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 Tampa, FL

Latitude: 27.970898 -- Longitude: -82.46464

Other Area Cities: Wesley Chapel Tampa Lake Magdalene Lutz Mango Riverview Brandon Valrico Seffner Temple Terrace Thonotosassa Egypt Lake Land O' Lakes Carrollwood Village Pinellas Park Plant City

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Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat of Hillsborough County.GR6. The population within the city limits in 2005, according to the Census was 326,519;[1] it is the third-largest city in Florida, behind Jacksonville and Miami. Tampa is a part of the Tampa-St. Petersburg-Clearwater metropolitan area, most commonly referred to as the "Tampa Bay area". The four-county area is composed of roughly 2.7 million residents, making it the second largest metropolitan statistical area (MSA) in the state behind Miami-Fort Lauderdale-West Palm Beach, the third largest in the Southeastern United States, and the twelfth largest DMA Market in the United States. -- Source: Wikipedia.com

Florida 2000 Census Population Profile Map

	Tampa	Florida	United States
Population	303,447	15,982,378	281,421,906
Median age	34.7	38.7	35.3
Median age for Male	33.7	37.3	34
Median age for Female	35.7	40.1	36.5
Households	124,758	6,337,929	105,480,101
Household population	294,529	15,593,433	273,643,273
Average household size	2.36	2.46	2.59
Families	71,220	4,210,760	71,787,347
Average family size	3.07	2.98	3.14
Housing units	135,776	7,302,947	115,904,641
Occupied units	124,758	6,337,929	105,480,101
Vacant units	11,018	965,018	10,424,540

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