The media has plenty of stories about the loud cries of a down market but even in a down market there are some advantages to Somerset Mortgages. Sure, there are a lot of foreclosures, short sales and unpleasant stories but one shouldn’t dwell on them. If you look at the other side of the coin, this is an excellent time to get in the market and play the game of real estate. Here’s why, there are low interests rates, the banks are willing to lend and there are tons of opportunities. Short sales are being approved and at an all time high but don’t wait too long as the inventory is starting to dry up and within the next few years, short sales may be a thing of the past. 10 years ago if you mentioned short sales, it was almost like a myth from an old age legend in some far away land. Coincidentally, 15 years from now people may look back and say the same thing about today.
So is now the best time to refinance or buy? Robert Kiyosaki said in his book, “Rich Dad Poor Dad,” when the real estate market is on sale, i.e., down market, that’s when all the successful investors buy and those who lose out on market buy when everything is high. Don’t be that guy who watches things happen, be the guy that people say, “I wish I would have done what you did!” Of course, you should always consult professional real estate and financial advisors to make sure you are making a good financial decision before jumping in.
Another advantage to a down market is having more power in negotiations. When banks and homeowners have upside down properties on hands they want to get rid of them as fast as possible. For the banks, they are non-performing notes and for the homeowner a huge mountain of stress on their back. The average homeowner that is upside down in their mortgage has most likely been spun around in the “Ring Around the Rosie” game of loan modifications or the exuberant promises their real estate attorney convinced them that they can sue the banks for fraudulent loans and get out of their mishaps. So now you can see how Somerset Mortgages might be one big advantage in a down market.
