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The going rate for a barrel of oil is closer to $30 than it is to $100, and it’s been that way for months.
That’s not good for the area’s economy.
But despite the current downward dip, folks in the real estate industry continue to claim that the Houma-Thibodaux area is a great place to buy a home – both now and into the future.
Even with the economic downturn, local Realtors and lenders said the market is stable with affordable homes being able to be had at fair prices.
First Choice Mortgage Broker Verna Thomas said the price of oil hurts, but isn’t crippling to real estate locally, adding that forecasts show that the area remains a great economic hub into the future.
“South Louisiana is remarkably resilient,” Thomas said. “We have taken steps in the past toward diversification to buffer ourselves from singular influences on our economic well-being. Home values continue to be strong and supply of available housing locally is healthy, and those are all good things.”
For Thomas, the focus isn’t so much on the economy and things she can’t control. Her biggest focus is making sure that locals have all of the information that they need early in life so that they can be approved with ease when searching for their starter home.
She said there are so many factors that go into a person being approved for a home – many of which are not known to young people who are just finishing college and/or who are hitting the buyer’s market for the first time.
Thomas said there are several things that future home buyers need to consider when planning their future – tips that should be considered right out of high school.
She said one of the biggest mistakes that people make are misuse of bank accounts and late payments – the latter, she said, is a huge reason why many people get told no.
“You have to pay your debts back on time,” she said. “Even one late payment paid 30 days late will affect your credit scores.”
Thibodaux native Adam Lane learned that the hard way.
Lane, who moved to the area from New Orleans, said he’s been shopping for homes locally for a few months, but has had a hard time getting a rate he can afford.
Why?
He’s had a poor time saving money, and skipped on a couple car note payments when he was 19.
He’s 27 now, and those issues still come up when he’s discussing with lenders.
“Every little thing like that matters, man,” Lane said. “For me, a couple little screw-ups have been what’s kept me renting for the time being.”
For those who aren’t able to get approval, Thomas said there are ways to get help.
The first step, she said, is often to ask what needs to be done to get in the clear.
“Ask the lender for advice on how to repair the issues and then follow that advice. It’s that simple,” Thomas said. “Time cures many credit issues, but very often, there are steps a potential buyer can take to expedite credit cures.”
Having a plan helps, too.
Thomas said anyone with ambitions of owning a home should begin making their future plans with a mortgage professional as early in the process as possible.
National real estate consultant Terah Brooks agreed, adding that a lot of younger people doom themselves from the start.
“You really have to find a way to save and build your assets,” Brooks said. “That’s not as easy as it sounds, of course, and it takes a lot of time to get started for a lot of people. But debt really hurts, and a lot of younger people build a lot of it early in the process, and it comes back to haunt them.”
Having a plan is key, of course, but as with any plan, there’s a little luck that goes into it all, too.
That’s where the economy comes in.
Thomas said experience shows that the oilfield swings, but never stays down too long. She said projections agree with that statement, adding she expects people to be making more money again in the very near future.
Of course, what’s the end result of that, from her perspective? That’d be more sales, and more happy buyers.
“The forecasts are promising,” she said. “Rates continue to be low, which is encouraging new home sales and owner refinances.”
Several beautiful homes have for sale tags on them throughout the Houma-Thibodaux area, making the area fruitful for buyers, even in the current economic downturn. Experts said the industry remains steady.
