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Clovis Real Estate News
October 28th, 2009
Clovis Housing Report: Seller’s Market?
Believe it or not, it’s a seller’s market in Clovis. You read that correct. For some Clovis homes - the market has shifted from a buyer’s market to a seller’s market. Don’t believe us? Read why we’re saying this below.
Clovis Real Estate
There are a number of methods to determine when the Clovis real estate market is either a buyer’s or seller’s market. A buyer’s market is when there are more Clovis home seller’s than Clovis home buyers. The opposite is true in a seller’s market, i.e., there are more Clovis buyers than Clovis home sellers.
Despite all of the gloom and doom reported in the newspapers about the Clovis real estate market, it is no longer considered a buyer’s market at some price points. Clovis foreclosures and other Clovis homes priced under $250,000 sell exceedingly fast in today’s market, while homes priced above these amounts tend to sell much slower unless they’re priced exceptionally well. This is because the Clovis real estate market is currently being driven by investors looking for bargains and first-time Clovis home buyers who’s budget is typically $250,000 and under.
Sale Price Gap is Closing
Here’s some facts you may not know. Clovis home buyers still are paying less than a home’s asking price, but had slightly less negotiating power in August than they did in July, according to the August Zillow Real Estate Market Reports. But it’s not just Clovis that’s experiencing this shift. Buyers across the country paid only 3% less than the last listing price on homes bought in August, down from $7,018, or 3.3%, less for homes bought in July, according to the report. Negotiating power peaked in January 2009, when buyers were paying 4.5% less than last listing price. Why does that matter? When the list price to sale’s price gap closes, that’s a sure sign the market is changing from a buyer’s to seller’s market.
In other words, it’s a myth that banks are “giving away” Clovis foreclosures. In fact, most Clovis foreclosures receive multiple offers (15-20 isn’t uncommon) which is why they usually don’t have to sell them below asking price.
In fact, in some California markets, buyers actually are now paying more than asking price during August. The same is true on many Clovis foreclosures. We’ve submitted offers on several Clovis foreclosures this past month all ABOVE the asking price. All of these homes sold for above the bank’s original asking price. We advised our clients to not going any higher and to let the market cool. They listened and now they’re primed for the Fall Clovis housing market where it should once again shift back to a buyer’s market.
Clovis Foreclosures
With the Fall housing market comes great opportunity. Most Clovis homes sell during the spring and summer months. Therefore, the Fall and Winter months (November – February) are great times to buy because there’s fewer buyers and often more Clovis homes on the market.
Keep in mind that as a Clovis buyer you’re able to negotiate more when there’s more Clovis homes on the market with fewer Clovis buyers. If there’s a tight supply of Clovis homes, you’ll have to pay closer to the asking price or risk losing out to a higher offer. Fortunately, the brisk spring and summer home shopping season is drawing to a close, and with Clovis foreclosures on the rise again, inventory levels will likely head back up in the coming months, allowing Clovis buyers’ negotiating power to regain the ground it lost in August.
Clovis Realtors
As Clovis Realtors, we specialize in one thing – Clovis homes. Everyday we help people sell or buy a Clovis home for the best possible price. If you’re looking for a Clovis real estate expert. That’s us. We’re ClovisExperts.com. Contact us today and let’s go house-hunting and take advantage of fewer Clovis buyers, great interest rates, and some fantastic Clovis homes for sale.
Clovis Real Estate − "The Clovis Home Experts"
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[...] What does this mean for Clovis sellers and buyers? It depends on your strategy. It’s still a great time to buy a Clovis home. However, with the Fall home buying season approaching, there may be an even better time to buy in the next few months. [...]
[...] What does this mean for Clovis sellers and buyers? It depends on your strategy. It’s still a great time to buy a Clovis home. However, with the Fall home buying season approaching, there may be an even better time to buy in the next few months. [...]