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!

As of 11/26/09 the Ronald McKnight Sr. RePage is ranked at 7,849 with 40 points.
The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit.

Local Information for Clarksville, TN

Latitude: 36.559383 -- Longitude: -87.358261

Other Area Cities: Pleasant View Dover Clarksville Hopkinsville

Enter our Photo Sweepstakes and Win $200 for your Clarksville photos!

To see random photos for other cities Click Here.

Submit your photos of Clarksville and become eligible to win $200. Click Here for details.

Clarksville is a city in Montgomery County, Tennessee, USA. As of the 2005 census estimates, the city had a total population of 123,395. Today, Clarksville, is the county seat of Montgomery County and is Tennessee's fifth largest city, and the fastest growing city in Tennessee. Clarksville is the home of Austin Peay State University, and is approximately 10 miles from Fort Campbell, Kentucky Army post. The U.S. Census says that Clarksville is the fastest-growing large city in Tennessee and the 17th in the nation. It was the only city in Tennessee to make the top 25. Pat Summittwas born in Clarksville, Tennessee and she is the winningest Division I college basketball coach of all time. Clarksville is part of the Clarksville-Hopkinsville metropolitan statistical area (MSA). Clarksville has the distinction of being home to the oldest bank in the state, the Northern Bank established in 1854, now AmSouth Bank; the state's oldest newspaper, The Leaf-Chronicle. -- Source: Wikipedia.com

Tennessee 2000 Census Population Profile Map

	Clarksville	Tennessee	United States
Population	103,455	5,689,283	281,421,906
Median age	28.8	35.9	35.3
Median age for Male	27.8	34.5	34
Median age for Female	29.8	37.2	36.5
Households	36,969	2,232,905	105,480,101
Household population	99,375	5,541,337	273,643,273
Average household size	2.69	2.48	2.59
Families	26,965	1,547,835	71,787,347
Average family size	3.12	2.99	3.14
Housing units	40,041	2,439,443	115,904,641
Occupied units	36,969	2,232,905	105,480,101
Vacant units	3,072	206,538	10,424,540

Visit US Census