Clovis, CA

HAROLD PENNER: Fresno Real Estate Market Analysis
2010 Clovis Property Trends!


I have had an increasing number of buyers seeking suburban (over an acre) residential property on the outskirts of Clovis. They are primarily move-up buyers eager for space and privacy, but still desiring a closer proximity to the Clovis resources. Since there are fewer typically for sale (less than 100 sold per year) these types of property historically retain value longer than traditional properties. Judging from recent trends this may be one of the best times in recent history to buy suburban residential land in Clovis.

Pricing Changes?
2006 was the height of the market for suburban properties with a median price of $684,450. 87 homes were sold that year and it was rare to find anything below $400,000 in the area. Over the past four years the number of sold homes remained relatively steady with 97 homes sold in 2009. But the median price has reduced by 47% to $376,650 making it now possible to buy a Clovis suburban property in the $300,000 range!

Seller Changes
In addition to price, one notable change is the type of seller in these homes. In 2006, 99% of suburban Clovis homes sold were seller owned. By 2009, that number decreased to less than half (47%) of suburban properties being sold by sellers. Of the remaining homes, 47% were bank-owned sales and 6% were short sales. Since bank owned and short sale properties are sold at below-market prices, this change was a primary reason for the plummeting prices.

2010 Pricing Expectations
One interesting trend at the moment is the lack of bank owned or short sale listings in Clovis suburban properties. Of the 73 homes currently active (as of 01/27/10), there are only 6 bank owned and 10 short sales. Foreclosures have been declining throughout Clovis, but this trend appears to be slightly higher in the suburban market. Unless there is a large influx of foreclosures to skew the numbers and drive prices lower, pricing in Clovis acreage should remain steady and begin to increase over 2010.

FEATURED LISTING
794 W. Brittany Lane, Clovis, CA 93619

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Clovis Foreclosure FHA Loan Program

Clovis foreclosures are high on everyone's list these days, but unfortunately, unless you have a stack of cash to pay for repairs, closing costs, and a down payment, most Clovis home buyers can't take advantage of these bargain priced homes. Until now. Many Clovis buyers are unaware of an overlooked government loan that's ideal for Clovis foreclosures. Here's how you can take advantage of this little known loan program and snatch up a Clovis foreclosure priced 20-30% below other Clovis homes for sale. Read More

Not all Clovis Foreclosures are Good Deals

Foreclosure Clovis CA Clovis foreclosures (also known as Clovis REOs) account for nearly 1 out of every 2 homes sold in Clovis these days. However, Clovis buyers seeking a foreclosed Clovis home for sale should understand that not every foreclosure is a good deal. Here’s why.

Clovis Foreclosures

Anytime you buy a Clovis foreclosure, you need to have the property thoroughly inspected. Most Clovis foreclosures need more than just new carpet and some paint, they may need major repair. Unfortunately, much of the damage is hidden. While it doesn’t take an expert to see that a toilet has been ripped out, it does require someone with expert knowledge to know that while tearing it out the previous owner damaged the attached pipe or filled the water line with cement (yes, it happens). Bottom line: Hire a good Clovis home inspector to make sure your “bargain” doesn’t turn out to be a money pit.

Cheap Clovis Foreclosures?

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High Speed Train Fresno / Clovis

California has approved plans to build a high speed train that runs from San Francisco to Los Angeles (eventually all the way down to San Diego, through Fresno / Clovis. The Fresno Clovis high speed train will eventually allow Clovis residents to hop on the rail and commute to the Bay area or LA in a little over an hour.

This past week, Governor Arnold Schwarzenegger submitted the plans to federal authorities in hopes of securing part of $8 billion in federal stimulus money specifically set aside for high speed development. According to the Fresno Bee, the Fresno route would be the fastest train in the entire United States, reaching speeds of 200 mph.

Clovis Transportation Options

Clovis has a number of convenient transportation options. Clovis transportation options include: Fresno Yosemite International Airport, Amtrak, Buses, and Interstate 99 which dissects California, making it easy to get to any part of California or the rest of the United States. Within the city of Clovis, commute times generally are less than 15-20 minutes to most anywhere you want to go.

Clovis Real Estate

Once completed (tentative plans are to begin construction in 2012) the Fresno Clovis high speed rail will dramatically change access to and from Clovis. Residents will be able to live in Clovis and work or visit just about any part of the state. Because of Clovis’ low home prices compared to the rest of the state of California, the future looks very bright for Clovis real estate and home prices in the near future. Find out why some think this is the best time to buy a Clovis house in the past 20 years.

Clovis, CA is a hidden West Coast gem. With 3 beautiful national parks nearby, great transportation options, terrific schools, affordable housing, and short commute times, we think you’ll love it here, too. Let us know if you’re relocating or moving to Clovis. We’re Clovis real estate experts. If you’re searching for a Clovis Realtor who specializes in Clovis, CA homes for sale — we’ll make your move easier and help you get great value for your money and find the best neighborhood and Clovis house for the lowest price possible. Visit us at: ClovisExperts.com