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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How do you know if your housing market has reached the bottom?

November 20, 2008

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!

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Local Information for South Orange, NJ

Latitude: 40.78865 -- Longitude: -74.255416

Other Area Cities: East Rutherford Short Hills West Orange Bloomfield East Orange Glen Ridge Jersey City Livingston Millburn Montclair Newark Orange Roselle Park Union Verona Rutherford Upper Montclair Maplewood

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West Orange was initially a part of the city of Newark, and remained such until November 27, 1806, when the territory now encompassing all of The Oranges was detached. On April 13, 1807, the first government was elected, but not until March 13, 1860, was Orange officially incorporated as a city. Almost immediately, the new city began fragmenting into smaller communities, primarily because of local disputes about the costs of establishing paid police, fire, and street departments. South Orange was organized on January 26, 1861, Fairmount (later to become part of West Orange) on March 11, 1862 and East Orange on March 4, 1863. West Orange (including what had been the independent municipality of Fairmount) was formed on March 14, 1863. Thomas Edison bought a property known as Glenmont in 1886 as a wedding gift for his bride. It occupies 13.5 acres (55,000 m²) in the Llewellyn Park district. -- Source: Wikipedia.com

New Jersey 2000 Census Population Profile Map

	West Orange	New Jersey	United States
Population	44,943	8,414,350	281,421,906
Median age	39.4	36.7	35.3
Median age for Male	37.4	35.5	34
Median age for Female	41.2	38	36.5
Households	16,480	3,064,645	105,480,101
Household population	43,788	8,219,529	273,643,273
Average household size	2.66	2.68	2.59
Families	11,682	2,154,539	71,787,347
Average family size	3.19	3.21	3.14
Housing units	16,901	3,310,275	115,904,641
Occupied units	16,480	3,064,645	105,480,101
Vacant units	421	245,630	10,424,540

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