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 11/21/09 the Regina Goldstein RePage is ranked at 2,551 with 60 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 Westbury, NY

Latitude: 40.75893 -- Longitude: -73.588173

Other Area Cities: Albertson Westbury Farmingdale Garden City Huntington East Meadow Elmont Franklin Square Hempstead Hicksville Merrick Mineola Stewart Manor Uniondale Floral Park

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

To see random photos for other cities Click Here.

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

Since the early 1980s, it experienced a tremendous commercial and residential boom. During the late 1960s, White Plains developed a site master plan for residential, commercial and mixed use development that effectivly called for the demolition of its entire Central Business District from the Bronx River Parkway to East to Mamamroneck Ave staring in 1967. By 1978, there was preparation for a massive urban renewal program that centered around the building of the County Courthouse in 1974, the Westchester One office building in 1975, and the Galleria Mall in 1978. At the time, the Westchester One building was the largest office building between NYC and Albany, and west to Hartford. Since the early 1960's, many major corporations formerly headquartered in New York City have relocated to White Plains and Westchester, forming what came to be called the "Miracle Mile of Westchester Ave." -- Source: Wikipedia.com

New York 2000 Census Population Profile Map

	Westbury	New York	United States
Population	14,263	18,976,457	281,421,906
Median age	37.2	35.9	35.3
Median age for Male	35.6	34.5	34
Median age for Female	38.7	37.2	36.5
Households	4,638	7,056,860	105,480,101
Household population	14,228	18,395,996	273,643,273
Average household size	3.07	2.61	2.59
Families	3,443	4,639,387	71,787,347
Average family size	3.49	3.22	3.14
Housing units	4,714	7,679,307	115,904,641
Occupied units	4,638	7,056,860	105,480,101
Vacant units	76	622,447	10,424,540

Visit US Census