In 2005 and 2006, bidding wars were common in Clovis and Fresno. But when the market turned from a “seller’s market” to “buyer’s market,” sellers watched prices dropped and buyers begin to make low-ball offers.  After 5 years of a Clovis buyers market, it appears that times are slowly changing, and bidding wars are being reported not just in Clovis and Fresno, but also in the Silicon Valley and throughout parts of California.

Low Supply of Clovis Homes for Sale

Multiple offers for a Clovis home is directly related to the current supply of Clovis homes on the market.  For example, when the inventory of Clovis homes for sale is low (like it is now), there’s more competition from Clovis buyers to purchase a Clovis home.  Couple that with 4% interest rates, home prices 40% less than they were 5 years ago, rising rent prices, and you have the perfect brew for a multiple offer market.

With Clovis homes heading into the high season (the spring and summer months) and an increasingly better job market, the low supply of Clovis homes, and multiple offers should continue into the late fall months when home buying typically slows down and Clovis buyers and sellers take a break for the Holidays.

Clovis Real Estate

If you’re thinking about selling your Clovis home within the next year, read more here.  We have an enormous amount of Clovis home buyers wanting to purchase a Clovis home.  Why not yours?

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This entry was posted on Monday, April 2nd, 2012 at 7:44 PM and is filed under Clovis Real Estate News. 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.