The housing market is getting a lot of attention lately, especially with the election right around the corner. There are warnings of a new housing market bubble, an UK housing crisis, and the loss of generations of people moving away due to the inability to afford owning their own home. It is true that there appears to be a shortage of supply of adequate housing available, and it is true that mortgage lending has tightened to make sure that borrowers can truly afford the loan they are trying to gain approval for, and it is true that the average age of homeowners has risen in the last decade proving that people are having to wait longer to buy a home.

On the other hand there are good things to talk about in the housing market. While there is a shortage of supply of homes on the market compared to previous years, buyers have been and will continue to walk away from higher asking prices. They will wait or they will look elsewhere. It was reported only recently that asking prices had fallen in a response to the decline in interests from buyers in the run up to the election.

Also, there are record low interest rates to be found for mortgages and remortgages making the cost of borrowing for a property more affordable than in past decades. Yes, lending has tightened and there are new regulations and stress tests for borrowers to go through, but it will keep them from taking on a loan they cannot afford. This helps everyone in the long run and not just the borrower.

In the midst of all of the fear reports and the downer titles meant to discourage and gain attention, it is good to note that those truly ready and seeking a new home will have some opportunities on their side not available in years past such as buyer programs backed by the government, declining asking prices, and the aforementioned low interest rates. Likewise, those homeowners that are not seeking to move, but stay put will find remortgages are attractive and worth exploring or perhaps face missing a financial opportunity of a lifetime.

In the midst of the storm there is always something good to be found or discovered, it just takes seeking the opportunities that perhaps don’t gain as much attention prior to an election.