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 Oklahoma City, OK

Latitude: 35.482309 -- Longitude: -97.534994

Other Area Cities: Oklahoma City Norman Choctaw Bethany Del City Edmond Midwest City Moore The Village Warr Acres

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Oklahoma City is the capital and the largest city of the U.S. state of Oklahoma. It is also the county seat of Oklahoma County, Oklahoma. Oklahoma City was founded during the Land Run of 1889, first of five land runs in what became Oklahoma.By the time Oklahoma was admitted to the Union in 1907, Oklahoma City had already supplanted Guthrie, the territorial capital, as the population center and commercial hub of the new state. Soon after, the capital was moved from Guthrie to Oklahoma City.Oklahoma City Public Schools is the state's largest district and is one of the few urban districts in the nation with a growing enrollment, due largely to the so-called 'MAPS for KIDs' city-wide improvement plan. The Oklahoma School of Science and Mathematics in Oklahoma City is home to the state's most gifted math and science pupils.Besides the skyscrapers that cluster in the city's central business district, one of the more prominent landmarks downtown is the Crystal Bridge. -- Source: Wikipedia.com

Oklahoma 2000 Census Population Profile Map

	Oklahoma City	Oklahoma	United States
Population	506,132	3,450,654	281,421,906
Median age	34	35.5	35.3
Median age for Male	32.7	33.9	34
Median age for Female	35.3	36.9	36.5
Households	204,434	1,342,293	105,480,101
Household population	492,999	3,338,279	273,643,273
Average household size	2.41	2.49	2.59
Families	129,360	921,750	71,787,347
Average family size	3.04	3.02	3.14
Housing units	228,149	1,514,400	115,904,641
Occupied units	204,434	1,342,293	105,480,101
Vacant units	23,715	172,107	10,424,540

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