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The Clovis Real Estate Market – On the Mend or a Long Way to Go?
July 30th, 2009
The Clovis Real Estate Market – On the Mend or a Long Way to Go?
Here’s the latest on the Clovis housing market. The past few days the Fresno Bee has reported an increase in home sales in Fresno county. That’s certainly good news! But how realistic is this surge in homes sales and what does that mean for the near future in the Clovis housing market?
We've Worked Though Some of the Housing Market Mess -- But There's New Challanges to Overcome
Signs of a Long, Slow Recovery
The Fresno Bee and several other national reports confirmed this week what many real estate experts have thought for the last few weeks – the housing market looks like it’s on the mend. Or so it appears on the surface. But a closer look reveals that this may not actually be the case.
According to the Washington Post, whether the increase in home sales can be sustained depends on the economy continuing to improve. “We can no longer blame the problems on bad mortgage products,” says Guy Cecala, publisher of Inside Mortgage Finance. “It’s now about people losing their jobs, and that’s an even tougher problem for the government to address.” In other words, we’ve worked our way through some of the initial housing problems, but there’s now additional hurdles the overall housing market has to clear.
What does this mean to you if you’re in the market to either sell or buy a Clovis home? According to Mark Zandi, chief economist at Moody’s Economy.com, it’s unlikely that price declines are over. Zandi predicts that distressed sales will increase during the winter if the economy doesn’t pick up quickly. That means more Clovis short sales and foreclosures on the market which will likely pull home prices down even further.
We believe, along with other real estate experts, like Mike Larson (an analyst for Weiss Research) that there won’t be a big or quick rebound like the past housing recoveries we’ve seen in California. Instead, “it’s going to be a slow, gradual normalization of the housing market after a period of housing Armageddon,” says Larson. In other words, it’s will continue to be a great opportunity to buy your dream Clovis home for some time, but if you need to sell your home it will continue to be a challenge.
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