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 Logan, UT

Latitude: 41.737878 -- Longitude: -111.830846

Other Area Cities: Logan Brigham City

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Logan is a city in Cache County, Utah, in the United States. As of the 2000 census, the city population was 42,670, a substantial increase over the 1990 figure of 32,771. The estimated population in 2005 had increased to 47,357. The Logan metropolitan area contains 109,666 residents. It is the county seat of Cache CountyGR6. It is the principal city of and included in the Logan, Utah-Idaho (partial) Metropolitan Statistical Area. Logan is located in northern Utah, north of Ogden on the Logan River; it is about 82 miles (130km) north of Salt Lake City. The city was founded in 1859 by Mormon settlers and has been the location of the Logan Utah Temple since its dedication in 1884. It is home to the main campus of Utah State University, founded in 1888, and is often known as a college town. It is also a major producer of cheese and other dairy products. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Logan	Utah	United States
Population	42,670	2,233,169	281,421,906
Median age	23.5	27.1	35.3
Median age for Male	24.2	26.7	34
Median age for Female	22.7	27.7	36.5
Households	13,902	701,281	105,480,101
Household population	40,532	2,192,689	273,643,273
Average household size	2.92	3.13	2.59
Families	9,174	535,294	71,787,347
Average family size	3.2	3.57	3.14
Housing units	14,692	768,594	115,904,641
Occupied units	13,902	701,281	105,480,101
Vacant units	790	67,313	10,424,540

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