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 Franklin, TN

Latitude: 35.929074 -- Longitude: -86.857402

Other Area Cities: Franklin Belle Meade Brentwood Forest Hills Nashville

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Franklin is a city in Williamson County, Tennessee, USA. The population was 41,842 at the 2000 census. It is the county seat of Williamson County. The City of Franklin was founded October 26, 1799 and was named after Benjamin Franklin, a close friend of Dr. Hugh Williamson, a member of the Continental Congress for whom Williamson County was named. For most of its first 180 years, Franklin was a tranquil, small county seat. In the years prior to the American Civil War, Williamson County was one of the wealthiest counties in Tennessee and Franklin was the center of plantation economy. However, the Civil War devastated the economy. Union troops occupied the area for nearly three years.The 2004 Special Census lists the city's population at just over 46,000 making it the 10th largest city in the state and the fastest growing. The U.S. Census Bureau estimates Franklin's population as of July 1, 2005, to be 53,311. -- Source: Wikipedia.com

Tennessee 2000 Census Population Profile Map

	Franklin	Tennessee	United States
Population	41,842	5,689,283	281,421,906
Median age	33	35.9	35.3
Median age for Male	32.1	34.5	34
Median age for Female	33.9	37.2	36.5
Households	16,128	2,232,905	105,480,101
Household population	41,125	5,541,337	273,643,273
Average household size	2.55	2.48	2.59
Families	11,232	1,547,835	71,787,347
Average family size	3.09	2.99	3.14
Housing units	17,296	2,439,443	115,904,641
Occupied units	16,128	2,232,905	105,480,101
Vacant units	1,168	206,538	10,424,540

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