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New President Elected. So What’s Next for the Housing Market?
Later tonight, we’ll finally break the tape, finish the race and elect a new President. (Just in time for the holiday rush, right?)
My close-to-the-vest theory has been that one factor (of many) affecting the housing market is the uncertainty of the Presidential race, and that after tonight, a percentage of fence-sitters will move forward and take advantage of the current buyer’s market with some reduced anxiety.
Inventories are high and interest rates are still historically low. I was taken aback today to hear a local lender talk about the aggressive 100% and low-down programs still available, dispelling the myth that loans are only available to the creme-de-la-creme of borrowers.
I am entirely prepared to be completely wrong here, too. Portland-area employers (Tektronix, Columbia Sportswear, Vidoop, Jive, and Freightliner to name a few lately) are letting employees go. The banking crisis is not settled. The stock market is twitchy, at best. And we’re still at war.
So, what do you think?
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4 Responses to “New President Elected. So What’s Next for the Housing Market?”
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Well, since you asked…prices are still way, way out of line with incomes. And now that folks are feeling it in the ‘401K’ they may reconsider LARGE purchases such as a house. Or they may think that a house is a safer investment(?) than the stock market but then again both investment routes have been proven quite risky in the past year. Ugh!
BTW, did that local lender talk about the jumbo loan situation?
RIP Genoa:O(
I did have a client tell me that the stock market volatility made them consider pulling some $ out of the market and buying a home instead. A bit of a surprise…
No specific details about jumbos other than they are available (and probably expensive). FHA can go up to $418K in the tri-county area.
Never got around to trying Genoa
Genoa is staying up till Nov 22 for those of us who haven’t yet made it and for regulars to say good bye. It was never in my budget but sometimes you just gotta splurge and experience the great life once in a while:O) 38 years…is that a record for a restaurant?
Land seems to be pretty solid, not much price reduction, except for builders in trouble. We may see more of that next year.