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 Pittsford, NY

Latitude: 43.089013 -- Longitude: -77.515239

Other Area Cities: Pittsford Webster Rochester Greece Gates

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Pittsford is a town in Monroe County, New York, United States. The population was 27,219 at the 2000 census. The Town of Pittsford (formerly part of the town of Northfield) was incorporated in 1827. It was named by Colonel Caleb Hopkins, Pittsford's first town supervisor and War of 1812 hero, for the town of his birth, Pittsford, Vermont. The Erie Canal passes through the town. -- Source: Wikipedia.com

New York 2000 Census Population Profile Map

	Pittsford	New York	United States
Population	1,418	18,976,457	281,421,906
Median age	40.8	35.9	35.3
Median age for Male	40.3	34.5	34
Median age for Female	41.9	37.2	36.5
Households	633	7,056,860	105,480,101
Household population	1,413	18,395,996	273,643,273
Average household size	2.23	2.61	2.59
Families	387	4,639,387	71,787,347
Average family size	2.8	3.22	3.14
Housing units	652	7,679,307	115,904,641
Occupied units	633	7,056,860	105,480,101
Vacant units	19	622,447	10,424,540

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