You can easily open up your bank account to find out how much money you have in your savings account, or you can quickly look up the real-time value of your stock investments. Unfortunately, it is trickier to know the value of your home. Discovering what your home is worth in Clovis, CA is challenging either as a buyer or seller.
The median Clovis, CA home sale in February 2022 is $506,000, which climbed 19% from February 2021 to February 2022. If you are a buyer, you should know the home’s worth before making an offer. This allows you to be competitive without overpaying the property. As a seller, it’s crucial to have the right home value, to help you price the property correctly before putting it up for sale.
Regardless of when you’re a buyer or seller, it will be helpful to know what your home’s worth, so continue reading to learn about Clovis, CA housing market trends. As you read through this post, you will also learn what it’s like to live in Clovis, learn to find the value of your home and the factors that affect the value of a property.
Clovis, CA Housing Market Trends
The Clovis, CA housing market trends say that there has been an increase of 16.5% in home prices, selling a median price of $479,000 compared to 2020. In December 2021, homes in Clovis sold after approximately 8 days on the market, compared to 10 days in 2020.
Based on market trends, the Clovis housing market is scorching and competitive. It’s no wonder many homes acquire multiple offers.
How It Feels Living in Clovis, CA
Clovis, California is a larger medium-sized city with a population of 102,148 people This is well above the nation’s average density level since its population density is 4,174 people per square mile. The city is also the 72nd largest community in California.
It feels great living in Clovis, CA, as it is one of the best cities in California, offering a spacious suburban feel with many parks. This city is also a home for professionals, sales and office workers, and service providers, with public schools that are highly rated.
How Do I Find the Value of My Home?
As a homeowner, you should never guess how much your house is worth. Instead, you must know how to find its value, and here’s how:
1. Begin Using Online Valuation Tools
A convenient and straightforward means of getting a ballpark idea of your home’s worth is by using online home value calculators. This tool uses the information you provide about your home, with some information obtained from public records, to calculate your property’s estimated value.
2. Consult a Professional Appraiser
An appraiser’s job is to provide you with a fair, thoroughly researched approximation of a home’s worth. This is done by visiting the property and reviewing recently pending sales or sold comps. While you may not need to get an appraisal as a seller, it will help you avoid second-guessing the value of your house when you’re ready to list it in the market.
3. Estimate The Fair Market Value of Comparable Properties
If you don’t want to hire an appraiser, you can evaluate any comparable properties in your area. You can consider browsing sites with MLS listings to look for prices for homes like yours. Keep in mind the age, amenities, condition, square footage, the number of bedrooms and bathrooms, and outdoor space during your research.
4. Seek Help from a Realtor
Working with a realtor is an excellent idea to find the value of your home, as they have their techniques and ways to determine a home’s worth. You may always find help from a realtor is a great way to obtain a second opinion, to go along with the estimates from your online valuation tools.
As a home buyer or seller in Clovis, CA, it would be best to hire the best realtor in the area, Jason Nenadov of Equity Assets Real Estate, INC, to provide you with the most accurate home value estimates.
What Factors Affect the Value of a House?
Several factors affect the value of a house, such as location, square footage, number of bathrooms and bedrooms, age of the house, and its style. Other things that may affect a home’s worth are its curb appeal and recent renovations inside and outside the house.
Many factors impact availability, investment potential, and real estate prices. Here are four of these key factors:
One of the significant factors that drive the real estate market is demographics. This is the data describing the population’s composition, including age, income, population, growth, and migration patterns.
While most people overlook these statistics, demographics are a key factor affecting the price of real estate and the types of properties in demand. Remember that significant shifts in the demographics of an area can contribute to a considerable impact on real estate trends not only for a year but for several decades.
The general health of a nation’s economy is another factor that affects the value of a property. This can generally be measured using economic indicators like employment data, GDP, prices of good manufacturing activities, and the like.
In general, the relationship between the economy and real estate is directly proportional. If the economy is idle, so is the real estate. While the prices of properties follow the economy’s cycles, investors can mitigate the risks by purchasing REITs or other diversified holdings. These are not tied to economic cycles or can withstand downturns. Certainly, remote work will start to make a local economy somewhat of a non-issue in terms of the housing market. But this may take time to really make an impact.
3. Government Policies and Subsidies
Another factor influencing property demand and prices is legislation or government policies and subsidies.
In particular, tax deductions, credits, and subsidies are a few ways the government can boost or hinder the demand for properties. If you know the current government incentives, you can determine the changes in supply and demand. This means you’ll be aware of potentially false trends.
4. Interest Rates
Interest rates can also significantly impact the real estate markets, particularly on the price and demand of properties. Lower rates can bring in more buyers and expand the need for real estate, driving up prices.
In addition, the changes in interest rates can influence the ability of individuals to buy a residential property.
It is crucial to know your home value, as it enables you to evaluate what you can afford as a buyer and decide how to price your home as a seller. Determining the value of your home also means you gain greater control over refinancing processes.
If you are looking for the best realtor to help you estimate your home’s worth in Clovis, CA, contact Jason Nenandov of Equity Assets Real Estate, INC. (CA DRE #02155630) today at 559-246-899.