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Will Obama be good for Real Estate?

Wealth Redistribution and Bail outs. Obviously those of us who are in the Real Estate profession or in marketing the Real Estate profession are at the center of politics this Fall 2008.

Polls indicate that Senator Obama has a commanding lead.

Should he become President, how will his policies affect our industry? Will taxing small businesses and large corporations that make more than $250,000.00 in income help move the over supply that currently exists in our unsold product?

Are Bank Bailouts, Insurance Bail outs, and Bank takeovers by our government good for our industry?

I really would like your input here. I will be marketing Myrtle Beach Real Estate products for our local area in 2009 and I have more questions right now than answers.

Posted by Myrtle Beach South Carolina Marketing on 10/28/2008 07:29 AM

Comments (42)

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42 Comments on Will Obama be good for Real Estate?

OCT

2008

NO BAMA, YOU CAN KEEP YOUR CHANGE!

am taking the risk to talk about this because....I am really concerned on how it is going to affect my family and lifestyle that I have worked so hard for. Actually I am darn scared for the business owner and all of you. I don't know but...I do expect that all of you pay a huge hunk of your money to taxes. I hate writing that check every year. I think about If I could just keep a little of it and what I could do for my family. After reading about Obama I understand that I will be taxed to death and he will be giving my money to others that don't work hard. Others that have choosen not to educate themselves and work for minimum wage. Take from "me" and give to them. I don't know about you but I really have a big problem with that. I have spent years of paying my way through college, single mom of a young child at the time and working a full time job, then risking leaving the environmental field to become a realtor and paying for my own training and education of the last several year. I earned and worked hard for my wages and I do NOT want to spread my wealth with anyone, be Penalized for working my tail off, pay more taxes than I am already paying, and increase the capital gains tax. I frankly and darn scared for our country. Already business are looking into moving from the U.S. to the country of Ireland because.... it is only a 11 percent tax there. Please have the courage to share your thoughts. As a Community we need to protect ourselves and share ideas.

LOL, this is too much a topic. Not a simple yes or no question. But I know any war is hurting this country.

I don't think that Obama will be good for any industry if he is truly considering a tax hike/redistribution of wealth because inevitably the more paid in taxes the less people can spend on goods and services...

Ted

Wealth redistribution is such a loaded term. We could say we redistributed 700 billion dollars up to rich folk who totaslly messed up our economy. So before we use these types of phrases it is important to note we reditribute or distribute weath every day. So the question really is looking at the mans policies with out labeling them so we do not have to really think about the content. Are they good for us? In my opinion yes. If the middle class person has money he will use some of it to buy homes. So if you are in a market where homes sell under 500 K then you are in good shape. If not, even with a potential additional tax if the economic climate created is such that you have more money even with some higher taxes on it you will spend too

Thanks for your input guys. Please keep them coming. I welcome your thoughts and encourage strong opinions here.

I agree, Obama can keep his "change". NO Socialism for me.

So love the following quotes that I have read this morning first one being THE LESS YOU DO IN LIFE THE MORE YOU ARE AWARED and OBAMA KEEP YOUR CHANGE.... LOL my questions is that he talked a lot about change and the only one i can recall is spread the wealth. My first question is what is he going to change and how much is it going to cost me. I despise that man. Polished talker with no content!!

I have to agree with Ken that if elected we can kiss our lifestyle good bye. I know on paper I make well over 250,000. But after expenses that number is way down. With 3 kids in college and a business to run I wonder if I will be able to survive. I work in a great market with median priced homes but giving people more money will not necessarily qualify them to buy. Did we forget credit worthiness? These are the same people who can't or won't hold jobs. I know I rent to many of them. Now the money I work 8-10 hours a day for 7 days a week I will have to share? Hell yeah it scares me. I have worked hard to give my children an education so they can become gainfully employed. They have all worked through college at low paying jobs. There are jobs out there but when the govt gives you more on assistance then you can make at McDonald's why work? Just have another baby and your assistance goes up.

Give a man a fish you feed him for a day, Teach a man to fish you feed him for a lifetime.

Team,

I would like a response on Bank Bailouts as well? Is this good for us? Could this hurt our industry?

I'm not sure what the future will bring regarding an Obama presidency or not. However, I know one thing; I don't like how it is at the present. The present administration (and it's candidate clone) has taken us down a difficult path. You can bet there are those that have made fortunes from current policies while most of us have taken a hit. I'm looking forward to change; not the "same old, same old."

Remember, we have a democratic congress now.

First of all McCain is NOT a clone. Study him and you will see. Second, No one has answered my question. WHAT CHANGE? How much is it going to cost me. My question to you...do you want to spread your wealth with the money sucker of this country. The ones that don't want to work? Or...you choose the guy that will at least help protect your salary and finanical future. If any thinks that Obama is going to make head way for change you better think twice anD DO YOUR HOMEWORK. Just don't believe what you hear go GODS sake and yours....Research you will find a train wreck ahead

The biggest immediate change that I see affecting me is the probable uncapping of self emplyoyment tax. Right now it's capped at around $100,000. So I pay about $15,000 in social security and medicare tax. If I make $200,000, and it is uncapped, I'll have to pay another $15,000. That's money I'm never going to see at retirement. That's $15,000 that I'm using to send my son to private school.

It's an easy sell. Boo hoo for that rich real esate agent making $200,000. Why should he be able to send his kid to a fancy private school instead of shoring up social security.

I guess I can take advantage of the property tax I already pay and send my kid to a government school. I could also just stop selling so much real estate and take some time off.

The redistribution of wealth that Obama talks about is of great concern to me. I don't see how giving money to people will help the economy. Good paying jobs give people a hand up not a hand out! Business owners hire those people and taxing the owners will not allow them to expand and continue to offer more jobs. I think you have to take a broader look than just how it's going to help me in my real estate business. The government tried to get more lower income people into homes in the last several years. Astonishingly enough, people who had no business buying a home were able to obtain a mortgage. The bankers, lenders and loan officers made a fortune with those loans and did not consider it's impact on the economy. They only thought of themselves. As real estate agents, we need to look beyond our own backyard and it's impact on our industry. Why? Because it always comes back to you in one way or another. Just as the lending greed has come back to haunt us all.

Please don't stop there. What are your true thoughts? Please explain.

Your one poster is correct. Even if ON PAPER it says you make $250,000, you pay desk fees/office fees, marketing, car, if you have an assistant, taxes....you might only make $175,000. Now, before people freak out and say $175,000 is a lot, calm down:) My point is that you have to take a lot of things in to consideration for the $250,000.

Considering 70% of jobs are with small businesses and Obama wants to tax the small business, what do you think will happen?

Does anyone feel that the bail out last month was bad for the Real Estate Market?

I think at this point it really is hard to say what will happen. Does anyone really know??

I just found out Barak Obama is 13% richer than he was last year. Book sales. I guess running for President is a very profitable business.

I agree with Bill above here that it will be hard to tell what is going to happen. The area where I have concerns is health care.

Yes we all have concerns over health care. If I remember oh...Hillary was going to reform that when billy was in office. What happen to that? Do u really think they are going to change that? I would be suprise and if they do trust me...uummm I think we will be paying for it. Especially if you make over 250k a year. spread the wealth..

I think Obama has the capacity to inspire people to do, and be, more than we have settled to be. For me, this means so much and I will gladly pay a few dollars more in taxes, if necessary, today as down payment for my children's tomorrow. This country needs a direction - a dedication to sacrifice today towards building infrastrure, green technologies, and better educating our kids. We need to make tough choices and it will take someone of Obama's talent to set us on these courses. I'm convinced he has the ability. And I'm willing to take the chance - as the alternative is truly 'more of the same' - just packaged in a 'mavericky' suit. And besides, who genuinely relishes the idea of a Palin Presidency during these complicated and delicate times? That prospect sends shivers!

OCT

2008

Sounds so good....to good to be true. Barack Hussien Obama is a polished speakers. However, there is NO meat to his content. What his he going to "change" He tells the people what he wants to hear, As a senator he has lead no one other than a group of boyscotts. He has NOT made any significant accomplishments nor has he done anything on his own in the senates office that is worth talking about. Voting for a man that you really don't know is a dangerous decision. Rest Assured if you did and you saw how much more you will be taxed and how your wealth is going to be spread around to others in this country that do NOT want to make an effort to become successful on there own I applaud you for wanting to share your income and take away from your immediate family. I have some meaty factual documentation about Hussien....Obama...If you are interested I would glady share them with you.

No he will not be good. His tax advisers want the capital gains tax changed. Instead of tax free up to 500K you now will pay 140K taxes. The upper end real estate market will collapse. No speculation here. Have you wondered why a lot a persons are not buying? This is a big part of the reason. They look at their investments.

Do you guys believe he will win.

Myrtle Beach South Carolina Marketing (Myrtle-Beach.com) No I do not think Obama will win The press wants him to win. Anyone that can think for themselves do real research and weight their own facts without voting party lines will not vote for him.

The press has given him such a commanding lead...

It will be interesting to see how this shakes out.

Gee, anyone who thinks that we "redistributed" wealth in the bailout (and I do NOT agree w/ the bailout) doesn't understand what redistribution is. First, it is NOT giving more to the already wealthy, which....possibly has happened w/ SOME of the $$ from the bailout. Of course, that would include the $30 MIL. that Nancy Pelosi earmarked for DelMonte foods, which she owns a large share of stock in,....Is that what you mean by "change"? Or maybe what you mean by "redistribution" or "clone"???

Or, check this out. When California raised the minimum wage...DelMonte was "exempt" to keep "prices competetive"...which made stock prices rise....oh yah....who owns a large portion of stock again? Can you all say it together??? Nancy Pelosi!

OK....Obama's plan to increase taxes is now down to $200,000. He has changed many details over the months (if you follow his website changes) to fit whatever the people were saying which would gain him votes. Now, w/ Biden's $150,000...we're on a slope down to probably about $50,000.

Ask yourselves if you want this change...let's figure this out. Sure, maybe the multi millionaire could pay a few more dollars, no doubt...BUT...the guy who will get HURT is the $250,000 to $500,000 guy. No why? His business runs very close to the edge ALL the time. Payroll taxes will go up...min wage...$9.50??? (yesterday's proposal by Obama)...MANDATORY health care? I can tell you right now, our landscaping company cannot afford this. We are a fledgling business....can't do it. Those expenses will FAR outweigh ANY tax savings......

How is Obama going to pay for his new spending??? Well, Nancy Pelosi is suggesting they remove the 401K tax benefits...OK...let's think this through....What do they do w/401K? INvest it in the stockmarket...ok...let's take away the benefits. Now, why would anyone put money in it? If they have to pay tax on it anyway, they'll just spend it. Two problems, we are not a nation of savers, and now we just made it worse, NOW, they take millions out of the stock market.

People, PLEASE think long and hard. Get past the "grand speeches" (which I think he stutters terribly, but, ok). LISTEN to the words. STUDY what he REALLY has done. DON'T vote on emotion! This is one time in your life you need to REALLY weigh the odds.

McCain...perfect? NO. BUT....he did what was right 30 yrs. ago when NOBODY was looking. He will do what is right now. He at least has a plan for homeowners he would like to implement. He is the FIRST guy I've heard saying "spending" has to go down. When your household budget is in trouble, what do you do? QUIT spending. It is the same philosophy in gov't. Cut it back, stop....look @ what is needed and reassess what is necessary and what is luxury.

Ok. That's my "stump speech". But, I urge you. This is NOT a change you will want. It will tank our economy. Even Biden says it won't look like we made the right decisions.

Deanne,

You are so informed.... You go girl!!!

Thank you Thank you Thank you for your FACTS. I could have not said it better. Hussien Obama is enough for me. You said it perfectly. Please everyone. Vote for the lesser evil which is McCain. Hussien is not a candidate we want in office. He will kill your dreams, goal, and what the USA... stands it grounds on. IT WILL BE A CHANGE YOU DO NOT WANT!!!!!

I've been studying this election for a LONNNNGGG time. I'm nobody special, just a common sense person. I don't get swayed by speeches and glamour...never have..so sorry...but....

One more thought. (common sense again). When your child comes in late and they don't want to tell you what they were doing, or they don't want to get too close to you (cuz they had a beer)...doesn't your gut tell you they've been up to something? Or when they're small and you walk in the room and they are all quiet?? And you are ALWAYS right...correct?

Take a look at why the LA Times is not releasing this tape. Why??? Rather ask yourself, why wouldn't they??? Cuz, you might smell the beer on their breath, or they're all huddled in the corner being quiet...

Get my point? Think common sense folks. Study the facts and vote w/ education, not emotion.

Yes vote with education and that is why I am for McCain....our emotions want change....but our right side of the brain says...McCain.... So with your studing what did you uncover? would love to hear!!

Well, first, Chicago Politics:

Since my husband was born & raised in the Chicagoland area, we are more than familiar with the workings of this area. The people that Obama is connected with there are definitely not people that one would want to turn your back on. Take Rezco for example. The real estate deal that was so sweet for Obama, though performed correctly is suspect from the beginning to end in it's availability,pricing and interest rates. Deals like this (in the REAL world of scratch my back.....) do not come w/o a price. Most people are very naive to these types of things because they just don't want to believe that it really happens very often, you know...sort of a movie type line. Unfortunately, it is VERY common. Now, again, common sense, let's give him the benefit of the doubt....sorta under the table, but kept it legal...one HAS to ask..is this REALLY the actions of a man who is interested in the middle class? No. This is the action of a man who is intent on furthering his own agenda.

The secrets that surround this man are unbelievable. His "driver" Michael Signator, a police officer in Chicago, is virtually an unseen person in this campaign. HOwever, he owns a home about an hour from the Obama's AND an apartment very close to them. HOW does a cop have that kind of income??? Obama's campaign didn't even know the guy was on the payroll and denied it, until it was proven that he was. He started as a driver and was paid $50,000 last yr. by Obama and I believe between $40 - 50,000 this year. Can anyone afford both a house AND an apartment in an expensive neighborhood in Chicago, on that amount of money? WHY is he such a secret. I've only been able to find one photo of him at this point. Obama went there one day to "workout" and was there for 15 mins'....???ok??? He went there very frequently during the VP decision making process. This guy will NOT speak to anyone and is kept hidden yet he is a very close confidante of his. This is only TOO odd to put into words, though I have some personal thoughts.

There is a law suit that was just recently dismissed in Pennsylvania concerning the birth certificate of Barack Obama. This was just dismissed last week. The odd thing is that though the lawsuit was dismissed, his birth certificate in Hawaii has been sealed and the courts will not allow it to be seen...???HUH??? Why? Well, the lawsuit claims that it is a forged birth certificate and he is NOT a US citizen. So, if it's dismissed, why not let the birth certificate be seen? You have to figure that one out.

Michelle's thesis she wrote @ Princeton. I spent over 3 hrs. studying it as I didn't want to go on what other people were saying about it. I am paraphrasing from notes I took. I am not quoting any of the paper directly.

I came to the following conclusions after studying, reading, re-reading, taking notes: It is true, she was "seeking" who she was at that age and where her life would take her. However, what she concluded in her study was that Princeton was racially imbalanced in the favor of white students. She also feared AND concluded that when a black person leaves behind their black community behind and progresses, they become more "white". She indicated that the more one integrates w/ the white community the more they forget the black community, thus separationists were more apt to help their community. She also concluded that they feel "guilty" for this and even used the word betrayal to describe it. They should try to go back and bring them along. However, she also concluded that in trying to do so, there was a resistance to this, because the community then felt a difference to them. I believe it was a thought that they felt a helplessness, which I can concur...if in an environment, a learned behavior develops. However, she wrote at great length discussing the desire or lack thereof to help the lower black class.

What I see in this writing is that her husband's philosophy then is fatally flawed. If her conclusions from her thesis hold true, then when one "spreads the wealth" around...the person who is in the lesser or worse off condition if you will....won't actually progress with this because the thought is so ingrained and by giving them a hand out, you do not give them a hand up. PLUS...the hardest thing to teach anyone in a learned behavior is to learn a new behavior. I don't care about color...anyone who has lived in an environment most likely will stay in that environment. So, by her own writings her husband's philosophies of "spreading the wealth" won't work as most people who will receive these handouts will do nothing to "earn" their own money.

It's sorta hard to put it in writing in w/o actually writing a "paper" on it myself, but hope it makes sense. You can read her thesis (which the campaign did NOT want out there at first) on politico's website. It's very long and involved, but it's all there.

Well, that's enough on that post. Those are just a couple of investigative things we have found and studied. More later on!

Let's talk healthcare.

Why do you think Canadians come to the United States for our Dr's? Because they can't get into the specialists they need for months and months. This will happen here under a nationalized healthcare program. My personal banker is from Poland. They have nationalized healthcare. Her mother needs to see a specialist, can't come to the US and it will be a possible 6 months before she gets into one. This could cost her life!

His plan says that he will give small businesses a tax credit for having insurance for employees..what it doesn't say is how much...nor does it point out the cost of trying to carry insurance for that employee. The cost will so far outweigh AND...the employer , nor the employee doesn't get to pick their plan..this is HIS insurance plan. Let's face it...a 25 yr. old doesn't need the same type of insurance, say a 50 yr. old needs.....

He says he will ensure that "everyone who needs it" (from his website) will receive a tax credit for their premiums....well...how do we reach that conclusion? WHO will need it? WHO will qualify for it?

Now he wants jobs here, but he wants to import medicines from other countries to allow more generic medicines. OK...I'm all for generic medicine. Why not develop it here???? He's so HEP on having more jobs here... ??? Or does that just fit his "agenda"?

He says that if you like your insurance, you can keep it, but your costs will go down $2500. HOW??? Because those companies will either become nationalized, or they'll close...mark my words. More jobs gone.

Now, for McCain's plan. I challenge anyone to go to McCain's website where there is s CHART on your savings, costs, net savings, etc. I will not try to put it all in words. If you go to both websites and read, (it was easier to describe Obama's cuz it was mostly overview salesmanship) you will be able to make an educated decision...black & white.

In my opinion, no.

Foreign policy....promising all these things that he can't fund w/o more spending, which he claims he is cutting & Barney Frank has already gone in and told them...we're cutting military spending by 25%....ok??? so, how is he gonna do all this defending (which you can't win a war playing defense...ask any coach)

By the way, Barny Frank has a VERY personal connection to Fannie Mae / Freddie Mac. He was in a VERY personal relationship in the past w/ one of the high execs. Ummm....possibly a little emotional swaying there? I would think so....

The Dem's are very intertwined in all this. I mention this only because though I do believe there has been some issues w/ the Bush administration, it is not totally to blame. 9/11 had a terrible impact on this country/economy. I do believe some of the "letting the housing market go" was a response to this in a sorta..."let's ride the wave", it's not broke right now thinking. Human nature is to think it will never end as most thought, however what goes up must come down. At any rate, I will conclude w/ this:

This problem we are in will take someone who has a great respect on Capitol Hill. Senator Obama has the most liberal voting record in the Senate at this time. Joe Biden has the third. Obama received one of the highest amounts of money from Fannie Mae/Freddie Mac as any other senators. Do you REALLY think he is capable of reaching across the aisle? It's pretty hard to reach across the aisle when your seat is clear at the opposite end of the row.

John McCAin, though not perfect, has a DEEP respect among the other people on the Hill. Even his strongest counterparts can remark nothing bad about him except that he can get tempered up a little...well, can't we all. His reach will be a LOT closer to the aisle.

Another day...other topics. Sorry to go on and on...you asked.

OCT

2008

I see the polls now tightening. Can McCain win? Media says no...

What did you guys think of the Obamamercial last night?

I say yes, he can win. 5 days and counting.

The Infomercial was a flatliner. By that I mean he didn't say anything new, or exciting that would necessarily swing voters. No specifics, which might have helped, but it was rather dull actually. Personal opinion...I thought it was very arrogant and presumptious to have a set similar to the oval office.

The White house setting was a little over the top.

OCT

2008

Is everyone ready to vote? Have you voted already?

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