Now That The Election Is Over

By
Services for Real Estate Pros with George Warshaw & Associates, P.C.

By Attorney George Warshaw

Thank goodness. No more ads by candidates ripping each other to shreds. But now, what’s ahead for the real estate economy?

Predictions that real estate will lead us back in the recovery quickly turned to gloom a day after the election. “The recession is upon us again! The sky is falling!”

I must say that I am so sick of hearing good news one day and Armageddon the next.

I’m taking a simpler, unscientific approach to understanding the future of the market. If you want to know what the weather will be, stick your head out the window.

In my view, this country is in a credit crisis. I ask three recovery questions: Is individual credit card debt being reduced? Are foreclosures slowing? Is consumer confidence positive, negative or indifferent?

A positive answer to all three questions means to me that people are recovering and will spend money again soon. People spending money generally means that more people get employed to meet demand.

Perhaps my view is simplistic, but right now the real estate market is still moving forward. Prices have increased. Rents are rising. Homes and condos for sale are in shorter supply. New home construction is up. Banks want to and need to make loans.

All very positive signs. That’s my view! © 2012 George Warshaw.

George Warshaw is a real estate attorney and author. He represents buyers and sellers of homes and condos in Massachusetts, and prepares wills, trusts, and estate plans. George welcomes new clients and questions at metro@warshawlaw.com.

 

 

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Rainmaker
684,722
Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

It is really good to see some positive notes for the economy in our market area. I hope it continues for everyone.

Nov 20, 2012 06:41 AM #1
Rainmaker
177,562
Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates

It is hard to draw conclusions when we see limited sectors of a national problem. 

We can all hope that we are seeing the light at the end of the tunnel. 

Nov 20, 2012 07:28 AM #2
Rainmaker
624,965
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

The NAR Economist Lawrence Yun was not at all negative about the market, but rather very positive.  You may want to check your sources.

Nov 20, 2012 07:54 AM #3
Rainmaker
732,835
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

George, the media is already having election withdrawal symptoms - can't believe they already started the chatter about 2016! Can always generate some commotion and negativism with random predictions...

Nov 20, 2012 08:52 AM #4
Rainer
51,228
Jeanne Gregory
RE/MAX Southwest - Sugar Land, TX

If you turn off the TV life is good!  If you watch the news, we are all going to hell in a handbasket.   I'm going with the life is good theory.  It is here in Texas!!

 

Nov 20, 2012 10:36 AM #5
Rainer
401,403
Beth Paterson
Reverse Mortgages SIDAC, LLC, NMLS #1790592 - Saint Paul, MN
CRMP, NMLS #342859

George, I was so sick of the political ads I was thrilled to have the elections over! I'm grateful that we can record and fast forward though those ads but it was ridiculous that they played so often.  I'm with Jeanne #5, going with the life is good and not watching TV other than positive and inspirational shows. 

Nov 20, 2012 12:36 PM #6
Rainmaker
1,004,473
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

George:  Unfortunately, ripping your opponent to shreds has worked in the past.  Mr Romney did it all through the primaries... and he ended up with the nomination.  And unfortunately, part II... some times you have to fight fire with fire.

Thanks for echoing all of the news about the good things going on in your market place.  Good news breeds more good news... and that's something we surely cannot get enough of.

Nov 20, 2012 01:16 PM #7
Rainer
278,609
Jon Karlen
Finish Line Realty - Shelbyville & Louisville Ky Real Estate - Shelbyville, KY
Louisville & Shelbyville Kentucky real estate

The media is just looking for a story.  So they hype whatever they think they can get away with.  In the end, real estate is local.  Even in the worst of times, there will be areas that are thriving and doing well.

Nov 20, 2012 04:32 PM #8
Rainmaker
446,861
Scott Seaton Jr. Bourbonnais Kankakee IL Home Inspector
SLS Home Inspections-Bradley Bourbonnais Kankakee Manteno - Bourbonnais, IL
The Home Inspector With a Heart!

I like the way you look at things, instead of reacting to every change in the wind like some folks. Thanks

Nov 20, 2012 10:03 PM #9
Rainer
5,591
George Warshaw
George Warshaw & Associates, P.C. - Boston, MA
Real Estate Attorney - Boston

I truly thank you for your comments. Once the election ended the negativity among the self-anointed  "intelligentsia" stated again driving uncertainty in the market. But keep an eye on the consumer confidence numbers. It's in the positive. They weren't fooled. The economy is getting better. Hopefully the politicians in Washington won't screw it up! - George

Nov 22, 2012 07:00 AM #10
Rainmaker
1,004,473
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

George:  I hope this election will bring some sort of lessen of the obstructionism we see in the Senate, and also an end to the craziness we see in the House.  I hope for this, but I am more of a realist than that.

If we should get back on the trail of major gridlock... I fear it will have a negative effect on Consumer Confidence... which has been improving for quite a while.

Nov 22, 2012 08:00 AM #11
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George Warshaw

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