WE HAVE earned a right to vote here in this great nation. We should all make time to exercise that right and study the issue and vote according to our beliefs. Regardless if you think it will make a difference or not, please do vote it should make you feel proud to be an American, here we have a voice.
The mortgage interest tax deduction is a big factor that will surely affect how homeowners and investor continue to invest in real estate. Capital Gain exemption that we currently have will most definitely have a huge effect on Real estate sales. Big Corporate deductions for homebuilder will also be key in determining the aggressiveness of homebuilders to continue to apply for building permits.
These are just some ways the new President will have to address once in office, again as I have always said, when construction comes back and starts to hire everyone will go up a notch in the economic ladder. When houses are being built and sold that affect a huge array of industry such as sales, advertising, and insurance, retail all the way to banking as well. When a house is built and sold everyone benefits from the construction people having jobs, to their landlord getting rents, to the neighborhoods retail and grocery markets getting customers, to buyers moving in, buying new furniture’s, getting home loans, moving banks etc… every move that is made a whole bunch of service industry people benefit. To me that will get us out of this slump quicker than anything. Can you imagine once the equity of homeowners starts to increase and move up sellers and buyers come back in droves to our real estate market will shall see 8-10% increases per annum. I suspect in about 3-5 we should hopefully be there.
No matter which candidate you’re leaning towards we all can agree the economy and housing market needs to be addressed. How do they envision housing as a part of our economic recovery and growth in the future? Many of us own homes or dream of owning in the future. Many owners are under water or have already lost their home to foreclosure. I am still getting calls from Homeowners needing help on Loan Modification and still many calls from homeowners under water in value.
The debates and all the tug of wars between the presidential candidates have not really address the issue of the collapse housing market. The word “foreclosure” has been uttered only once during 180 minutes of combined discussion between President Barack Obama and Mitt Romney, as well as Joe Biden and Paul Ryan. I heard on the news that whichever candidates get elected, Wall Street will again be the STAR. Did you know that there is really nobody fully blamed for this Financial Crisis that occurred the past few years, no one prosecuted, no one taking the blame? HUH, I wonder why?
So why haven’t the candidates debated the topic? Both candidates have struggled to find a clear answer on this complicated issue and housing policy tends to be less exciting than, for instance, Iran’s obsession with getting nukes or the many other International challenges taking place. These issues concern me very much, but I am also interested in topics that hit closer to home. The housing market affects people of all political persuasions, income brackets and ages all over this country. This will also determine our future because it’s either we own homes or want to own a home.
I got a call from a long time agent I knew from back in the days and she was asking me for help. She paid three different modification companies close to 12K within the past year and a half and finally filled for BK. She now has a NOD (Notice of Default) on the property that all these Modification Companies were supposed to be saving. She did put some money to buy this house so she really does not want to lose it, but she kept getting promises from these Loan Modification Companies that they can guarantee her a loan balance reduction and can help her save her property. Now, she is down to either letting it go, paying the back-owed amount or doing a Short Sale.
This is from someone who has been in the business for probably longer than I have, that tells you that not only these Loan Modification Companies are misrepresenting laypersons, even professional agents go under their spell. So, be very careful and again go direct to your lender for any help no one else.
Are people on ready to buy now? People are waiting to hear. People are waiting to buy or sell homes until they have an understanding of where the housing market is headed. Yes, it’s true — the housing market is improving in the California market. I believe it will continue to improve yearly, but I would still like a clear understanding of what the presidential candidates plan to do.
Let’s get out there and put our voice to words and vote. My believe is that regardless of who is getting elected the housing market will slowly improve and the bottom of housing should be behind us.
Rates are astronomically low and buyers can qualify for more due to the low rates, so buyers save up more down pay will get you better chances of getting a home.
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Thanks for all your support and inquiries please call Ken Go of 1st Innovative Finance Group at (562)697-7028 or write to [email protected].