Housing market "cooling down"
Posted on Friday, November 28, 2014
As Santa Claus prepares for his biggets week of the year, the lenders have confirmed that the levels of activity in the housing market have slowed down considerably in the last 2-3 months.
Due to stricter criteria in the mortgage market and a lack of demand from buyers in a position to proceed with the necessary deposits, the market has certainly cooled somewhat from the hot streak we enjoyed in the Spring and early Summer. That said, as I previously stated, the market steadying up is not a bad thing as buyers and sellers get itno a position where they know exactly where they stand.
What is very important is that the both buyers and sellers use a reputable local agent to advise on pricing and current market trends in that particular area, as we all know different areas of the same city can vary hugely in price. Sellers can improve their chances of selling at this time of year by taking advantage of the lower levels of competition in the holiday season. People are still buying, especially at the lower end of the market, so striking early before the January rush can reap rewards if marketed correctly with your agent.
John Ghent, Sales Manager, Berkley Estates