The Property Market and Election Day!

Well,  here I sit at Kansas City airport, awaiting my connecting flight to Orlando for the Women’s Council of Realtors National conference.  It’s been a long day of travel – was up at 5.30am, so I could be at the polling station to vote before getting to the airport in Los Angeles by 8.30am!

The election has been on my mind all day as I can’t pick up regular news reports on travel day.  Among those thoughts are: HOW WILL THE ELECTIONS AFFECT THE PROPERTY MARKET?

Now I don’t have a crystal ball and I am no more claivoyant than the next person, but something in my bones tells me that we will see a slight increase in sales once the results come out.  Realistically, no matter who you voted for, some people will feel victorious while others will be ticked that their candidate didn’t get elected.  Those whose candidate was elected will feel a surge of promise and hope and – if they are in the market to buy property – they will accept that now is a good time to buy!

For those whose candidate was defeated: perhaps they will decide not to buy, but, they were sitting on the fence anyway. In other words, they hadn’t bought and now won’t – situation unchanged.

It’s six of one and half a dozen of the other, really – those who were going to buy, will and those who were undecided, won’t!  In both cases,  the election results will simply provide the justification to act in whichever direction they are going.

Whoever moves into the Oval Office, MUST see that something MUST be done about our economy. Clearly, we can’t keep spending money that we (the US) doesn’t have.  Since being in this country (15 years, now) I have seen the government encourage consumer spending and the banks encourage the use of credit.  Hey!  Banks have even issued credit cards to students with little or no credit rating!

So now that the US consumer is accustomed to living off plastic,  the banks have run out of money and the consumers can’t repay their loans because the interest rates were so high and we have reached an empasse!

Will the incoming administration realize that there are too many banks?  That interest rates have brought the life blood of this country (the consumers) to its knees?

My fervent wish is that whoever is successful in winning the Presidential race, will be less inclined to leap back into war, and more able to count to ten and add 2 + 2.  What our country needs most at this time is a leader who has a basic understanding of bookkeeping and can see and understand that you can’t keep spending money that you don’t have!

If I were able to advise our new leader,  I would suggest that ALL interest on credit card debt be eliminated for one year so that consumer payments could be applied to principle.  Let’s face it:  banks have made a mint out of credit card users.  Now is the time to be realistic and objective – if the consumers have had to pull in their belts, then why not the banks, too?

Cash has to start flowing somewhere and better for it to start flowing from where it has bottlenecked – the government and the banks.

 

Althea Garner

Executive Real Estate

House Of Homes Online

http://www.HouseOfHomesOnline.com

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