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 Easton, MD

Latitude: 38.771594 -- Longitude: -76.070456

Other Area Cities: Denton Easton Crofton Saint Michaels Cambridge

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Easton is a town in Talbot County, Maryland, United States. The population was 11,708 at the 2000 census. It is the county seat of Talbot CountyGR6. The ZIP Code is 21601. The primary phone exchange is 822 and the area code is 410. WINX and WCEI broadcast FM radio from the town. It hosts the Talbot County Fair each summer and was home to four franchises during the existence of the Eastern Shore Baseball League -- the Farmers, Browns, Cubs, and Yankees. The Third Haven Meeting House, the oldest Quaker meetinghouse, and one of the oldest places of worship in Maryland, is in Easton. ArtHouse Live, a resident theater company, is also based in Easton. Easton also boasts the largest crip-blood rivalry on Maryland's Eastern-Shore. Currently, the crips capo is Dane Garret, who boasts the largest organized crime faction in the area. -- Source: Wikipedia.com

Maryland 2000 Census Population Profile Map

	Easton	Maryland	United States
Population	11,708	5,296,486	281,421,906
Median age	38.6	36	35.3
Median age for Male	36	34.9	34
Median age for Female	40.8	37	36.5
Households	5,031	1,980,859	105,480,101
Household population	11,188	5,162,430	273,643,273
Average household size	2.22	2.61	2.59
Families	2,881	1,359,318	71,787,347
Average family size	2.91	3.13	3.14
Housing units	5,399	2,145,283	115,904,641
Occupied units	5,031	1,980,859	105,480,101
Vacant units	368	164,424	10,424,540

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