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 Stamford, CT

Latitude: 41.074448 -- Longitude: -73.541316

Other Area Cities: Stamford Greenwich Darien Westport Old Greenwich Fairfield

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Stamford is a city in Fairfield County, Connecticut, United States, one of the most affluent counties in the country. According to 2006 Census Bureau estimates, the population of the city is 126,745.[citation needed] Its population is rapidly growing due to an influx of jobs and its close proximity to New York City. Stamford is one of the top 4 largest cities in the state of Connecticut. [1] Stamford is part of the New York metropolitan area. Stamford was the ninth-safest city in the United States in 2006 and for the past six years has ranked in the top 11 safest cities with populations of 100,000 or more, according to the FBI.[2] In 2005, Stamford was voted "The Best City to Reside In" by the magazine United States Living -- Source: Wikipedia.com

Connecticut 2000 Census Population Profile Map

	Stamford	Connecticut	United States
Population	117,083	3,405,565	281,421,906
Median age	36.4	37.4	35.3
Median age for Male	35	36.1	34
Median age for Female	37.9	38.6	36.5
Households	45,399	1,301,670	105,480,101
Household population	115,330	3,297,626	273,643,273
Average household size	2.54	2.53	2.59
Families	28,951	881,170	71,787,347
Average family size	3.13	3.08	3.14
Housing units	47,317	1,385,975	115,904,641
Occupied units	45,399	1,301,670	105,480,101
Vacant units	1,918	84,305	10,424,540

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