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 Overland Park, KS

Latitude: 38.940071 -- Longitude: -94.680697

Other Area Cities: Kansas City Leawood Lenexa Mission Olathe Prairie Village Mission Hills Monticello Shawnee Mission Bonner Springs Overland Park Grandview Kansas City Overland Park Liberty Belton

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The city was incorporated as a first-class city on May 20, 1960, making it one of the youngest communities in Johnson County. Its initial population was 28,085 and was bounded by Antioch Road (West), 107th Street (South), Chadwick (East) and I-35 (North). In 1960 the population was 28,085 with 17.2 square miles incorporated. By 1990 the population was 111,790 and in 1995 the incorporated land area was 56.6 square miles. Since 1995, the population has since grown to over 167,000 by 2005 with 62.26 square miles of land area. Overland Park is now the second most populous city in Kansas. The city traces its roots back to 1905, with the arrival of its founder, William B. Strang Jr., who platted subdivisions along a military roadway on 600 acres (2.4 km²) he purchased that are now part of the old downtown area. -- Source: Wikipedia.com

Kansas 2000 Census Population Profile Map

	Overland Park	Kansas	United States
Population	149,080	2,688,418	281,421,906
Median age	36.3	35.2	35.3
Median age for Male	34.9	33.7	34
Median age for Female	37.5	36.5	36.5
Households	59,703	1,037,891	105,480,101
Household population	147,492	2,606,468	273,643,273
Average household size	2.47	2.51	2.59
Families	39,718	701,547	71,787,347
Average family size	3.06	3.07	3.14
Housing units	62,586	1,131,200	115,904,641
Occupied units	59,703	1,037,891	105,480,101
Vacant units	2,883	93,309	10,424,540

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