I occasionally get into conversations about real estate with people...in fact the minute they find out I am a Realtor (wear your badge and this will happen even more often) they begin asking questions. Usually...How is the market? Are you selling anything right now? and many more questions come up...but lately I have been asked how I think a change in President might change the market.
I think this is a fair question.
I know most people have strong opinions on each of the Republican candidates...and also have opinions either way on President Obama. My opinion is strictly based on how I think the future of home buying or selling will be changed based on the decision the Country makes over the next 13 months.
When it comes to President Obama I do not like many of the options he has put on the table when it comes to the real estate market. Potentially taking away the home mortgage deduction would be devastating to those markets that are already weak. He has also proposed plans that would require those selling their homes to bring them up to certain modern code requirements...this would potentially create a gulf between newer and older homes that could have the unintended consequence of driving down home prices in older neighborhoods...making for even more foreclosures.
When it comes to the Republican candidates I think (again based solely on how they may help or hurt the real estate market) Rick Perry and Mitt Romney would help the most...and Herman Cain (if he would require a 9 percent tax on all home purchases) would have a detrimental effect on home purchases. Perry has shown a hands off policy to real estate regulation...and Romney...as a true business man understands the need for the need for wealth building including through real estate home ownership. Newt Gingrich would also be a friend to real estate but does not seem to have much of a chance to gain the nomination.
What are your thoughts?
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