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 McLean, VA

Latitude: 38.928344 -- Longitude: -77.175351

Other Area Cities: Centreville McLean Mantua Annandale Falls Church Vienna Springfield North Springfield Oakton Tysons Corner

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McLean is an unincorporated community located in Fairfax County in Northern Virginia. Recognized by the United States Census Bureau as a Census Designated Place (CDP), the community had a total population of 38,929 as of the 2000 census. The heavily populated community of McLean is located between the George Washington Parkway and the town of Vienna, and is known for its many upscale homes and for being a friendly, efficient suburb of Washington. The area is also well-known for its shopping and upscale malls, including the nearby Tysons Corner Center and the Galleria. The George Washington Memorial Parkway, the Capital Beltway, Interstate 66, State Route 267 (Dulles Airport Access Road), State Route 123 (Dolley Madison Boulevard), State Route 193 (Old Georgetown Pike), Old Dominion Drive, and Chain Bridge Road all run through McLean. -- Source: Wikipedia.com

Virginia 2000 Census Population Profile Map

	McLean	Virginia	United States
Population	38,929	7,078,515	281,421,906
Median age	43.4	35.7	35.3
Median age for Male	42.7	34.5	34
Median age for Female	44	36.8	36.5
Households	14,374	2,699,173	105,480,101
Household population	38,738	6,847,117	273,643,273
Average household size	2.7	2.54	2.59
Families	11,051	1,847,796	71,787,347
Average family size	3.05	3.04	3.14
Housing units	14,735	2,904,192	115,904,641
Occupied units	14,374	2,699,173	105,480,101
Vacant units	361	205,019	10,424,540

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