Anything that goes up must eventually 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 units on the market. Today's soft housing market may be the time you are waiting for to consider making the jump and getting a house.
This is in fact a great real estate deal for bargain hunters and the aging population of baby boomers. There is a big number of Americans who are preparing retirement and they are considering selling their house in markets where property prices are still kicking and moving to communities that are more affordable. These two groups are ready to take advantage of the current housing market condition and you can use it to your advantage as well.
Have you set your eyes on the house you want that has been on the market for sometime now but realized it was out of your price range? Perhaps you should start working on your hagggling skills as the chance for you to afford that piece of real estate you want is now within your reach. Owners become more desperate as the properties they sell sit on the market for a long time, so they are open to any reasonable offers. You may also get tens of thousands of price deduction for the asking price by simply coordinating with your Realtor and giving your best offer.
If you have a healthy credit, you should take advantage of it. Mortgage lenders are tightening the credit standards, but if you have a good credit standing they can give great deals on home mortgages. Many mortgage companies are looking for home customers with good credit and stable finances to help make up for some of their customers with weaker credit.
Get a fixed rate. In all cases, remember that fixed rate loans are the best deal for you regardless of what you hear from them. Avoid the adjustable rate as this may become a problem to you when you find out there are payments you can not afford later on. If the mortgage company doest offer you fixed rate loan demand for it or look for another bankrolling lender.
The current soft market for housing is just the best time to purchase a real estate property. Take advantage of low housing price and competitive mortgage market place now because this open opportunity for your to afford a house has an end.
By Alvin Clavines
