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

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

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.

Seasons Greetings from Clovis Real Estate!

Wishing you all a very Happy Holiday Season.

Our offices will be closed December 24-27th so we can spend time with our loved ones and families.

God Bless,

Clovis Real Estate

At Clovis Real Estate, we focus all of our energy and talent on doing one thing — so we can do it better than anyone else.  What is it we do?  We specialize in helping people sell and buy Clovis homes.  We focus exclusively on Clovis this so we know the community, schools, and homes better than anyone else.   That’s not all, here are 10 more benefits of choosing Clovis Real Estate as your Clovis Realtor.

10 Benefits of Clovis Real Estate

1.  Clovis homes for sale – search EVERY Clovis home for sale on the MLS.  If your Clovis home is out there – you’ll find it on our website!  Try our new cell phone app!

2.  Clovis market reports and news - we provide updates and news of the Clovis real estate market so you have your finger on the pulse of the Clovis real estate market.  View a sample report.

3.  Clovis foreclosures – searching for a Clovis foreclosure?  We provide our clients with a list of every Clovis foreclosure for sale.  We’ll even email you when a new Clovis foreclosure comes on the market.

4.  Clovis homes in the Clovis Unified School District (CUSD) – if Clovis schools are important to you, you’ve come to the right place.  You can search for Clovis homes near any Clovis elementary, middle, or high school or the entire CUSD.  Click here to search for homes near any Clovis school.

5.  Clovis short sales – whether you’re thinking about buying or selling your Clovis home as a short sale, we provide all of the information you need.  View a Clovis short sale primer here.

6.   Expert Negotiators.  When buying a Clovis home, we not only help you sort through the hundreds of Clovis homes on the market and find the Clovis home that’s right for you, we’re tough, expert negotiators so you get the very best price on your Clovis home.

7.  Sell your Clovis home – if you want to sell your Clovis home we provide everything from a free Clovis home valuation to determine what your Clovis home is worth, to listing your home and selling it for top dollar.  Find our what your home is worth here.

8.  Clovis condos – looking for a Clovis condo or townhouse?  We’ll send you every Clovis condo that meets your criteria.  Click here for a beginners guide to Clovis Condos.

9.  Clovis family homes – if you need a family home we’ll help you find a great neighborhood, excellent schools, and home that fits your family’s needs.

10.  New Construction – thinking about building your own Clovis home or buying new construction?  Let us know!  We’ll help you find everything from the perfect lot, builder, and even a local architect.

Clovis Real Estate

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 you’re ready for exceptional service, dedicated staff, and a team of Clovis home experts, just fill out the form below and let us help you with your real estate needs.

Clovis Real Estate – “You’ll Love It Here!”

Clovis Homes

Clovis homes have been on a roller-coaster ride of late.  As of September, 2009 (October home sales have not been released yet), the median sale price of a Clovis home is $214,500 which is down 11.5% from a year ago, and down 6.6% from last month.  This is somewhat discouraging news as Clovis home prices had been increasing over the past several months.  However, some of the loss is seasonal and we’re entering the low selling season.  In other words, the fact that Clovis home prices are dropping may be due to season adjustments or a continue drop in prices in the Clovis real estate market.

The Clovis real estate housing market is in a lot better shape than the rest of the Fresno metropolitan area where the median home price is $164,900.  In fact, home prices in the Fresno metro area have dropped 23.8% over the past year (down from $174,400 and 21.7% from last month.  See the chart above).

The chart below demonstrated Clovis home prices over the past 5 years.  Clovis home values have fallen considerably from there 2007 highs, but have increase over the past several months – a good sign that the market is beginning to recover.

Clovis Real Estate

The Clovis real estate market is constantly changing.  If you’re in the market to either sell or buy a Clovis home, you need Clovis Realtors who know the Clovis real estate market.  We’re ClovisExperts.com.  We specialize in Clovis homes so you can sell or buy a Clovis home for the best possible price.  Just fill out the form below and we’ll answer any questions you have.

Dr. John McMillen is the owner and founder of Clovis Real Estate.  He has a Ph.D., Law degree, Masters degree, and Bachelor of Arts.  Dr. McMillen is a nationally recognized scholar and has published and presented in Europe and China.  He currently teaches at California State University, Fresno.

Clovis Schools Expert

Dr. McMillen is known for his commitment to education and hard work.  He grew up in a single-parent home while he, his three older brothers, and his mother paid their way through college.  Two of his brothers are now lawyers, one is a former teacher and coach, and his mother is a National Board Certified Teacher.  Rebecca, his wife, teaches at Fresno Pacific University and is the Art Program Director.

Dr. McMillen’s Ph.D. and M.Ed. is in Educational Administration / Leadership.  He believes that education is one of the cornerstones in a child’s life.  Dr. McMillen uses his advanced knowledge in real estate and education to help families find homes in school districts that strive to help children reach their full potential.  For example, Dr. McMillen designed ClovisExperts.com so Clovis home buyers can search Clovis homes for sale by any Clovis elementary, middle, or high school, find API scores, and other important educational information when buying a Clovis home (to search by any Clovis school, click here).

If your children’s education is important to you and you’re looking for a home within the Clovis Unified School District, contact Dr. McMillen.  He’ll personally help you find a Clovis home and school that’s right for you and your family.

Dr. John D. McMillen, Ph.D., J.D.
Clovis Real Estate, Owner-Broker
559-325-4545 (Phone | Text Messages)
559-412-5053 (Fax)
John@ClovisExperts.com (Email)
http://ClovisExperts.com (Web site)

California Department of Real Estate License #01860149

CAR Report Highlights

According to CAR’s report, the good news is that California home sales increased 2.1% in September compared with the same period a year ago.  Also, median home prices increased 1.1% from the previous month – August, 2009.  Nevertheless, the median price of of CA homes still declined 7.3% from a year ago.

That didn’t stop CAR from being optimistic.  “A new milestone was reached in September, when five C.A.R. regions reported positive year-to-year increases in the median price, the first such increase since January 2008,” said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young.  “September also marked the seventh consecutive month of month-to-month increases in the statewide median price and the first single-digit decline in the year-to-year median price since October 2007, after 22 consecutive months of double-digit decreases.”

Other good news statewide included:

• The Unsold Inventory Index for existing, single-family detached homes in September 2009 was 4.2 months, compared with 6.5 months for the same period a year ago.  The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

• Thirty-year fixed-mortgage interest rates averaged 5.06% during September 2009, compared with 6.04% in September 2008, according to Freddie Mac.

• The median number of days it took to sell a single-family home was 33.6 days in September 2009, compared with 46.2 days for the same period a year ago.

Clovis Real Estate

Every housing market in California is different.  For example, what’s happening in the San Francisco real estate market may be better or worse than the Clovis real estate market.  In other words, it’s important to know the facts of the Clovis real estate market, not just California overall.

So how did Clovis homes fair in September?  The chart below shows Fresno County September 2009 home prices compared to September 2008.  Clovis fared worse than much of California and Fresno County.  Clovis median home prices for September was $250,000, down 16.2% from a year earlier.

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.

Keep in mind, however, that you’re not buying a pair of shoes on sale.  You’re looking for a home to share with friends and family.  For some Clovis buyers, hoping to save a few thousand dollars isn’t worth passing up their dream home and letting someone else buy it, whereas for other buyers saving as much money as possible may be the goal.  Also, remember that interest rates 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″).

Clovis Realtors

The Clovis real estate market is constantly changing.  If you’re in the market to either sell or buy a Clovis home, you need Clovis Realtors who not only know real estate, but know the Clovis real estate market.  We’re ClovisExperts.com.  We specialize in Clovis homes so you can sell or buy a Clovis home for the best possible price.  Contact us via phone, email, or text message when you have a Clovis real estate question or need.

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.