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I think the election has nothing to do with it.
The economy is tanking. People fear for their jobs. Everyone who hasn't been under a rock for the past 3 months now knows that housing values became bloated and massively overpriced, and few people want to buy until median prices get back to historic norms in relation to the median income. Credit is tight, banks won't lend to just any knucklehead these days.
If you haven't had a showing in a month, and you need to sell, lower your price. If you don't need to sell and aren't willing to lower your price, you might as well take it off the market.
NO way in hell, will buying suddenly return after the election.
No, buying won't suddenly jump up after the election.
Many people are trying to figure what is going on with the economy, their jobs, house prices etc and aren't ready to make a big leap.
But, buyers are out there. If no one is looking, chances are good you are priced too high.
you mean 2012?
I hope after the election we can keep our doors open... forced insurance may put me out of business
People are buying. Some are waiting. Some like to say you should/should not buy. There are so many variables in your question it is almost impossible to answer. We can all state what we would like to happen, but only time will tell the true story. Speculation, predictions and theories are all we have now. No one knows for sure what the future holds. We can only hope the economy gets better with lower unemployment, lower fuel/energy costs and reasonable housing prices. Oh and lower taxes, but that is asking a bit much. But if you are going to dream...
Whoa! These responses are too negative. We don't know what will happen after the election. The efforts to prop up the lenders may help. Regardless, we are in a definite slump. That said, there are buyers who will take advantage of lower prices. Find them!
If the price your house is now worth is too low, consider waiting. Or, take the hit because you will get it back by the price you get on your next purchase.
What does happen in a tough market that is good is that people "get real". Agents, who probably shouldn't be in the business in the first place, find other work. We can cinch our belts, work hard, and look forward to an upturn!
after the new president takes office and gets settled housing will pick up... asuming that the entire country doesnt fall apart. it will have nothing to do with the election though... it always picks up in march
...lower unemployment, lower fuel/energy costs and reasonable housing prices. Oh and lower taxes, but that is asking a bit much. But if you are going to dream...
Well, I am not sure about unemployment, fuel and taxes, but housing proces are getting more reasonable. That's not to say that they are reasoneble now, but we are getting there.
"I think the election has nothing to do with it."
I actually agree. The election is not going to make people start buying again, unless of course your talking about all the people who will work for the next administration who will need to buy mansions in Georgetown and northern Virginia since they will need a reisdence inside the Beltway for the next 4-8 years.
Rioting? Over what? Is the WTO holding their next meeting in NYC?
People are quietly buying now, while everyone else in the country is running for the bunkers.
All will not retreat to zero!
I like to think of these times in terms of walking through Macy's two hours before the doors open to the masses. Everything is on sale, you're the only one in the store, and you're slowly walking through every department picking up great value while everyone else is at home having coffee, wondering whether they'll go to the sale or not.
We can see the whites of everyone's eyes these days. Fear often times creates value.
"We have not had one showing in a month and I am wondering if it is because of all the crap going on and then the election coming up."
No. It's because housing prices are WAY too high. Including yours.
If anything, things will get worse after the election, as the winner's "true believers" come to realize that their man doesn't have the answers, either.
Lower your price now and get out while you can.
I'm actually worried that Mark did not respond to my comment regarding rioting. Maybe he is an anarchist who is planning something big after election day?
My lib friends idea of rioting in the East Village is to pout extra hard, roll their eyes and wear their sarah plain is a cvnt shirts.
oh and i have some hardcore lib friends who want barry o to win BEFORE buying ...
i kid you not.
Elections, Riots, and a tanking real estate market...oh my! Off topic, but there is speculation that after the election certain cities may experience riots. In fact some cities are quietly building up to prepare a responce to possible riots.
Back on topic...The elections will have little impact in the short term. The leadership and policy's of the next administration will have an impact (if) they are implemented.
Houses are still selling when priced correctly. It's not location, location, location....it's price, price, price.
"It's not location, location, location....it's price, price, price. "
Finally an agent that gets it. Please don't leave.
Actually guys, it seems the election is going to have a greater impact on the housing market than we originally thought:
Developer banks on Obama clause
Developer Erik Ekstein is offering to put an Obama contingency clause -- allowing purchasers to back out if John McCain wins the presidential race -- in any contracts signed before November 4, for units in his Chelsea condominium tower at +Art condo at 540 West 28th Street. Ekstein said he decided to offer the clause after hearing prospective buyers say they won't be buying property if McCain wins. Units in the building start at over $2 million.
http://ny.therealdeal.com/articles/developer-banks-on-obama-clause
I'm the Google King!
Company relocation could be held off till after the election causing less people to move. I would also ask your Realtor to take you to a few homes that are pending in the area, and see how they compare to yours and that should give you a good idea about the price of your home compared to the others in the area.
Things aren't that bad. I haven't seen anyone I know standing in line at a soup kitchen.
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Will people start buying again after the election?
Hammy5
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Do you think there are a lot of people sitting on the fence until after the election? We have not had one showing in a month and I am wondering if it is because of all the crap going on and then the election coming up. What do you think?
Kristine
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