Is Now the Time to Buy? Taking Advantage of the Housing Slump
Despite the current downward trend of the housing market and the tightening of credit standards by mortgage lenders, many in the industry agree that now may be the perfect time to buy for those who have been waiting for bargains in the housing industry. Record numbers of unsold houses sitting on the market, plus a record number of foreclosures, mean that there are a number of properties that just a few short years ago may have been outside of your price range that you can now comfortably afford. How can you as a smart home buyer take advantage of the current housing market and get the home of your dreams without worrying about losing your shirt?
What goes up must come down. We are seeing this age old piece of wisdom come true in the housing sector as years of rising housing prices have finally come crashing down to more affordable levels. Thanks in part to an oversupply of housing on the market and strengthened by the sheer number of foreclosed houses showing back up on the market – the time is right if you can afford it to consider making the jump and buying a house.
Not only does the current soft market appeal to bargain hunters, but also to the aging baby boomer population.
There are millions of Americans who are approaching retirement and they are looking to sell their house in markets where real estate prices are still packing a punch and moving to areas that are more affordable for their golden years. It is these two groups who are poised to take the most advantage from the current situation – and you can too.
Have you had your eye on a house that has been on the market for awhile but thought it was too expensive? Now is the perfect time to put your haggling skills to work. As houses sit on the open market for longer periods of time the owners become more desperate to sell and usually are willing to entertain reasonable offers. You may find that it is possible to knock tens of thousands off an asking price by just working with the realtor and “naming your price”.
Got good credit? Use it to your advantage! The mortgage industry is tightening the reins on lending, but for those with good credit they can still get incredible deals on home loans.
Shop around – as the pool of those who are eligible for a mortgage becomes smaller, mortgage companies become more competitive for your business.
Many mortgage companies are eager to take on home buyers with good credit and stable finances to help offset some of their weaker credit customers on their portfolio.
If it isn’t fixed rate – forget it! No matter whether you are buying now, or considering it for the future, remember that fixed rate mortgages are your best friend no matter what you might hear otherwise.
Don’t get caught up in the adjustable rate trap and find you have payments you can’t afford down the road. Most mortgage companies now are pushing fixed rate loans – but if they aren’t, demand it or take your business elsewhere.
The market for housing may be soft, but like all things it will come around again. Now is the perfect time for those who have held off buying a new home or moving to consider taking the plunge to take advantage of low housing prices and a competitive mortgage marketplace.
'The attention to detail and professionalism that Troy and his staff brings to our contract drafting process is unmatched. It’s a rare occurrence to find a law firm that cares as much about your legal protection as you do. But, Doucet Co. LPA is that law firm."
Mr. Doucet and his staff handled two foreclosures and a related matter for me. I found everyone in his office to be professional, effective and responsive. Everything he handled for me got me the results I expected. I highly recommend Doucet Co., LPA.
As an attorney and former client of Doucet Co., LPA, I was very impressed with the representation of Troy Doucet and his firm. I would recommend him to all who face difficulty in saving their home or getting cooperation with their mortgage companies.
If you need legal assistance regarding foreclosure, I urge you to consider putting your complete trust in Doucet Gerling. They will employ their vast knowledge and expertise on your behalf and work to attain a great outcome for your individual needs and situation.
"Troy Doucet is one of the most gifted attorneys that we have ever had the pleasure of dealing with. He treated us with kindness and generosity. We were most impressed with his integrity and high sense of duty to us. If you are looking for an attorney to get the job done we highly recommend Troy Doucet. Our family can never thank him enough for getting our foreclosure problem solved."
My company has worked with multiple law firms in the past, but none have come close to matching the quality we are seeing from Doucet & Associates. If you want an attorney who has a deep understanding of both the legal system AND business, hire them – you won’t be disappointed.
"Mr. Doucet worked wonders in my case. He stood up for me when I felt overwhelmed and helpless and kept my credit rating and future intact. Thanks you so much for helping me and my family."
"My family and I would like to send a thank you with sincere gratitude for all the time, hard work, and long hours set a side daily to represent and speak on our behalf during a very challenging time in our life. Our success is a reflect of your commitment. Thank you Troy Doucet & law firm."