Kc, Home Buyer in Walnut, CA

How is the house market in Chino Hills? Should I expect it to drop another 20% next year?

Asked by Kc, Walnut, CA Thu Nov 29, 2007

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All the agents (commission motivated) advise us to buy now! Thats what they told me a around Dec. Hurry buy now, it will go up after the Holidays. Real estate Agents always tell you it's the right time to buy. I think 20% is realistic and maybe even conservative. don't listen to agents, they could care less if you lose, as long as they make. All that veiled concern for your benefit. Might as well ask a used car saleman if it's a good time to buy a car.
3 votes Thank Flag Link Sat Apr 19, 2008
This market is tough, you can keep an eye on the market at our Empire Team Blog at http://activerain.com/blogs/huntsirj.

The market is not anywhere near being stable, I suggest that you wait for stability and that will not come until prices drop more. 20% is a huge drop but who knows, maybe?

Take care!
Robert Huntsinger
Web Reference: http://www.empireteam.com
1 vote Thank Flag Link Sun Jan 20, 2008
Well that all depends on the banks and how fast or slow they will release their inventory of foreclosed homes. i live and work in Chino hills and I see multiple offers on every property with in days of hitting the market, of course there are exceptions to those few overpriced homes. I don't see the market dropping in Chino Hills unless the banks release homes faster than they can sell.
0 votes Thank Flag Link Thu Jul 29, 2010
Should I expect it to drop another 20% next year?

Data for August 2009 From Dataquick

Chino Hills SFR 14.9% Condo -15.7%

I can only report to you what has happen, no one really knows what going to happen in the furture.
0 votes Thank Flag Link Sat Sep 19, 2009
Yes. I expect housing to drop a lot more. It should go down to 2000 - 2002 levels. You know you have hit bottom when real estate is rarely discussed and left for dead...just like tech stocks. Anyway, it's not rocket science. Compare median incomes to housing prices as well as rent vs. owning. When it comes down to it, it's about what the population can afford. Banks will no longer lend to someone as long as they can fog a mirror. People will need to have down payments and documented income which removes a large portion of the population from bidding on houses. Also you are buying a home, not interest rates. A “saver” would prefer to buy when housing is depressed which usually means higher interest rates. The reason for this is because your down payment will buy more house. Instead of 20% down on an inflated home, you might be able to put 50% down on a depressed house. Your payments may be similar in both cases, but in the depressed scenario, you own more of the house which is the ultimate goal. You will never do well following the herd or listening to someone on commission trying to convince you to commit financial suicide. The goal is to come in strong with a lot of money when everyone else is overleveraged and forced to capitulate and sell. We are not even close to capitulation, so there is plenty of time to buy a home and it will take a few years to clear out the weak. Anyway, sit on the sidelines, save your money and be patient.
0 votes Thank Flag Link Mon Aug 4, 2008
Another buy now, from an agent. Truth is , inerest rates are relatively low. The Fed has dropped rates to the banks. However, the banks are not passing that down to the consumers. Rates are still over 6%, even though the Fed rate is at 2.25%. As soon as this mess is settles down, and the banks see how much their losses, are the rates will come down to the consumers. Remember, the bulk of loans that are to reset will not begin till after July 08. As of this time , only 30% of the loans have reset and look at the mess that has bought. Still 70% to go. It will be 7-8 months after that to complete the foreclosures.
Hopefully 2nd. to 3rd. quarter of 09 prices will stabalize. DON'T WORRY ABOUT MISSING THE BOTTOM, it will be there for a while, but at least stable. Prices will slowly start to rise in 2010, by 2013 we will be back in the frenzy and the entire cycle starts again.
0 votes Thank Flag Link Fri May 9, 2008
Hi, I live in Chino Hills, and most of my deals are done here. Chino Hills is still a very desirable area, but I do think prices will drop a little more over the next year, now 20% I don't know. I think we can excpect to see prices start to level off and there are definately some good deals. People should really think about buying not just because prices have dropped but because interest rates are low. You can continue to wait and see what the market does, but if rates increase it wont matter that prices dropped. Let me know if you need any help in the home hunting process, I know the area extremely well and would be happy to help.
Kim
0 votes Thank Flag Link Fri May 9, 2008
yes, chino hills, like many other cities in southern California has suffered a major value drop...this from the look of it, it may be drop a bit more this year too...
however, you gotta remember that like any other market, the supply and demand rule applies...
in the last 2 month, the inventories has gone down a bit and the new builders are pricing their next phase home to be completed after summer 3 to 4 thousand more than current...which i think is a good sign...
no one can predict if this is a good time or bad time or which way the market is for sure to go...
but personally, i am hopefully for next year....
Web Reference: http://www.aprilestate.com
0 votes Thank Flag Link Wed Apr 16, 2008
I don't know where Tiffany is getting her numbers but According to DataQuick the Median for Chino Hills last Feb was $575k and this Feb it is $465K, for a 19.3% decline in one year. Chino hills has a long way still to fall.
0 votes Thank Flag Link Thu Apr 3, 2008
Over the last year the median price in Chino Hills has gone from $611,000 to $640,000. (October 2006 - December 2007). I don't anticipate there being a drop of 20% this year, however there more than likely will be a drop of some sort. You may be able to find something that is a great deal already, and then negotiate even further downward from there rather than waiting for the market to hit "rock bottom" or drop 20%.

For those buyers that are "waiting", I always ask, how will you know when the market has hit "rock bottom" and when it has hit "rock bottom", do you think the sellers will know also? Furthermore, when the sellers find out, do you think you will still have the same negotiating power that you do right now?

It is hard to say what to do, and when to do it, but the best advice I can give you is to evaluate your financial situation, find out what you can afford and are willing to spend on a monthly basis and then go out and negotiate the best possible price for the home of your choice.

I hope this has helped, please let me know if I might be of any more assistance to you. You can also access any of the homes that are on the MLS via my website below.

Sincerely,

Tiffany Mueller
Prudential California Realty
0 votes Thank Flag Link Mon Jan 14, 2008
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