Is it spring in the housing market yet?

So ... how is your housing market? We work with builders across a large area and our clients' sales success is varied. We have some clients in Maryland that are getting 40-70 traffic a week - in one community - and still selling no homes. We have others with traffic as low as 1-3 a week. Surprisingly, we also have clients that are literally breaking records. Sales in Pittsburg, PA are soaring for Heartland Homes. Sales in Lancaster and central PA seem to be strong too.

So how do you know when your market is past the bottom? How do you know when things are 'looking up' again? I believe there are several tell-tale signs to look for. Here they are:

1. Fewer sales signs lining the streets - This means that your market's inventory could be dropping. That's very good news in the current market.
2. Less advertised builder concessions - Pay attention to builder ads for incentives. If you see builders pulling back on heavy incentives, that could mean they are seeing activity pick up.
3. Rental rates increase - If rental rates are going up, that typically indicates a higher demand. A higher demand in the rental market can indicate a strengthening of the housing market as well.
4. The quantity of advertising in your local real estate publications. If builders are seeing results again from their ads, they will begin spending more money on marketing and advertising.
5. Job creation - Job creation is the number one factor in household formation. Whenever you see jobs being created, you'll likely see housing grow as well.

These aren't guarantees, but look around and talk around. Listen to your market for signs of spring. Just like springs delayed arrival... better days will come.