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 Cheyenne, WY

Latitude: 41.145548 -- Longitude: -104.802042

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Cheyenne Frontier Days are a major event on the professional rodeo circuit. At the 1953 Frontier Days the US Air Force's precision flying squadron, the Thunderbirds, made their public debut. Seven-year old Jessica Dubroff, attempting the stunt of becoming the youngest child ever to pilot a plane across the United States, crashed shortly after takeoff from Cheyenne, April 11, 1996. The 9 acre Cheyenne Botanic Gardens are located in Lions Park and features numerous gardens. It also features a solar heated and powered solar conservatory. The Cheyenne Botanic Gardens depends upon a large volunteer force made up primarily of seniors, youth, and disabled residents who provide 90% of the work at the Gardens.The median income for a household in the city was $38,856, and the median income for a family was $46,771. Males had a median income of $32,286 versus $24,529 for females. -- Source: Wikipedia.com

Wyoming 2000 Census Population Profile Map

	Cheyenne	Wyoming	United States
Population	53,011	493,782	281,421,906
Median age	36.6	36.2	35.3
Median age for Male	35.1	35.3	34
Median age for Female	37.9	37.1	36.5
Households	22,324	193,608	105,480,101
Household population	52,020	479,699	273,643,273
Average household size	2.33	2.48	2.59
Families	14,174	130,497	71,787,347
Average family size	2.93	3	3.14
Housing units	23,782	223,854	115,904,641
Occupied units	22,324	193,608	105,480,101
Vacant units	1,458	30,246	10,424,540

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