Rent to Own Homes in Fresno
The below results are primarily rent to own homes in Fresno County, CA:
An important part of California’s agriculturally based Central Valley, Fresno is known as the bread basket for the United States with its almond, grape, poultry, dairy, tomato and pistachio farms. Even with this robust agriculture, Fresno City enjoys a unique urban flavor in downtown Fresno and strong cultural and business enterprises spread throughout the town. From its California State University campus and Bulldog Stadium to its Fresno Philharmonic and Fresno Chaffee Zoo, locals enjoy a wide range of activities and endeavors. The city’s long history of industry, agriculture and Fresno Traction Company streetcars can also be explored at the Kearney Mansion Museum.
Getting around Fresno County and throughout the state is relatively easy since Fresno rests along one of California’s major north-south freeways, Highway 99. It’s also the gateway to some of the region’s best national parks, including Yosemite and Sequoia.
Buying a Home in Fresno
Homes in Fresno are relatively affordable for a California town, with prices at $216,110. That sales price represents a one-year increase of 6.3 percent. Most homes stay on the market for an average of 51 days before they sell. At any given time, about 1,900 homes are on the market, and 900 new listings come on the market each month. In spite of being hit hard by the recession in 2008, the city’s housing market is well on its way to recovery. In fact, Clear Capitol ranked Fresno’s housing market as one of California’s highest performing in 2014.
Popular Neighborhoods in Fresno
Large, turn-of-the century homes make the Huntington Boulevard neighborhood popular for those who like living in a historic district. The Tower District offers charm equal to Huntington Boulevard sprinkled with a big dash of cultural flair. Families looking for a tightly knit community appreciate the cohesiveness of Old Fig Garden. There, mid-century ranch homes are edged with tree-lined streets, and Christmas Tree Lane lights up with abundant holiday spirit. The Hoover and Woodward Lakes neighborhoods provide more suburban flavor, low crime rates and good schools. For locals who want a prestigious neighborhood and grand estates, Cooper River Country Club, Lake Van Ness and the Van Ness Extension are the places to be.
Buying vs. Rent to Own Homes
Renting to own a home offers a variety of benefits to both buyers and sellers. For buyers, the rent-to-own contract allows them to pay today’s price for the home but wait one to three years to finalize the purchase. In the interim, the buyer usually pays a moderate option fee instead of a downpayment and has time to pay off debts, improve credit scores and save additional money for a downpayment. The buyer also pays the usual monthly rent plus an agreed-upon surplus that goes toward the eventual downpayment.
Cost of Living in Fresno
Living expenses in Fresno are exactly on par with the national average, although housing is 6 percent less expensive. That affordable housing is balanced with slightly more expensive costs such as groceries at 12.6 percent above average, utilities at 16 percent above average and transportation at 14 percent above average. When you compare Fresno’s cost of living against other California towns, its affordability is more obvious. For essential living expenses, Fresno residents pay 7.21 percent less than residents of Sacramento, 13 percent less than Bay Area locals and 20 percent less than Angelenos.
Fresno’s 509,924 residents are spread over the city’s 112 square miles, enjoying its many suburban neighborhoods and a strong, yet affordable housing market. That real estate market has room for both renters and home buyers, with 34 percent of Fresno’s 171,288 housing units in multi-family dwellings. Fresno’s economical housing situation nicely balances its other living expenses that are higher than the national average. With that give and take, Fresno’s overall cost of living is equal to the national average.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
Reported Annual Crime In Fresno