities with established appraisal firms.
5. Consider local resources:
Fresno Association of Realtors: Offers educational resources, networking opportunities, and industry updates.
Fresno City College Real Estate Program: Provides affordable pre-licensing courses and workshops.
Fresno County Department of Consumer Affairs: Provides information on licensing requirements and regulations.
Additional tips:
Attend open houses and network with other professionals.
Research and understand the specific market dynamics of Fresno County.
Develop a marketing strategy to attract clients or find investment opportunities.
Be patient, persistent, and willing to learn as you go.
Remember, success in real estate takes time, dedication, and continuous learning. Choose the path that aligns with your interests, invest in your knowledge and skills, and leverage local resources to build a strong foundation for your real estate journey in Fresno County.
I am here to help you become an agent, buy a home, or sell a home in Fresno County.
Here is my contact Info:
Morgan Lester - Broker