Real Estate Article: Chino Hills Real Estate Market is still Constantly Growing
08/31/2005
Real Estate Article: Chino Hills Real Estate Market is still Constantly Growing
08/31/2005
There are many economists who offer different perspectives about the real estate market today. Despite their various perspectives, Chino Hills’ real estate market is still growing strong. Chino Hills’ monthly sales volume still average at 100 homes. Compared to last year, the median price has progressed and Chino Hills’ improvements exceed its neighboring areas.
From January through July of 2005, Chino Hills have sturdily improved 9% the volume of home sales by 654 homes, compared to last year of 602 homes. The median price of single family homes improved by an astonishing 20.1% at an average is of $567,000 in value, compared to last year of $474,000. Looking back at May 2004 unsold inventory proliferation of 370 homes had effect the market price to drop suddenly and affect the real estate market. As of January 2005, unsold inventory has been very consistent at an average of 150 homes. This healthy supply has led to smooth and success for Chino Hills.
For the past 7 months of 2005, the sales volume has been consistent. With nothing to high or too low – except for January and February, the average sale volume sold in Chino Hills is 100 homes. Still in the summer season, it is rare that there wasn’t current or change in the amount sold. By analyzing the list of 150 unsold inventories, and the rate sold of 100 per month, that means out of every 1.5 homes, 1 home is sold. This rate is considered very high and because of this, Chino Hills’ real estate market can be considered still on the rise.
Chino Hills is considered a desirable area to buy homes by buyers because of its good strong attractions of ideal residential environment. The value of homes in Chino Hills are definitely bold and makes buyers even more willing to purchase homes in Chino Hills. Chino Hills was also ranked on “Top 100 places to live in America 2005” by CNN news and Money Magazine. Out of the 11 cities selected in California alone, only Santa Barbara was ranked 6th and Chino Hills in 7th. Comparing the two utmost areas to live, take a careful look at the average value of $560,000 in Chino Hills and Santa Barbara’s average value of $1,300,000 and over. No doubt is Chino Hills’ home value is more than just a bargain, it’s valuable and affordable. 
Even under the circumstance that Chino Hills’ homes are so valuable, there are still a few homes on the market that are not able to be sold. The only reason behind this is because these particular homes are considered overpriced for the current real estate market. If you’re selling a home in any area, the home must sell at the current market price, and cannot be marked overpriced, or else its chances of being sold are slimmed. You must remember that your home is not the only one being sold on the market. Buyers are capable of comparing these overpriced homes to similar homes.
Recently, economists believe that the real estate market may or may not bubble. Alan Greenspan, Chairman of Federal Reserve Board, recently notified to the public that “you shouldn’t get too cocky about your home’s rising value. Such an increase in market value is too often viewed by market participants as structural or permanent. But what they perceive as newly abundant liquidity can readily disappear.” On the odd occasion for Alan Greenspan to announce this is because of its significant impact to the industry. The percentage of those venturing into the real estate market as an investment has increased. These unreasonable investments can be dangerous and can affect the entire real estate market. The foundation of the homes should remain on the nature of the supply and demand curve. If everyone were to believe in this stereotypical short term profits, then it would cause severe bubbling and even worse, termination of the market. The real estate profit is not as easy as it seems. Imagine many people borrowing money to invest in real estate, the chances of getting stuck is highly possible. Recall that the real estate market will not endlessly raise in value and short term investments in real estate is a big mistake. The superficial profits can become nothing but a dead end.
Serving Areas: San Bernardino County (California), Riverside County (California), Los Angeles County (California)
Serving Cities: Chino Hills, Chino, Eastvale (Corona), Walnut, Diamond Bar, West Covina, Rowland Heights.
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