Declines in house prices, or price correction as some economist prefer to call it, should continue in 2011. The environment is ripe for it. The housing market continues to see more homes added to the market, fewer potential homeowners can find financing, and lenders seem to be more intent to pay out bonuses than increase lending, or offer creative new products. The environment is also ripe for those seeking to take advantage of all of those factors.

It is true that many are finding financial funding a difficult task. Yet persistence and planning could be all that is needed. Home ownership is a major goal for most and some when they encounter a brick wall to the process just stop. It would pay off for many reasons to be persistent.

Currently the base rate is at a very affordable low. It won’t stay there forever, but it is an expected change in the near future. A low interest rate can mean an overall loan life savings in thousands of pounds between rate points. So securing a loan or remortgage while the interest rate is low is definitely a good reason to be persistent.

Another advantage to new homeowners is that there are, in fact lots of new homes coming into the housing market. When the supply of homes is large then prices drop if the supply outweighs demand. That means more value for your buying price. A potential new homeowner will find that this is now securely a buyer’s market.

Not only are prices more affordable and more value can be found at lower prices, there are more to choose from. In a buyer’s market, there isn’t a push to hurry and purchase or lose out on getting a good home.

So the housing market definitely holds enough incentive for potential buyers to be persistent. If financing is proving difficult, find out the major reasons and try to correct them. Seek advice and financial counseling. Try other lenders when one says "no". Be creative and make sacrifices to obtain a deposit towards a home purchase. One young couple chose to skip a large wedding celebration to use funds toward a deposit, even asking well-wishers to make donations for their efforts in lieu of gifts.

The economy will be challenging in 2011 and analysts have warned us. So, accept the warning and be wise. Yet it doesn’t have to stop you before you’ve tried. Look for the silver lining and be persistent. It’s

what you do with what conditions you have that will determine your success in 2011.