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 Salina, KS

Latitude: 38.824267 -- Longitude: -97.607205

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In 1860 Salina, the westernmost post on the Smoky Hill Trail, began to establish itself as a staging post for prospectors traveling to Pikes Peak, as well as a trading post between local native tribes, and Fort Leavenworth. After the Civil War, Phillips, then a colonel, used his influence to extend the Union Pacific Railroad to Salina in 1867. Starting in 1872, Salina began transporting meat shipped in refrigerated cars down the rails. During the 1870's, wheat became the dominant crop in Salina and a steam-powered flour mill was built. At the same time Dr. E. R. Switzer, of Salina, introduced alfalfa to Kansas farmers. During World War II Salina's air field was one of several notable B-29 training bases. The exponential growth of the 1950s of Salina was related largely to the re-opening of Smoky Hill Air Force Base, later renamed to Schilling Air Force Base, which was closed in 1965 by the Department of Defense. -- Source: Wikipedia.com

Kansas 2000 Census Population Profile Map

	Salina	Kansas	United States
Population	45,679	2,688,418	281,421,906
Median age	35.3	35.2	35.3
Median age for Male	33.3	33.7	34
Median age for Female	37.3	36.5	36.5
Households	18,523	1,037,891	105,480,101
Household population	44,312	2,606,468	273,643,273
Average household size	2.39	2.51	2.59
Families	11,878	701,547	71,787,347
Average family size	2.98	3.07	3.14
Housing units	19,599	1,131,200	115,904,641
Occupied units	18,523	1,037,891	105,480,101
Vacant units	1,076	93,309	10,424,540

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