With the seasonal lull now over with for another year we are seeing the outlook for buyers during 2012 gradually showing signs of improvement. This unfortunately cannot be said of the outlook for sellers during the coming year. It is widely accepted amongst industry experts that house prices are to see gradual falls over the next two years. Every cloud has a silver lining so they say and in terms of credit availability we are seeing lenders gradually becoming more forthcoming in their lending criteria, reducing required deposit levels and decreasing rates.
If you are currently looking to buy a house and are able to obtain credit with an affordable deposit and at a good rate, now is really a great time buy. Homes are at their most affordable levels for years, although values may fall in the short term. Therefore if you are looking for a short term investment it may be advisable to hold out for further price reductions, however, if you are looking for a long term home or investment then start looking now.
With the threat of further price reductions due to an increasing lack of confidence in the market if you are looking to sell a house you may still struggle to achieve a price you deem acceptable. Therefore it is advisable to acknowledge you will have to accept less than the asking price if you intend to sell in the current market. It would be worthwhile to set an amount below the asking price that you are willing to accept and not go below that. How much below the asking price you are willing to accept will obviously depend on your circumstances and desperate you are for a sale. The properties that are seeing the most interest and best value offers currently are desirable properties in the most desirable areas. Even if you have a relatively in demand property in the right area you should still do everything you can to present the property as well as possible to really make it stand out from similar properties in the area. Sometimes the small differences count; the smell of fresh coffee, freshly baked break, flowers, and the obvious one being a clean and tidy house.
There are currently still restrictions on availability of credit with the best rates only on offer to those with larger deposits and higher income or more credit worthy. As a result mortgage application numbers are still comparatively low, however with more lenders lowering required deposit percentages to benefit from the best rates the stimulus is there to increase these levels dramatically. The fragile state of the market is still all too visible for all to see and with the ongoing threat of the Eurozone crisis many industry bodies are still somewhat reserved in their projections due to uncertainty in the wider economic environment.