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Caroline Tsou Chai

Market Trend Report Ending June 2009 - Walnut, Diamond Bar, Phillips Ranch & Chino Hills

Number of houses sold last month in June 2009 went up dramatically and the buying frenzy continues in July.

Is It Time To Buy Real Estate?

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."



California Median
Home Price
May 2008
$ 339,000
April 2009
$ 221,000
May 2009
$ 230,000

Buyers often ask me whether the market price will continue to drop and want to find out if this is the right time to purchase real estate. Savvy investor knows the best time to make a purchase is when the market hits the bottom and is on the process of rebounding.

So if we are down 32.2% from last year and up 4.1% from last month, this may be the good indicator to assist buyers in making their purchase decision.

Why Hire A Real Estate Agent Who Is An Area Specialist?

Why is it important to hire a agent who is familiar with the area you are buying or selling instead of an out of the area agent who is a trusted friend? The answer may be very simple.

1. Convenience

Is it easier for a local agent to drive 5 to 10 minute or out of the area one to drive 30 to 60 minute to the house for showing? It is more practical to hire a local agent who is nearby due to the showing convenience.

2. Area Knowledge

On top of that, the local agent who specializes in the area knows the neighborhood by heart. They are familiar with the rating of the schools, the crime rate of the area, and where the parks and shopping malls are. Those local knowledge may require some research if the agent is out the area and could be totally unaware of.

3. Pricing Knowledge

A local agent who monitors the real estate market in the area is familiar with the pricing of each home sold on a daily basis. The agent understands the type of buyer for each type of house from experience and can price the house accurately.

There was one bank owned home in Diamond Bar for sale that is located in a extremely busy main street in June 2009. It is difficult to drive in and out of the house due to the street traffic. The same house was sold frequently every few years. It was normally priced about 10% below the market price in the past due to it's functional obsolescence.

It was sold 8 days after it was listed at regular market price. Buyers normally believe bank owned homes are good deals and especially if the value of the property checked out with appraisal site such as Zillow.com. This kind of situation could be easily prevented if buyer is assisted by a competent local agent.

With a good local agent working for you, it can help prevent selling your house too low or buying too high. Therefore, it is to your best interest to hire an agent who is familiar with the area you are buying or selling.

2008 Base API School Reports

Buy a house in s good school district is one of the main reasons for family looking for a new home in the summer. The following is a chart of State's 2008 API school reports for Walnut, Diamond Bar, Phillips Ranch and Chino Hills to assist buyers who are factoring the shcools into their buying decision.

Elementary
Jr. High
High School
Walnut (West) - Walnut Schools
C. J. Morris
842
Collegewood
893
Walnut
822
Westhoff
926
Vejar
862
Suzanne
918
Walnut
871
Walnut (East) - Rowland Schools
Oswalt
887
Ybarra
881
Rincon
751
Nogales
674
Rowland
783
Diamond Bar (South) - Walnut Schools
Castle Rock
890
Evergreen
923
Maple Hill
885
Quail Summit
903
South Pointe
870
Chaparral
902
Diamond Bar
858
Diamond Bar (North) - Pomona Schools
Diamond Point
866
Golden Springs
908
Pantera
962
Decker
825
Lorbeer
838
Diamond Ranch
807
Phillips Ranch - Pomona Schools
Ranch Hills
906
Decker
825
Lorbeer
838
Diamond Ranch
807
Chino Hills (North) - Chino Schools
Country Springs
927
Eagle Canyon
870
Hidden Trails
900
Rolling Ridge
904
Canyon Hills
876
Ayala
795
Chino Hills (Central) - Chino Schools
Chaparral
795
Los Serranos
805
Oak Ridge
915
Wickman
896
Townsend
837
Ayala
795
Chino Hills (South) - Chino Schools
Butterfield Ranch
897
Townsend
837
Chino Hills
773