Clovis home buyers have a brief window of opportunity to receive up to $18,000 in combined federal and California home-buyer tax credits.  To take advantage of both tax credits, a first-time home-buyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.  Buyers who are not first-time home-buyers may use the same time-frames to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Home Tax Credit Break Down

Under the federal law slated to soon expire (April 30, 2010), a first-time home-buyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010.  Additionally, under a newly enacted California law, a home-buyer may receive up to $10,000 in tax credits as a first-time home-buyer or buyer of a property that has never been occupied.  The new California law applies to certain purchases that close escrow on or after May 1, 2010.  California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations.  Other terms and restrictions apply to both tax credits.

For more information, the California Association of Realtors (C.A.R.) offers a Home-buyer Tax Credit Chart with a side-by-side summary of the federal and California laws.

Clovis Real Estate

At Clovis Real Estate we specialize in Clovis homes. With our FREE list of Clovis CA homes for sale you get a list of ALL Clovis homes for sale. Updated daily, you can view photos, maps, and Clovis school information. Plus, we include Clovis foreclosures, Clovis short sales, and traditional Clovis homes for sale. In fact, we offer the most comprehensive list of Clovis homes for sale. You’ll find every Clovis home listed by every real estate agent in the Fresno / Clovis area. If your dream Clovis home is out there – you’ll find it here first.

To receive a FREE list of Clovis homes for sale, simply fill out the form below and a list of Clovis homes currently for sale will automatically be emailed to you. Get your FREE list of Clovis homes today and take advantage of up to $18,000 in Clovis home-buyer tax credits.  Happy house-hunting!

Clovis Real Estate

It’s official.  Gov. Schwarzenegger signed the CA Home Tax Credit legislation into law.  The CA tax credit provides $200 million for home buyer tax credits ($100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes).  Click below to learn who qualifies for the $10,000 CA tax credit.

Who’s Eligible?

Clovis home buyers who purchases a qualified Clovis home on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified home on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit.

How Much is the Tax Credit?

The new CA tax credit is equal to the lesser of 5% of the purchase price or $10,000, in equal installments over 3 consecutive years. Clovis residents are required to live in the home for at least 2 years or forfeit the credit (i.e., repay it to the state).

Shouldn’t I Wait to Buy?

The previous CA home buyer tax credit program was so successful that it ran out of tax credits 8 months before it was set to expire.  There’s no reason to think it won’t be the same this time around, too.

Clovis Real Estate

At Clovis Real Estate we specialize in Clovis homes. For example, we offer a FREE list of ALL Clovis CA homes for sale. Our Clovis homes for sale list is no ordinary list. Updated daily, you can view photos, maps, and Clovis school information. Plus, we include Clovis foreclosures, Clovis short sales, and traditional Clovis homes for sale. In fact, we offer the most comprehensive list of Clovis homes for sale. You’ll find every Clovis home listed by every real estate agent in the Fresno / Clovis area. If your dream Clovis home is out there – you’ll find it here.

To receive a FREE list of Clovis homes for sale, simply fill out the form below and a list of Clovis homes currently for sale will automatically be emailed to you. Happy house-hunting!

Clovis Real Estate

Map of Harlan Ranch

Harlan Ranch

Harlan Ranch is a master-planned community located in North East Clovis CA.  Designed by a team of architects and designers, Harlan Ranch is a 400 acre vibrant community where residents can work, play, and live.

Harlan Ranch offers its own resort-like area, including a Junior Olympic sized swimming pool, playground, rock climbing wall, amphitheater, picnic areas with gas barbecues, and walking and biking trails.  Because of its location, Harlan Ranch residents can easily access downtown Clovis, the Sierra Mountains, and Shaver and Huntington Lakes.

In addition, Harlan Ranch is within the Clovis Unified School District (CUSD).  Students living within Harlan Ranch will attend the newly-opened Bud Rank Elementary at Harlan Ranch school for grades K-6. Students in the 7th and 8th grades will attend Granite Ridge Intermediate School and students in 9th grade will attend the new Clovis north High School while students 10th through 12th grades will attend Buchanan High School.

Harlan Ranch Homes for Sale

There are a number of Harlan Ranch homes for sale. Current planning for Harlan Ranch provides for approximately 1,334 homes, 400 + apartments, 58 live/work units and 14 acres of planned commercial development.  Harlan Ranch home prices range from from the low $200,000’s to the low-$400,000 range.

To receive a FREE list of current Harlan Ranch homes, including any Harlan Ranch foreclosures, just complete the form below.  We’ll send you all current Harlan Ranch homes for sale and automatically email you any new Harlan Ranch listings the moment one comes on the MLS. Now you can be the first to know when the next Harlan Ranch house comes on the market!

FREE List of Harlan Ranch Homes for Sale

Harlan Ranch Realtors – Harlan Ranch Experts!

Should you buy a Clovis home now or wait a few more months to see what the market does?  We get asked this question a lot.  Every Clovis home buyer is different so won’t give a one-size fits all answer.  But here’s why we think if you don’t buy a Clovis home soon, you may be sorry later.

Clovis Homes – #1 Reason to Buy ASAP!

If you’re in the market to buy a new Clovis home, here are 3 reasons why now is a fantastic time to buy:

1. According to CNNMoney, homes in the Fresno / Clovis area are undervalued,
2. The federal government is giving away free money in tax credits, and
3. Interest rates remain low, and

So which of these reasons is the the #1 reason to buy a Clovis home now?  Here’s a hint, it’s NOT because the $8,000 first-time home buyer tax credit (or the $6,500 repeat home buyer tax credit) is ending this spring.  Yes, these are great incentives.  The #1 reason to buy a Clovis home now is because of this:

“April 1 will be the first day that the Federal Reserve will end its debt purchase program and allow the struggling U.S. mortgage market to operate unassisted. As a result, the Fed believes mortgage rates will rise about three-quarters of a percent to about 6 percent,” Boston Fed President Eric Rosengren said recently.

Why should you care if the Federal Reserve ends it debt program?  Here is the projected economic impact if you DON’T buy a Clovis home before April according to the Fed:

• If you buy a $200,000 Clovis home with a FHA loan and put 3.50% down your monthly payment will increase by $93 a month or $1,120 a year!  That’s equal to eating out 4 times a month at Chili’s using their 3 Courses for $20 Menu.
• Your monthly payment increase is 8.6%, this is equal to every home seller in the country raising their prices by 8.6%!  Yikes!
• Finally, if your debt-to-income ratios are really tight, your pre-approval for a Clovis home price of $200,000, just got decreased to $182,800.
• Or if your pre-approval is good for a price of $175k, it just got decreased to $159,950.
• Or if your pre-approval is good for a price of $150k, it just got decreased to $137,100.

So, how do you avoid this from happening to you? First, you could hope or pray that the Fed will extend their purchases of mortgage bonds. Second, you could buy a Clovis home BEFORE the Fed’s purchase plan expires on March 31st.

It’s your choice.  But don’t say we didn’t warn you for what’s right around the corner for Clovis housing homes.  Be smart.  Buy before interest rates climb.

Let’s Go House-Hunting!

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Clovis Home Values

In 2006, CNNMoney.com published a ranking of 299 U.S. housing markets to identify where home prices were most overvalued.  Back then, at the height of the Clovis real estate market, little was undervalued.  In fact, real estate was white-hot and Clovis home prices were at or near what came to be their peak values.

Now, 4 years after Clovis home prices reached their top values, CNNMoney looked at 330 metro areas to see what’s happened to home prices.   The results for Fresno and Clovis may surprise you.

Clovis Home Values

According to CNNMoney’s results, the median price of a Fresno home is $146,600 which is 16.80% undervalued in 2010.  Compare that to 2006 when Fresno homes were overvalued by a whopping 58%!  The same is true about Clovis homes.  Five years ago, the median price of a Clovis home was $311,000.  As of November 2009, the median price of a Clovis home is $237,832.

Current Clovis Home Values

Clovis Real Estate

If you’re in the market to buy a new Clovis home, here are 3 reasons why now is a fantastic time to buy.  (1) According to CNN, homes are undervalued, (2) interest rates remain low, and (3) the federal government is giving away free money in tax credits.  If you’re ready to buy, contact us today and let’s go house-hunting!

Thinking About Selling Your Clovis Home?

Sell it FAST & for the HIGHEST price!

Clovis Home Value Estimator

Lower Clovis home prices is good news – if you’re a Clovis buyer.  But behind the scenes of falling Clovis home prices is more bad economic news.  Things aren’t getting better in the Central Valley.  But they are in other parts in California.

Central Valley Homes Struggling

According to the Wall Street Journal, unemployment rates are dipping and home prices are rebounding in the San Francisco Bay area, which is driven by its technology industry and exports, and in coastal Southern California, where entertainment and other industries are starting to benefit from the economic thaw.  But in the state’s Central Valley, where the downturn struck earlier and harder, unemployment rates are still rising and the battered construction industry keeps shedding workers.

Overall, California’s economy remains weak, and the stabilization on the coast is just beginning. The state’s seasonally adjusted unemployment rate was 12.4% in December, down from an October peak of 12.5% but still higher than the national unemployment rate of 10%, according to the California Employment Development Department.

Housing prices in coastal areas again are rising, a sign that their economies are reviving.  For example, the median home price in the nine-county Bay area increased 15.2% in December from a year earlier to $380,000, according to data provider MDA DataQuick. In coastal Southern California, the median home price increased 7.5% to $360,000.  Unfortunately, that’s not the case in the Central Valley where median home prices fell 11.3% to $142,000 over the same period.

It’s too early to tell what this means for 2010 Clovis home prices.  Any sign of a California housing recovery is good news.  But in reality, the Central Valley will likely be a step behind.  Want to know more about Clovis homes?  Read our reports on the 2009 Clovis housing market and Clovis Homes – Future Home Values.

Clovis Real Estate

At Clovis Real Estate we have our pulse on the Clovis housing market.  That means we report all news relating to Clovis home prices, whether it’s good news or bad news.  Visit ClovisExperts.com often to stay up to date and learn the current market conditions of Clovis homes.

Wondering the value of your Clovis home?  Use our Clovis Home Value Estimator.  Just complete the form below and you can find the estimated value of any Clovis home in just seconds.

Thinking About Selling Your Clovis Home?

Sell it FAST & for the HIGHEST price!

Contact Dr. John McMillen

FREE, no-obligation, confidential appointment.

Get your home’s value!

(559) 325-4545

John@ClovisExperts.com

ClovisExperts.com

Clovis, CA is the perfect setting for building a custom home.  Top ranked schools, low cost of living, and a great community are just some of the reasons why Clovis is so popular.  If you’ve been dreaming of building your own Clovis custom home now is the time.  Prices of Clovis lots and Clovis construction have fallen dramatically.

One of the most popular areas in Clovis to build a custom home is at Quail Lake. Quail Lake lots range in a variety of shapes and sizes. Some lots are waterfront and others sit just off the lake. It’s not uncommon to see large waterfront Quail Lake lots over 10,000 sq. ft. However, Quail Lake land doesn’t come on the market very often. And when it does, vacant lots don’t last long.

If you would like to learn more about Quail Lake lots or receive a current list of all Quail Lake lots for sale, click here.

Clovis Real Estate

At Clovis Real Estate, we specialize in Clovis homes and vacant Clovis lots for sale. As Clovis Realtors, we can tell you just about everything there is to know about Clovis and the Clovis housing market.  Contact us today with any questions and discover how we can make building a Clovis home a reality.  For a FREE list of all Clovis lots currently on the market just fill out the form below.

FREE List of Clovis Lots For Sale

We specialize in:

Clovis Homes | Clovis Lots for Sale

Sold homes in Fresno County the last 5 years:

• 2010:             ?
• 2009:         9,328
• 2008:         6,781
• 2007:         4,865
• 2006:         6,503
• 2005:         8,997

As the data above indicates, when the market was at its peak in 2005 — nearly 9000 homes were sold in Fresno County. Back then, if a Clovis home was listed it pretty much sold.  Surprisingly, despite the recent real estate woes in Clovis and Fresno, in 2009 more homes were sold than when the market was at its peak.  In fact, buying Clovis homes priced under $250,000 is increasingly difficult because of the competition from investors and other Clovis buyers (we wrote about this in our article:  Clovis Foreclosures – Why They’re Selling So Fast).  In other words, the number of sold Clovis homes in 2009 and Fresno County is overwhelming evidence that if Clovis homes are priced right, they will sell. What this data doesn’t show, however, is that while Clovis homes sales are strong, Clovis home prices continue to fall.

Clovis Home Prices

The primary reason why Clovis homes are decreasing in value is foreclosures.  Clovis and Fresno have experienced record number of foreclosures the past several years.  However, in Fresno county, the sale of foreclosures dropped from 74% of the total sales in February 2009 to just 43% by December 2009.  That’s a positive sign for the Clovis real estate housing market.  The more non-foreclosed homes that sell the sooner the Clovis market will stabilize (read more about Clovis foreclosures).

The second drag on Clovis home prices are Clovis short sales.  The number of closed short sales in Fresno county rose from 9% of sold homes in February to a high of 15% in December 2009.  The good news is the monthly median sold price has been in the $150,000-$156,700 range for the last 6 months after hitting a low of $127,500 in February 2009.   Housing experts hope that the fact that February 2009 keeps popping is a sign that the Clovis real estate market may have hit the bottom.

Clovis Real Estate

Had we all known Clovis home prices were going to go through the roof in the late 1980’s and again in 2005, we would have all purchased Clovis homes and sold them right before the downturns.  Unfortunately, there’s no crystal ball in real estate.  The market has a mind of its own.  But that doesn’t mean you have to go into buying or selling a Clovis home blindly.  There are signs that indicate when a market it strong or becomes weak.  Clovis home sales are one of these signs.  When Clovis homes sales are brisk, it’s a very good sign for Clovis sellers.  When the Clovis home sales decline, it quickly turns into a Clovis buyer’s market.  What’s different this year from all other years in the Clovis real estate market, however, are Clovis foreclosures and Clovis short sales.  They continue to pull down the market.  Until those homes are cleared off the books the Clovis real estate market will continue to shed home prices.

Clovis Real Estate in 2010

Want more information?  Read our full Clovis Homes – 2009 Market Report and then our Clovis Homes – 5 Reasons to Buy in 2010 report and decide if buying or selling a Clovis home is right for you.  At Clovis Real Estate, we mean it when we say we specialize in Clovis homes. Every day we help people sell or buy a Clovis home at the very best possible price. If 2010 is the year you hope to sell or buy a Clovis home, let us know. Just fill out the form below and let us help you reach your home goals.

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