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!

As of 11/23/09 the Paula J Ward-Pascuzzi RePage is ranked at 10,875 with 25 points.
The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit.

Local Information for Englewood, CO

Latitude: 39.646837 -- Longitude: -104.991986

Other Area Cities: Englewood Aurora Cherry Hills Village Denver Highlands Ranch Lakewood Littleton Columbine Valley Greenwood Village Parker

Enter our Photo Sweepstakes and Win $200 for your Englewood photos!

To see random photos for other cities Click Here.

Submit your photos of Englewood and become eligible to win $200. Click Here for details.

As of the census of 2000, there were 41,727 people, 14,392 households, and 7,469 families residing in the city. The population density was 1,870.2/km² (4,842.0/mi²). There were 14,916 housing units at an average density of 879.3/km² (2,276.4/mi²). The racial makeup of the city was 87.77% White, 1.46% African American, 1.31% Native American, 1.86% Asian, 0.09% Pacific Islander, 4.99% from other races, and 2.52% from two or more races. Hispanic or Latino of any race were 13.05% of the population. There were 14,392 households out of which 23.6% had children under the age of 18 living with them, 36.7% were married couples living together, 10.8% had a female householder with no husband present, and 48.1% were non-families. 37.9% of all households were made up of individuals and 9.5% had someone living alone who was 65 years of age or older. The average household size was 2.15 and the average family size was 2.88. -- Source: Wikipedia.com

Colorado 2000 Census Population Profile Map

	Englewood	Colorado	United States
Population	31,727	4,301,261	281,421,906
Median age	36.2	34.3	35.3
Median age for Male	34.9	33.2	34
Median age for Female	37.6	35.4	36.5
Households	14,392	1,658,238	105,480,101
Household population	30,999	4,198,306	273,643,273
Average household size	2.15	2.53	2.59
Families	7,469	1,084,461	71,787,347
Average family size	2.88	3.09	3.14
Housing units	14,916	1,808,037	115,904,641
Occupied units	14,392	1,658,238	105,480,101
Vacant units	524	149,799	10,424,540

Visit US Census