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- Blackhawk Estates ($750k +)
- Shenandoah Farms ($800k +)
- Monte Verdi Estates ($900k +)
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Real Estate Economic Report
We’re back from the National Residential Economic Report conference which forecast the long term economic housing market conditions for the United States. We’ll give you the highlights and tell you what it means for home prices and the overall real estate market.
Real estate economist, Mark Boud of Real Estate Economics, discussed the national economic and housing market conditions for the next 5 years. He then answered these 5 questions:
- What will real estate prices look like 5 years from now?
- Are homes affordable. Are they now under valued? By how much?
- Are there enough homes for sale or will supply be a problem over the next 5 years?
- Which metropolitan areas are showing promise?
- What is the impact from retiring ‘baby boomers’ on the nation’s housing market during the next cycle?
The economic report was detailed and lengthy, so here’s a snapshot of this report applied to the real estate market in Clovis, CA.
Clovis Real Estate Economic Report
According to RealEstateEconomics.com, we can expect the future of the Clovis housing market to look like the following over the next 5 years:
- Clovis home prices will increase starting in 2010 and continue over the next 5 years. However, price increases will be marginal, only reaching 2004 Clovis home prices. It will be many, many more years before we reach the peak 2007 prices for Clovis homes.
- Clovis homes are at an all-time affordability high. In fact, in some Clovis areas homes are actually undervalued.
- The number of Clovis homes for sale will continue to decrease. There is a current shortage of Clovis homes for sale. This shortage will continue for at least the next 5 years. If you’re thinking of buying a Clovis home, you may want to buy now before even fewer Clovis homes are on the market.
- A large number of retiring ‘baby boomers’ in Clovis will begin downsizing, snatching up single-level homes and making their family-sized homes available. This will create more competition for smaller, single-level Clovis homes over the next 5 years.
If you’re thinking about buying or selling a Clovis home, let us know. According to the Real Estate Economic Report, the Clovis housing market is going to dramatically change over the next 5 years. The number of Clovis homes for sale will be tight and competition will be fierce. This will drive up home values but only gradually since lending will continue to be tight.
We’d love to help you move up to a larger home, downsize, or sell your Clovis home. Just let us know how we can help.