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 Springville, UT

Latitude: 40.162768 -- Longitude: -111.604241

Other Area Cities: Springville Orem Mapleton Provo Salem Spanish Fork Payson

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First explored in 1776 by Father Silvestre Vélez de Escalante, a Jesuit Priest, Springville was originally settled by eight pioneer families in 1850. Incorporated in February 1853, the city was first called Hobble Creek by the early pioneers because their horses were often hobbled (by loosely tying their front feet together) and left along the stream to graze in the lush grass. If the horses wandered into the creek, the hobbles came off in the water. Thus, the settlement earned its original name. Later, as the town grew, the name was changed to Springville because of the many freshwater springs in the area. The original name was not completely lost, however, as the canyon stream and golf course have retained the name Hobble Creek. Art City Days is one of the first city celebrations of the summer season in Utah Valley. The citizens of this city join in a variety of activities to celebrate their community and the warmer weather. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Springville	Utah	United States
Population	20,424	2,233,169	281,421,906
Median age	25	27.1	35.3
Median age for Male	24.4	26.7	34
Median age for Female	25.5	27.7	36.5
Households	5,975	701,281	105,480,101
Household population	20,357	2,192,689	273,643,273
Average household size	3.41	3.13	2.59
Families	5,025	535,294	71,787,347
Average family size	3.76	3.57	3.14
Housing units	6,229	768,594	115,904,641
Occupied units	5,975	701,281	105,480,101
Vacant units	254	67,313	10,424,540

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