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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Haverford Township (named after the town of Haverfordwest in Wales) is a township in Delaware County, near Philadelphia in southeastern Pennsylvania, United States. Haverford Township contains portions of the communities of Haverford, Bryn Mawr, Ardmore, Drexel Hill, and Wynnewood. The unincorporated "town" of Havertown lies wholly within Haverford Township. The population was originally reported as 48,498 at the 2000 census. The corrected count as reported by the Count Question Resolution program was 49,608. Haverford Township was founded by Welsh Quakers in 1681 from land purchased by William Penn. The first three families arrived in Haverford Township in 1682. Nitre Hall Powder Mills was in operation before 1810 and provided gunpowder for the War of 1812. Swell Bubble Gum, the township's last major industry, was closed in 2004. The township is currently in the middle of selecting a plan with the developers Goldenberg-Pohlig to develop the Haverford State Hospital land. -- Source: Wikipedia.com

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