Nobody likes to bargain hard when they are the ones directly involved. But, there are two pieces of news of late that should get you haggling. One is that the Fed needs and is going to take substantive action again to shore up the economy, and Bank of America has lost nearly its entire investment in Countrywide and is contemplating buying the company to save it. The bottom line is we are headed into a recession and real estate is in the toilet. The solution is declining costs and falling interest rates.
What home office lawyers need to think about is finding a property from which to work, or to trade up or down to a property in which to work, while it is affordable and while you can lock in substantial appreciation. In other words, get out of the outside office and invest your money in yourself and in a way that benefits your personal comfort now and your pocketbook later.
I had a few readers that wrote me previously and told me that contrary to the news that property prices have not fallen where they are located. Well, the fall might not be as visible in some areas, but I can guarantee you two things. One, the market has become soft. Two, some homeowners need out. The property has some glitch, that can usually be corrected, which will make it marketable again, but the seller does not have the money available o do so. If you can decide what you want, be prepared to make reasonably low offers, and not be afraid to walk from a deal or have a door of two slammed in your face, you will find a good deal.
The house I just purchased was built in 1999. It is not too old. It has a great one story layout in an area where one story houses are a premium. Yet, it sat on the market for over 8 months before I came along. Three other offers fell through in a 2 week period because we set our offer and would not move up. This house was not selling because it was not well kept. It needed the carpet pulled up and replaced. The dated wall paper needed to be removed, the whole house needed to be painted inside and out, the house needed to be wired, and some hardi plank needed to be replaced. The fixtures needed to replaced in that they were old cheap builder goods. We bid low, we haggled, we closed and did the work. Now we enjoy the house and hold on for the market to turn around. And, it will. It might take a few years, but it will. The Houston area is expected to increase by half in the next 10 to 12 years. Housing prices are already low by national standards.
This does not mean to buy more house than what you need or to buy a configuration that does not sell in your area. We looked at a two bedroom house that had been on the market for over a year. But, guess what, people in our area do not buy two bedroom houses. And, this house was nice. But, buying a house that does not sell well is not the answer.
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