Many would agree that now is the right time to buy a real estate character. With the current slump of the housing market and the toughening of credit standards by lenders, it is a great opportunity to find bargains in the housing industry. Today, you may find a number of similarities that a few years ago may have been out of your reach are now within your price range. So, how can you take advantage of the present housing market and own your dream home without losing your shirt?
Anything that goes up must ultimately fall down. And this is true in the current housing market as years of high housing prices have dramatically fall down to more affordable prices. This is largely because of the housing supply in excess and the sheer number of foreclosed homes on the market. The current soft market may be the time you are waiting for to consider making the jump and purchasing a house. This is truly a great deal for bargain hunters and the aging population of baby boomers. There is a huge number of Americans who are preparing retirement and they are considering selling their house in markets where character prices are nevertheless strong and transferring to areas that are more affordable. These two groups are poised to take advantage of the current housing market situation and you can use it to your advantage in addition.
Have you seen the house you want that has been on the market for sometime now but thought it was out of your price range? Perhaps you should start working on your negotiating skills because the opportunity for you to provide that dream house yours is now open. Owners become more desperate as the house they sell sit on the market for a long time so they are willing to accept reasonable offers. You may also find that it is possible to get tens of thousands of discount from the asking price simply by coordinating with your Realtor and giving your best offer.
If your credit is healthy, you should take advantage of it. Mortgage lenders are tightening their credit standards, but if you have a good credit they can get you great deals on home mortgages. Many mortgage companies are looking for home buyers with existing good credit and substantial finances to help make up for some of their customers with weaker credit.
Get a fixed rate. In all situations, remember that fixed rate loans are always best for you in spite of of what they say. Avoid the adjustable rate as this may cause problem to you when you discover there are payments you can not provide down the road. Fixed rate loans are offered by most mortgage companies but if they are not, insist that it is loan you want or find another mortgage company that offers this kind of loan.
The current soft market for housing is just the perfect time to buy a real estate character. Take advantage of low housing prices and competitive mortgage market place now because like all things it has an end.