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 Jackson, MI

Latitude: 42.244085 -- Longitude: -84.407206

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Jackson is a city located in the south central area of the U.S. state of Michigan. It is the county seat of Jackson County, Michigan6. As of the 2000 census, the city population was 36,316. It is the principal city of and is included in the Jackson, Michigan Metropolitan Statistical Area. It was founded in 1827, and is named for Democratic President Andrew Jackson. It is the birthplace of the Republican Party, and was also home to one of the Apollo Space Capsules at the Jackson Space Center until the museum closed in 2004. (The Apollo capsule was moved to the Kalamazoo Air Zoo.) It is the home of Jackson Community College and the Michigan Shakespeare Festival. Surrounding communities include Parma, Spring Arbor, Springport, Grass Lake, Clark Lake, Napoleon and Michigan Center. -- Source: Wikipedia.com

Michigan 2000 Census Population Profile Map

	Jackson	Michigan	United States
Population	36,316	9,938,444	281,421,906
Median age	31.3	35.5	35.3
Median age for Male	30	34.3	34
Median age for Female	32.7	36.6	36.5
Households	14,210	3,785,661	105,480,101
Household population	35,212	9,688,555	273,643,273
Average household size	2.48	2.56	2.59
Families	8,666	2,575,699	71,787,347
Average family size	3.12	3.1	3.14
Housing units	15,241	4,234,279	115,904,641
Occupied units	14,210	3,785,661	105,480,101
Vacant units	1,031	448,618	10,424,540

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