How do you know if your housing market has reached the bottom?

November 20, 2008

All markets are different. During the next few years, some housing markets will turn around faster than others. How do you know when your particular market has reached its bottom? If you wait until others pick over the great deals, you'll miss the bottom.

Keep a track of how many properties are listed from month to month. Once you start to see a reduction in inventory then that may mean that buyers are starting to buy. There could be two reasons whey inventory is reducing – overpriced homes may be taken off the market and sales volume could be picking up. You can find out this information from your local real estate agent.

Keep reading national and local newspapers. If your local media reporters are now starting to interview experts in your market and asking questions like, “Have we reached the bottom?” then that might be a sign that there may be a shift.

Talk to your friends and co-workers. How are they feeling about your local economy and housing prices? Are they more optimistic now than they were 3 months ago, or even last month?

Consumer confidence will be a big part in the housing market turning around.

Be on the lookout for mortgage interest rates stabilizing and mortgage companies start to ease lending restrictions.

One of the biggest indicators is when prices have stopped dropping. The secret is to buy before they start to inch back up again!

I’m not suggesting that you wait till the absolute bottom of your market to buy. You have to look at a home as a place to live, not an investment. Only you can determine what an affordable monthly payment is relative to the value of the home you are purchasing. There are individual homes for sale that can be bought at the bottom of your market, even if homes in general have not reached that mark.

Talk to a trusted real estate agent – we can help!

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Local Information for Colorado Springs, CO

Latitude: 38.863443 -- Longitude: -104.791914

Other Area Cities: Colorado Springs Security Widefield Woodland Park

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Colorado Springs is a large city located just east of the geographic center of the U.S. state of Colorado.In July 2006, Money magazine ranked Colorado Springs the best place to live in the big city category, which includes cities with 300,000 or more people. The city itself is situated near the base of one of the most famous American peaks, Pikes Peak, on the east side of the Rocky Mountains. The city is the county seat of El Paso County. Today, Colorado Springs has many features of a modern urban area, such as parks, bike trails, urban open-area spaces, business and commerce, theatres and other entertainment. It was first established as a posh resort community and the tourist industry has remained strong and offers many activities and attractions. A large number of religious organizations and churches make their headquarters here, particularly Evangelical Christians. Many high-tech businesses reside in the city, including a large number of computer chip manufacturers. -- Source: Wikipedia.com

Colorado 2000 Census Population Profile Map

	Colorado Springs	Colorado	United States
Population	360,890	4,301,261	281,421,906
Median age	33.6	34.3	35.3
Median age for Male	32.3	33.2	34
Median age for Female	34.9	35.4	36.5
Households	141,516	1,658,238	105,480,101
Household population	353,737	4,198,306	273,643,273
Average household size	2.5	2.53	2.59
Families	93,049	1,084,461	71,787,347
Average family size	3.06	3.09	3.14
Housing units	148,690	1,808,037	115,904,641
Occupied units	141,516	1,658,238	105,480,101
Vacant units	7,174	149,799	10,424,540

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