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Clovis Home Prices Ready to Decline?
October 23rd, 2009
Clovis Home Prices Ready to Decline?
Just when you thought Clovis home prices were starting to rebound, another report surfaces that sheds a not-so-optimistic prediction on the Clovis real estate market. We’ll share with you the latest data on Clovis homes and where prices are headed next. At Clovis Real Estate, we provide Clovis housing market data and reports so you can make informed decisions and get the best possible deal on your next Clovis home purchase.
More Home Price Declines in 2010?
The past few weeks we’ve shared with you articles on the Clovis real estate market. For example, the California Association of Realtors predicts that CA home prices will increase in 2010. We disagreed, (see, CAR: “Home Prices to Increase 3% in 2010″). Other positive market recovery signs were highlighted in the Fresno Bee as Clovis builders were beginning to buy up vacant lots. Again, we weren’t convinced, (see, Clovis Real Estate Market Heating Up?).
We’re now not the only ones who think the Clovis real estate market hasn’t reached bottom. CNN now reports that home prices are going to drop an average of 11.3% in 342 out of 381 markets by June 30, 2010 (see, Homes: About to Get Much Cheaper). According to the CNNMoney.com article, home prices won’t stabilize and rise until 2011 and then only with a modest 3.6% increase.
Other experts agree. Mark Zandi, chief economist with Moody’s Economy.com, agree. “I think home price declines are coming because the foreclosure crises is not over,” he says.
Clovis Homes
What does all of this mean for Clovis homes? If the past month is any indication (Clovis home values dropped 1.1% from last month), home prices should continue to drop through the rest of the year. If you’re in no rush to buy, we recommend that you wait until after the first of year (beginning of 2010) to buy a Clovis home. Prices likely will drop until then and there usually is a smaller pool of Clovis buyers to compete against. However, we don’t recommend waiting much longer than that or trying to time the market. No one can do that. Not even a skilled real estate economist.
If you need to buy a Clovis home right away, there’s still good news. The median price for all sold Clovis houses currently is $241,000. The decrease in Clovis home prices and historically low interest rates 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). While prices may drop over the next few months, if interest rates increase as many have predicted, (see, Clovis Mortgage Rates) you actually could end up paying less on your mortgage payment than those who buy after interest rates go up.
Clovis Real Estate
If you’re thinking about selling or buying a Clovis, CA home let us know. We’re Clovis Experts and we specialize in Clovis Real Estate. You can search all Clovis homes for sale. Become a client today and discover why we’re the #1 Clovis Realtor!
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