The real estate market fluctuates through time. Sometimes the prices are high and sometimes they are low. What I am going to discuss with you has nothing to do with prices. It has to do with all those “For Sale” signs you see everyday. Presently there are a vast number of homes on sale. This gives buyers a great selection to choose from.
When the market first started to change back in June, I mentioned that if sellers keep trying to push out their homes before prices started dropping, then the prices would definitely drop. The number of listed estates in more expensive cities such as Chino Hills and Diamond Bar didn’t stabilize until the beginning of August. Chino Hills had about 360 homes in its inventory and Diamond Bar had 310. The large inventories were a sign that the sellers were a lot more anxious than the buyers. As the sellers noticed that the market wasn’t doing so good they dropped their prices and tried to make it convenient for buyers by adding in bonuses such as paying for the closing cost. This eventually pulled the buyers in and gave them the confidence to buy homes again, something that was missing since the market peek in June. The number of houses being sold in city’s such as Chino Hills reached over 100 which is comparable to the same date, last year.
It was apparent that houses priced over $400,000 were constantly dropping. More obvious were the houses priced over $700,000. They would drop drastically. When prices in the market are dropping, the more expensive, larger homes always drop more rapidly. Cities with prices generally under $400,000 still have a busy market. This is due to the fact that smaller, more average homes are always in demand. People will always need to find homes to live in regardless of how the market is doing so the more affordable homes will not be affected as much by the market. This is especially true with Condos and Townhouses. This doesn’t mean that they aren’t affected at all, it still takes longer for condos and townhouses to sell now than before and the prices are stable, not increasing.
Many buyers ask me if now is a good time to purchase homes. I believe that right now is the best time for selecting an ideal home because of the variety of houses you’ll find and the prices are also decreasing. More expensive areas such as Chino Hills and its surroundings have an extremely large inventory. Never before has its inventory been this large. This gives the buyer a wide selection of homes to choose from. Whether its houses that cost around $400,000 or ones over $1,000,000, they are all available in a variety of style. For someone like me who as a professional has seen a great number of houses, even I am impressed with the many elegant houses that are currently on the market. If you were to look at houses right now, you would be so impressed with all the different houses that you couldn’t decide on just one of them.
If you wish to find your ideal, dream home, then right now is the time to do it. The only set back is that you need to do a good amount of research before you decide on a home because there are still sellers thinking that it is still the peek of the market and are trying to sell there homes at a price well over the market value. In fact, those kind of sellers account for over 30% of the sellers and I am not exaggerating. In order to prevent buying a home at a price that’s far to high, you just need to look around more. Spend a little more time and look at more houses and you will eventually find a beautiful home that’s also cheap and make your dream come true.