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 Richland, WA

Latitude: 46.279657 -- Longitude: -119.281377

Other Area Cities: Richland Kennewick Pasco

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Richland is a city in Benton County in southeastern Washington, at the confluence of the Yakima River and the Columbia River. As of the 2000 census, the city population was 38,708, with a 2005 population estimate of 43,520. Along with the nearby cities of Pasco and Kennewick, Richland is one of the Tri-Cities of Washington. -- Source: Wikipedia.com

Washington 2000 Census Population Profile Map

	Richland	Washington	United States
Population	38,708	5,894,121	281,421,906
Median age	37.7	35.3	35.3
Median age for Male	36.9	34.4	34
Median age for Female	38.4	36.3	36.5
Households	15,549	2,271,398	105,480,101
Household population	38,573	5,757,739	273,643,273
Average household size	2.48	2.53	2.59
Families	10,687	1,499,127	71,787,347
Average family size	3.02	3.07	3.14
Housing units	16,458	2,451,075	115,904,641
Occupied units	15,549	2,271,398	105,480,101
Vacant units	909	179,677	10,424,540

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