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CAR: “Home Prices to Increase 3% in 2010″
October 10th, 2009
CAR: “Home Prices to Increase 3% in 2010″
The California Association of Realtors has just released it’s 2010 forecast for California home prices: an increase of 3%. We’ll tell you our thoughts on CAR’s forecast and share what this means for the Clovis real estate market and Clovis homes for sale.
California Home Prices
After 3 years of abysmal price declines, California home prices may be ready to increase. The California Association of Realtor’s (CAR) prediction is based on set of economic and real estate data released this week. According to CAR, CA home sales hit bottom in 2007 and have steadily increased the past 2 years (see chart below):
CAR’s forecast calls for 2010 to “mark the beginning of the ‘new normal’ for California’s housing market.” In other words, home prices will no longer be declining, but instead increasing at modest to normal levels.
Clovis Homes for Sale
The Clovis real estate market has largely followed the CA housing market. Clovis has seen homes sale increases the past 2 years from 2007. But we don’t necessarily agree with CAR’s prediction. Read our forecast. 2010 should be better than 2009 for Clovis homes sales, but we don’t predict a price increase just yet. Home sales have been helped along with the $8,000 tax credit which is set to expire in November. If the tax credit isn’t renewed or interest rates increase as some predict, this could spell doom for a fragile Clovis housing market.
If CAR is correct and there is a Clovis price increase, we predict it will be modest at best. However, we are urging Clovis buyers to take advantage of low Clovis home prices and interest rates while they still can. If interest rates do increase in 2010, many buyers will actually end up paying more for a home in mortgage payments each month even if prices decline in 2010. Thus, whether CAR or we’re right isn’t the point. If you’re a Clovis home buyer sitting on the fence, we suggest you act before either Clovis home prices or interest rates increase in 2010.
Clovis Realtors
At Clovis Real Estate, we don’t just tell you what you want to hear or what’s in our best interest. We always tell the truth about the Clovis housing market. We’re honest and upfront no matter what. Let us know if you’ve been looking at Clovis houses for sale. Because we’re not just honest, we’re Clovis Real Estate Experts. If you’re searching for a Clovis Realtor who specializes in Clovis, CA homes for sale — we’ll help you get great value for your money and find the best neighborhood and Clovis house for the lowest price possible.
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[...] Clovis real estate market may be primed for a big spring and summer. Don’t wait too long (home prices are expected to increase in 2010) and miss out on what some experts are calling the best time to buy a Clovis home in the past 20 [...]
[...] are predicted to increase in 2010 so you may actually pay more for your mortgage if you wait (see, CAR: “Home Prices to Increase 3% in 2010″). Posted by clovisrealestate on Oct 30th, 2009 and filed under Community Blogs. You can follow [...]