Clovis Homes Now Receiving Multiple Offers

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Clovis Real Estate News

August 9th, 2009

There’s good news on the Clovis real estate front, depending on how you look at it. After several years of price declines and anemic home sales, Foreclosure homes sales nationally and in Clovis are experiencing an upturn. That’s good news and bad. Here’s why…First the good news. The Clovis real estate market appears to be solidifying at the base. Before the market can stabilize lower priced homes must be purchased so a “bottom” can be formed. That’s now happening and has been for the past several months.

Now for the bad news. Although there is a steady stream of Clovis homes for sale under $200,000, these homes are snatched up almost as quickly as they’re put on the market. Gone are the days when any reasonable offer would be accepted on a foreclosure / REO. Today, it’s not uncommon for many Clovis buyers to submit multiple offers only to learn they’ve been outbid. Why? For a buyer who is looking for a home under $200,000.00 there’s a great deal of competition. Investors and first time home buyers are all vying for the same property and with a shortage of supply it intensifies the competition. In fact, some properties have received as many as 30 offers! Therefore, first-time home buyers should be prepared to to write as many as 10-15 offers before they have one accepted. It’s amazing how quickly the market can turn.

Some more good news. While it may be frustrating to make multiple offers only to be outbid, Clovis homes are still exceptionally well priced. As the market firms up, so will higher priced homes. How long that will take will largely depend on the number of lower priced homes on the market. As banks clear their inventories and these properties get snatched up, the market will firm at the bottom and then homes above $200,000 will begin to see multiple-offers. Which we’re now already seeing. In fact, just about any home that’s well priced is selling in Clovis.

As crazy as it would have sounded just a few short months ago, it’s actually a GREAT time to sell your Clovis home if you still have equity in your home. Right now, any home priced-right WILL SELL! The 773 homes sold in Clovis since January prove that.

If you’re buying a home or thinking about selling, let us know. We’ll explain the current Clovis market and how you can take advantage of it.

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This entry was posted on Sunday, August 9th, 2009 at 9:24 AM and is filed under Buyer Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.