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 New Orleans, LA

Latitude: 29.972754 -- Longitude: -90.059011

Other Area Cities: New Orleans Gretna Harahan Harvey Kenner Metairie Belle Chasse Meraux Terrytown Westwego River Ridge

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The Central Business District of New Orleans is located immediately north and west of the Mississippi River, and was historically called the "American Quarter." Most streets in this area fan out from a central point in the city. Major streets of the area include Canal Street and Poydras Street. In the local parlance "downtown" means downriver from Canal Street, while "uptown" means upriver from Canal Street. Downtown neighborhoods include the French Quarter, Treme, the 7th Ward, Faubourg Marigny, Bywater (the Upper Ninth Ward), and the Lower 9th Ward. Uptown neighborhoods include the Garden District, the Irish Channel, the University District, Carrollton, Gert Town, Fontainebleau, and Broadmoor. Other major districts within the city include Bayou St. John, Mid City, Gentilly, Lakeview, Lakefront, New Orleans East, and Algiers. Parishes located adjacent to the city of New Orleans include St. -- Source: Wikipedia.com

Louisiana 2000 Census Population Profile Map

	New Orleans	Louisiana	United States
Population	484,674	4,468,976	281,421,906
Median age	33.1	34	35.3
Median age for Male	31.5	32.6	34
Median age for Female	34.6	35.3	36.5
Households	188,251	1,656,053	105,480,101
Household population	467,033	4,333,011	273,643,273
Average household size	2.48	2.62	2.59
Families	112,977	1,156,438	71,787,347
Average family size	3.23	3.16	3.14
Housing units	215,091	1,847,181	115,904,641
Occupied units	188,251	1,656,053	105,480,101
Vacant units	26,840	191,128	10,424,540

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