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 Beverly Hills, CA

Latitude: 34.073109 -- Longitude: -118.39946

Other Area Cities: Century City Baldwin Hills Culver City Los Angeles Marina Del Rey Santa Monica Beverly Hills Encino

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Beverly Hills is a city in the western part of Los Angeles County, California. Beverly Hills and the City of West Hollywood are together entirely surrounded by the city of Los Angeles. It is part of the so-called "Golden Triangle" of Beverly Hills, Bel-Air and Holmby Hills. It is bordered on the north by the foothills of the Santa Monica Mountains, on the east by the City of West Hollywood and the Fairfax District of the City of Los Angeles, on the south by Los Angeles and on the west by Westwood Village and Century City, which are neighborhoods of Los Angeles and not separate incorporated cities. While Beverly Hills is its own city it is culturally very much a part of Hollywood. Beverly Hills is not as uniformly wealthy as Hollywood portrays it. Although some of the largest homes in Los Angeles County lie within its city limits, these homes make up just 10% of the city. The remaining homes include small duplex rental units and detached homes with less than 3,000 square feet. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Beverly Hills	California	United States
Population	33,784	33,871,648	281,421,906
Median age	41.3	33.3	35.3
Median age for Male	40.7	32.2	34
Median age for Female	41.9	34.4	36.5
Households	15,035	11,502,870	105,480,101
Household population	33,745	33,051,894	273,643,273
Average household size	2.24	2.87	2.59
Families	8,263	7,920,049	71,787,347
Average family size	3.02	3.43	3.14
Housing units	15,856	12,214,549	115,904,641
Occupied units	15,035	11,502,870	105,480,101
Vacant units	821	711,679	10,424,540

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