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 Philadelphia, PA

Latitude: 39.998012 -- Longitude: -75.144793

Other Area Cities: Camden Villanova Philadelphia Blue Bell Chester Darby Folcroft Glenolden Lansdowne Cheltenham Haverford Newtown Square Narberth Drexel Hill Ridley Park Springfield Swarthmore Upper Darby Yeadon Prospect Park Conshohocken Haddonfield Moorestown Pennsauken Woodbury Heights

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The city of Philadelphia is the largest city in Pennsylvania and the fifth most populous city in the United States. It is the county seat of Philadelphia County. It is colloquially referred to as The City of Brotherly Love (from Greek: F??ad??fe?a, /fi.la.'d?l.f?j.a/, "brotherly love" from philos "love" and adelphos "brother"). In 2005 the United States Census Bureau estimated the population of the city proper to be 1.4 million. Philadelphia is a major commercial, educational, and cultural center for the nation. The Philadelphia–Camden–Wilmington metropolitan area is the fifth-largest in the U.S. as of the 2006 estimate with a population of 5.8 million (fourth largest according to official 2000 census). In the 18th century, the city was the first capital and most populous city of the United States. At that time, it eclipsed Boston and New York City in political and social importance, with Benjamin Franklin taking a large role in Philadelphia's rise. -- Source: Wikipedia.com

Pennsylvania 2000 Census Population Profile Map

	Philadelphia	Pennsylvania	United States
Population	1,517,550	12,281,054	281,421,906
Median age	34.2	38	35.3
Median age for Male	32.1	36.5	34
Median age for Female	36	39.4	36.5
Households	590,071	4,777,003	105,480,101
Household population	1,462,819	11,847,753	273,643,273
Average household size	2.48	2.48	2.59
Families	352,331	3,208,388	71,787,347
Average family size	3.22	3.04	3.14
Housing units	661,958	5,249,750	115,904,641
Occupied units	590,071	4,777,003	105,480,101
Vacant units	71,887	472,747	10,424,540

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