“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
HomeCaliforniaFresno CountyClovis

Clovis, CA

Blog_tag

Tax Credit Extension - Impact on Fresno, Clovis Real Estate

11-18-09
Harold Penner
Harold Penner: Real Estate Agent in Clovis, CA
  • view my blog
  • Office: (559) 322-7777
  • Mobile: (559) 230-1111

ImageHAROLD PENNER: Fresno Real Estate Market Analysis
Tax Credit Extended!


The big real estate news this month is the extension of the federal tax credit for first-time home buyers from November 30, 2009 to April 30, 2010. A first time home buyer is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

Now even more interesting for many of my sellers/buyers is a new tax credit that was added for repeat buyers. Buyers who already own a home and have lived in the home for five consecutive years are eligible for up to a $6,500 tax credit on their next home purchase. Whether you are interested in moving up or downsizing from your current home, you qualify as long as the new home will be your future primary residence.

Click to Access More Information on Tax Credits

So, those are some incentives for buying, but the question I am often asked is whether now the right time to buy in Fresno and Clovis, California. Well, I prefer to let the numbers do the talking when it comes to answering that. There are certainly fewer choices of homes available today than a year ago. 5,010 homes were for sale in October 2008 in Fresno and Madera Counties. Today the number of active properties averages around 2,500. So, there are 50% fewer homes for sale today than a year ago. The primary reason for this is the reduction of foreclosures. The number of foreclosures for sale today have decreased by about by an astounding two-thirds since the beginning of the calendar year.

Many buyers may be waiting for those foreclosures to come back and flood the market with bargains thereby driving the overall price down. But, by looking at the statistics from this past year and by referencing the historical trends of the Fresno market, I don't anticipate any significant price drops. During the height of active foreclosures, the average selling price was $156,256 (January 2009). With 50% fewer homes to choose from the average pricing this year has inched up to $174,867 (October 2009).

Now, it's possible that if foreclosures returned with a vengeance, Fresno and Madera counties' prices would decrease. But, in the past year the demand for homes has also increased. First time home buyers have now seen prices that are affordable and within reach. Out of town investors have again returned to buy rental properties. The overall number of sales has been steadily increasing instead of decreasing.

So, in short, I am advising clients that with historically low loan rates, low prices and this newest tax credit extension this is truly an excellent time to buy.

OCTOBER MARKET STATISTICS* - Fresno and Madera Counties


  • Average Price of Sold Homes in August '08 vs. '09 - $190,044 vs. $175,036 (8% Decrease)
  • Sold Homes in August '08 vs. '09 -907 vs. 891 (2% Decrease)
  • # of Foreclosures and Pre-Foreclosures Sold in August '08 vs. '09 - 595 vs. 577 (3% Decrease)
  • Avg. Loan Percentage Rate in September 2009 - 4.83% (30 Year Fixed)

    *Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties.

    Click here to visit HomesInFresno.com

ImageFEATURED LISTING
2765 Rialto Avenue, Clovis, CA 93611

  • $312,000
  • 4 Bedrooms
  • 2 1/2 Bathrooms
  • 2,489 sq. ft.

    Three Car Garage! Lovely Clovis home with fenced pool and 4 bedrooms plus a loft! This pristine Seller-owned home features hand scraped maple hardwood floors in downstairs entry, hallway, kitchen, nook & bathroom. The kitchen includes granite countertops, built-in gas range & breakfast bar.

    Click here for more info on this home!

    		•
    1 Comment
    Blog_tag

    Clovis Foreclosures: How to Buy a Bargain Priced Clovis Home

    10-07-09
    Dr. John McMillen
    Dr. John McMillen: Real Estate Agent in Clovis, CA
    • view my blog
    • Mobile: (559) 325-4545

    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

    0 Comments
    Blog_tag

    Clovis, CA Foreclosures: Buyers Tips!

    10-06-09
    Dr. John McMillen
    Dr. John McMillen: Real Estate Agent in Clovis, CA
    • view my blog
    • Mobile: (559) 325-4545

    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?

    Read more...

    0 Comments
    Blog_tag

    Fresno / Clovis High Speed Train

    10-05-09
    Dr. John McMillen
    Dr. John McMillen: Real Estate Agent in Clovis, CA
    • view my blog
    • Mobile: (559) 325-4545

    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

    0 Comments
    Blog_tag

    Clovis, CA Houses for Sale: Big Price Drop

    10-03-09
    Dr. John McMillen
    Dr. John McMillen: Real Estate Agent in Clovis, CA
    • view my blog
    • Mobile: (559) 325-4545

    Here’s an interesting chart (click here) on Clovis, CA houses for sale. As the chart indicates, prices have plunged since 2007. In fact, Clovis home prices have dropped 14.8% since last year at this time, but that is better than Fresno home values which declined 19.3% during this same time.

    Clovis Homes for Sale

    Where are Clovis home prices headed? If the past month is any indication (Clovis home values dropped 1.1% from last month), home prices may continue to drop through the rest of the year (see our prediction of Clovis home prices for Fall 2009). The median price for all Clovis houses currently is$241,000. The decrease in Clovis home prices have led some experts to state that it’s the best time to buy a Clovis home in the past 20 years (click here to read why).

    0 Comments