SoCal fires could impact the Central California housing market
Those who lost everything in the Southern California wildfires could look to put down new roots in the Central Valley.
FRESNO, Calif. (KFSN) -- The devastating loss of thousands of homes in Southern California could lead fire victims to rebuild their lives in the Central Valley.
Leveled structures as far as the eye can see is the new reality in Pacific Palisades and the Altadena area as wildfires continue to rip through communities.
Now, thousands of people are in need of places to call home.
"We are only three and a half hours away from there, a short flight away from there, so I expect to see people coming to the Fresno area," said real estate broker, Don Scordino.
Real estate broker Don Scordino with Fresno-based Reality Concepts believes that migration could happen once fire victims start trying to rebuild.
"I think the rental market here in the Central Valley is the one that is going to be impacted the most, because a lot of those people are going to need temporary housing," said Scordino.
The move could be more permanent for those who choose to start putting down roots and building new lives here.
"From a long term, economic perspective, it may raise prices for homes, because based upon a limited housing supply, when you have folks moving here with more money, the difference, it will probably raise prices," said Darren Rose, President and CEO of the Fresno/Madera counties Building Industry Association
Darren Rose says the average home locally is around 400-thousand dollars cheaper in the valley than SoCal, which is why he expects the home building business to boom.
"Prices may rise as a result of this, so it might be a really good time to look at building a home," said Rose. "Additionally, construction inputs, labor, housing materials, concrete, lumber, all the things that build a home, there's gonna be huge demand for that."
One realtor tells ABC News, he's already seeing a rush for rentals in Southern California, with 50 to 60 calls for just one listing.
Meanwhile, single family homes there easily rented out for more than ten thousand dollars a month before the fires.
Those are also factors that could push more people to make a move to the Valley.For news updates, follow Brianna Willis on Facebook, Twitter and Instagram.
