Diamond Bar, CA

We have over 800 active buyers in our database. Many of these buyers
would like a home like yours. Think about this....
The months of supply of homes for sale is extremely low for single family homes in Diamond Bar. From this time last year,
the supply of homes for sale has decreased by 47%.

The supply and demand for single family homes in Diamond Bar shows us that while the supply is down 30%, the demand
for single family homes is up by 18%.

Despite what you may have heard from the national media reports, in the city of Diamond Bar over the past year the
median sales price has increased by 4%.

This is not the only good news. Since last year, the average days on the market has decreased by 4%.
So what does all this mean for homesellers? It means that there are many buyers looking in Diamond Bar, homes are selling for
more and they are staying on the market less time.

Keisha Hosea is a local Market Expert and Realtor in Chino Hills, California with Keller Williams Realty, She is the Team Director and CEO of KASI Homes. She has been a local resident of Chino Hills and the Inland Empire for over 22 years and enjoys volunteering with the City of Chino Hills in her spare time. You may call her direct at (909) 261-6377 for further questions on this information or any other real estate advice. You may also visit the website at www.KASIHomes.com

One of the most common concerns from buyers is the condition of the house. Buyers do not want to end up with a house that has lots of problems.

To avoid that, here are five steps to protect buyer's interest in the purchasing process:

1. Buyer's own visual inspection. Some of the problem can be easily spotted such as broken windows, shifted foundation or mold.

2. Agent's visual inspection reports. Both listing and buying agents will fill out a separate report detailing what they see visually about the property and give buyer a copy.

3. Sellers are required to disclose certain types of information about the homes they are selling. Sellers will provide a report to disclose condition of the house.

4. Professional home inspection detailing the condition of the property. Once the defects are located, buyer can ask the seller to fix those problems.

5. Seller will normally provide a one year home warranty plan to cover any plumbing, electrical, pest control, air condition, water heater, roof leak, and/or Pool/Spa equipment A good agent shall be able to assist you in making that request when filling out the purchase contract.

With all the above steps performed, buyer can rest assured that no serious defects are overlooked and can request for the correction prior close of escrow.

Due to the $8000 federal tax credit to first time homeowners who purchase their primary residences before end of the year, the demand on houses selling less than $500,000 is very high causing a short supply on this type of housing. Buyers who already know their area interests are in a stand by mode waiting for new listings to show up on the market.

Inventory level remains very low in Walnut, Diamond Bar, Phillips Ranch and Chino Hills. It is below 2 months supply in Walnut and Diamond Bar and below 1 month supply in Chino Hills and Phillips Ranch.

This posts a great opportunity for sellers who need to sell their properties due to various reasons to put the houses on the market to satisfy the huge demand generated from the $8000 federal tax credit that will be expired by the end of the year.

For million dollar home buyers, it is a totally different story. Inventory level remains high and price is very competitive. For example, this house in The Country, an exclusive guard gated complex in Diamond Bar, with spectacular city lights view and gorgeous swimming pool on 23509 Ridge Line was listed for sale for $1,490,000 in 2008 and is now listed for $999,990. We are seeing as much of 50% price decline on million dollar homes.

For buyers who need to sell thier smaller homes and upsize to a larger ones, it is a great opportunity to maximize the selling price of their smaller homes and capture the bargains of the larger ones.

Recently I am seeing bank owned homes received 30-50 offers couple of days after it was listed. Especially the ones that are in good move in condition with lots of upgrades.

I am also seeing overbidding on the bank owned properties at a price that is substantially higher than the regular sales at market price.

The followings is a list of example of bank owned homes recently sold to demonstrate this kind of emotional bidding.

No. 1 - 1955 Silver Hawk Drive, Diamond Bar
List Price: $549,900
Sold 18.6 % over asking price for $652,000 On 05/18/09

No. 2 - 1024 Summitridge Drive, Diamond Bar
List Price: $621,225
Sold 12.3 % over asking price for $698,000 On 06/17/09

No. 3 - 20133 Illuso Ave, Walnut
List Price: $400,000
Sold 12.5 % over asking price for $450,000 On 06/11/09

No. 4 - 3258 Olympic View Drive, chino Hills
List Price: $419,900
Sold 10.7 % over asking price for $465,000 On 06/26/09

We were not seeing this kind of crazy bidding even during the 2003-2007 boom market. Before making an offer, ask your agent to give you a list of comps in the area to help you decide on the offering price. Appraisal website such as www.Zillow.com is also a good place to double check and make sure you are not overbidding.

Buyers shall exercise logic and caution when submitting offer on bank owned properties by utilizing facts and reasons to avoid paying a price that is over the market price.

According to Dataquick's newest report for California 2009 May Home Sales: "The median price paid for a home last month was $230,000, up 4.1 percent from $221,000 in April, and down 32.2 percent from $339,000 for May a year ago."