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After Today's Presidential Election... What's Next?

By Emily Medvec

Real Estate Broker/Owner with eXp Realty LLC NM Broker License 16161

November 06, 2012 12:52 AM

After today’s Presidential election... what’s next? Today, like most of you I lack a crystal ball on the outcome. However, what I do know for certain that today’s election is about the future of our economy. And for those of us who remain in real estate there are too many issues on the table not only for our small businesses but also for the opportunities home ownership and real investment bring to every community.

What I wonder about today is our post-election economy. Many of us have customers and clients on the fence until after the election.They could not make decisions because of the uncertainty that surrounds any close election race. However, tomorrow many of them will be having kitchen table conversations. They will be deciding whether they can afford to sell their home in their local real estate market. Others will decide if it is a good time to buy for their bottom line. Many of them will be calling us to find out our expert opinion about our local real estate market.

I am still thinking about my answers. I’m wondering if you are too. What is your take on our post-election real estate market? Do you have one?

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Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Hi Em....first of all, I love your new photo.... to answer your question, I've been thinking about that for the past year.... I think about that whenever I hear a negative ad.... I think about that whenever I feel we are advancing in the right direction.... we could slam to the bottom too easily.

Nov 06, 2012 01:04 AM

Emily Medvec

eXp Realty LLC - Santa Fe, NM

Broker | Realtor | Serving Santa Fe & Northern NM

Barb, when we are bouncing on the bottom it is often difficult to even think differently. We have to begin to break the habit of real estate the old way and help our customers and clients look at strategies that are focused on their savings and investments. As for the new picture, the pup stepped off the planet and it was time for me to fly solo. Good to see you as always.

Nov 06, 2012 01:10 AM

Wayne Zuhl

Remax First Realty II - Cranford, NJ

The Last Name You'll Ever Need in Real Estate

Hi Emily - If only I had a crystal ball, right? I don't think either candidate will make as big an impact on the housing market as having the election over will :)

Nov 06, 2012 06:00 AM

Chris Ann Cleland

Long and Foster Real Estate - Gainesville, VA

Associate Broker, Bristow, VA

I'm thinking the certainty of having it DONE will be a positive thing no matter who wins. Indecision tends to cripple consumers when they hear such negative stuff on both sides of the aisle. The reality is really that our Senators and Congressman are equally powerful in the legislative branch, maybe more so in that they are the problem solvers and law makers. THOSE are the folks we are relying on to solve our eonomic problems. The President has the final say in signing, or vetoing things, but the spotlight is squarely on them. Vetoing solutions is not a good plan when you alone are in the spotlight.

Nov 06, 2012 07:56 AM

Florida Tolbert Team Keller Williams Advantage

Keller Williams Advantage III Realty in Lake Nona - Orlando, FL

Keller Williams Land Luxury Division Specialist

I am going out on a limb and saying if Obama wins, we continue with recovery. If Romney wins, we have no idea what will happen.

Nov 06, 2012 09:13 AM

Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

Emily, I think our local market will stay pretty much the same. I think we have turned a corner where buyers will be much more careful and may delay their purchases for years.

Nov 06, 2012 11:19 AM

Ginny Gorman

RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI

Homes for Sale in Southern RI and beyond

Emily, great discussion and the American people are demanding reconciliation and better change...all parties working together (a laugh here) and the real estate market is progressing bit by bit better.

Nov 06, 2012 08:46 PM

Emily Medvec

eXp Realty LLC - Santa Fe, NM

Broker | Realtor | Serving Santa Fe & Northern NM

Wayne & Jean, I agree as uncertainty does impact decision making about everything.

Chris, this morning we have a "new" certainty and a new Congressional make up. I think what will be interesting how this impacts our local real estate markets. Real estate is local, however financing and information about real estate is online and global.

Kevin, now we have certainty with the election over. Are you bullish on your local market?

Debbie, I think the only reason buyers are delaying purchases is related to financing. It will be interesting to see what this "new" certainty brings to the table for mortgage financing.

Ginny, from my view in the trenches, there is a great deal of demand for Santa Fe real estate. The issue is frequently mortgage financing and the debt to income ratio. Many of my customers these last 2 qtrs have been cash or 1031 exchange buyers. As for working togther, this applies to buyers and sellers as well. Only when people start focusing on solutions will they find opportunities.

Nov 06, 2012 10:51 PM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Emily, it will be interesting! Have had many clients asking about the 3.8% "tax" and wondering how buying & selling will affect them in the next year.

Nov 11, 2012 12:36 AM

Emily Medvec

eXp Realty LLC - Santa Fe, NM

Broker | Realtor | Serving Santa Fe & Northern NM

I have had similar questions but the one I get the most from boomers thinking about relocating is all about our Santa Fe property taxes which fortunately are lower than most states on the east and west coasts.

Nov 11, 2012 05:40 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Emily, it was great chatting with you, even a short conversation! It is nice to show homes to East Coast or West Coast buyers and when they find out that we have MUCH lower property taxes, they are excited!

Nov 18, 2012 06:05 AM

DeeDee Riley

Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA

Realtor - El Dorado Hills & the Surrounding Areas

Hi Emily,

Here it is almost 2 weeks post election and I still have no idea what to tell people going forward. I only know what is happening now in our local market and what we've heard here and there. There are definitely signs of improvement here and I am just hopeful it wasn't just to look good for the elections.

By the way, love your new profile picture!

Happy Thanksgiving!

DeeDee

Nov 18, 2012 07:48 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Emily, Happy Thanksgiving, and enjoy dinner at your friends. It is also nice to hear from you - enjoy this special day!

Nov 21, 2012 11:42 PM

Marie Graham

Owner, The Refreshed Home White Plains NY - White Plains, NY

Westchester County Interior Decorator, Home Stager

EMILY! Have been away also-but good to see you and yes, love the new photo. From my vantage point, have been seeing reality sneak back into expectations of both sellers and buyers over the last year, and I believe it will continue. People want to be happy, and they want to get on with their lives.

Dec 03, 2012 11:20 AM

Emily Medvec

eXp Realty LLC - Santa Fe, NM

Broker | Realtor | Serving Santa Fe & Northern NM

Joan, given the election news has been replaced by "tax" news, many of my inquiries begin with the sentence "what are your property taxes etc..."

DeeDee, I have been beyond slammed with inquiries from all over the US and overseas. At present, buyers are a bit jittery given uncertainly about "fiscal cliff" news story. At the same time, many of those callers tell me they are pulling cash out of the stock market with the intent to buy property in the future. And many are disappointed that the "great" deals are gone. The latter being the fence sitters. Overall I see renewed interest and uncertainty. Not a balanced mix for sure.

Maria, I agree people want to be happy and go on with their lives, work and dreams. The endless drama the news created this year first with the election, then the middle east and now the "fiscal cliff" crisis continues to add a dose of fear into the new normal or reality of real estate. Fortunately, humans can still turn off the news, search online for homes, call a Realtor and see homes. This is more of what I see happening every day.

Dec 03, 2012 12:23 PM

Connie Harvey

Pilkerton Realtors - Brentwood, TN

Realtor - Nashville TN Real Estate

Emily, we've missed you here in the Rain! I just stopped by to wish you a happy and prosperous New Year!

Dec 29, 2012 07:02 AM

Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES

Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL

Florida Waterfront and Country Club Living

Emily, hope you are doing well! Wishing you a happy, healthy, and successful New Year!

Jan 01, 2013 08:27 AM