FRESNO, Calif. (KSEE/KGPE) – The housing market can be a terrifying place to venture into. There are many factors like rising home prices, bidding wars, inventories and intimidating interest rates that can often dissuade potential buyers that are dreaming of that (insert your favorite color here) picket fence for them to settle into.
With so many hurdles in front of that homeowner’s dream, what can be done? The reality is that it’s a difficult process that requires a lot of work ahead of time. But there is one path to becoming a homeowner that can help soften the blow: fixer-uppers.
The downside of course is that these kinds of homes require a lot of time and work, but they can be a real solution for those with a tight budget. It may be easier for some to pay less now for a home with “good bones” and work on it one project at a time as it becomes financially possible. Especially considering that according to research by StorageCafe, in the 50 biggest US cities, fixer-uppers are 32% cheaper than your standard homes. Which on average could save a buyer somewhere around $155,000.
So where are these homes? They can’t be in California right?
According to a study, Fresno, California, is in the top ten list of most favorable markets for homebuyers looking for fixer-uppers. This takes into consideration both availability and affordability from the top 50 most populated cities in the US.
The median price for a fixer-upper in Fresno according to the study by StorageCafe is $289,839 which has the potential to save a buyer 35% for a home that is 1,561 square feet in a 7,200 square foot lot. It is important to note that Fresno is the only west coast city on this list. The second closest is Dallas, Texas.
Steve Flach, President of the Fresno Association of Realtors credits three factors for why the Fresno market has made this list.
“The first is affordability, the second is how much home and the amount of property you can get for the money regardless of the condition and age of the home compared to other parts of the state and the country, and the third is the shortage of new development and new construction inventory available in Fresno due to burdensome California regulations and costs to build.” Said Flach.
California is not an easy place for homebuyers even for those searching for fixer-uppers. The study shows that San Jose, San Francisco, and Los Angeles are the most expensive homes in need of repairs in the nation. San Jose’s fixer-up listing price for example comes in at a whopping $1,299,499.
San Francisco’s median price for a house is four times higher than Fresno’s according to Flach. While Los Angles is nearly doubled Fresno’s median price. Leading Flach to say that it comes as no surprise that Fresno made the list.
“Fresno is just a fantastic place to live, work, play, and raise families affordably.”