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 Anderson, SC

Latitude: 34.514506 -- Longitude: -82.648944

Other Area Cities: Seneca Anderson Clemson

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Anderson's economy revolves around manufacturing. Anderson has over 230 manufacturers, including 22 international companies. In the county, Anderson has a thriving business climate. The top major industries in Anderson include manufacturers of automotive products, metal products, industrial machinery, plastics, publishing and textiles. Two industries that many times interconnect are the plastic and automotive sectors. There are more than 27 BMW Suppliers in the Upstate, which is recognized internationally as an automotive supplier hub. The plastic industry has a strong presence in the Upstate with 244 plastic companies located within the 10 counties of the northwest corner of SC. Anderson County, in particular, has 11 automotive suppliers and is a major player in the plastic industry with 27 plastic companies located within its borders.Anderson is the central city of an urbanized area with a total population of 70,530 (2000 census). -- Source: Wikipedia.com

South Carolina 2000 Census Population Profile Map

	Anderson	South Carolina	United States
Population	25,514	4,012,012	281,421,906
Median age	38	35.4	35.3
Median age for Male	34.9	34	34
Median age for Female	41.1	36.7	36.5
Households	10,641	1,533,854	105,480,101
Household population	23,624	3,876,975	273,643,273
Average household size	2.22	2.53	2.59
Families	6,304	1,072,822	71,787,347
Average family size	2.89	3.02	3.14
Housing units	12,068	1,753,670	115,904,641
Occupied units	10,641	1,533,854	105,480,101
Vacant units	1,427	219,816	10,424,540

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