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 Amarillo, TX

Latitude: 35.199252 -- Longitude: -101.845163

ZIP Codes for Amarillo, Texas	79101 79102 79103 79104 79105 79106 79107 79108 79109 79110 79111 79114 79116 79117 79118 79119 79120 79121 79123 79124 79159 79163 79166 79167 79168 79171 79172 79174 79178 79182 79185 79187 79189
Area Code for Amarillo, Texas	806
Time zone for Amarillo, Texas	CST

Other Area Cities: Canyon, TX Amarillo, TX

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Amarillo is a city in the U.S. state of Texas and the county seat of Potter County. A portion of the city extends into Randall County. As of the 2000 U.S. Census, the city had a total population of 173,627 (though a July 1, 2005 estimate placed the city's population at 183,021). The Amarillo metropolitan area, however, has an estimated population of 236,113 in four counties. The city once self-proclaimed as the "Helium Capital of the World" for having one of the country's most productive helium fields. The city is also known as "The Yellow Rose of Texas" and most recently "Rotor City, USA" for its V-22 Osprey hybrid aircraft assembly plant.[1] Amarillo operates one of the largest meat packing areas in the United States. Pantex, the only nuclear weapons assembly and disassembly facility in the country, is also a major employer. The attractions, Cadillac Ranch and Big Texan Steak Ranch, were located on old U.S. Route 66, which passes through the city. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Amarillo	Texas	United States
Population	173,627	20,851,820	281,421,906
Median age	33.5	32.3	35.3
Median age for Male	32.1	31.3	34
Median age for Female	34.8	33.4	36.5
Households	67,699	7,393,354	105,480,101
Household population	171,318	20,290,711	273,643,273
Average household size	2.53	2.74	2.59
Families	45,768	5,247,794	71,787,347
Average family size	3.1	3.28	3.14
Housing units	72,408	8,157,575	115,904,641
Occupied units	67,699	7,393,354	105,480,101
Vacant units	4,709	764,221	10,424,540

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November 20, 2008

Local Information for Amarillo, TX

Latitude: 35.199252 -- Longitude: -101.845163

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