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?
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.
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.
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....
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.
Prudential California Realty