Not sure if the rumors are true, but I’ve heard talk of an election coming up soon. Oh, wait a minute, that’s right…Now I vaguely remember the constant media ads pleading for my vote nearly every waking second of every day. I can’t even get through an episode of my favorite shows before I’m reminded of the campaign.
Since it can be overwhelming at times, it may be worth watching these videos to lighten the mood a bit.
President Obama at Al Smith Dinner
Presidential Candidate Mitt Romney at Al Smith Dinner
No matter what side of the political spectrum you fall on, it’s clear that our future President’s economic policies will strongly influence the real estate market. Today, low mortgage rates and home prices are encouraging for buyers, but as with any election season, you can expect a hesitant market.
Whoever ends up in office after this election will have a number of important decisions regarding housing policy. It’s interesting to note some of the key differences between Obama and Romney.
Obama supports the Dodd-Frank Act implementing new housing finance rules and consumer protections. He has proposed government funding for areas flooded with foreclosures, allowing local authorities to partner with the private sector to rehabilitate these homes and raise property values. He is also a supporter of proposed legislation making it easier to refinance.
Romney, on the other hand, would like to see smaller financial institutions more involved in the market. His plan would repeal Dodd-Frank, attempting to simplify government regulations, making it easier for the private sector to reenter the market. Overall, he feels that big government is hindering a housing recovery, not stimulating it.
Ultimately, the economy is the major issue at hand and the overall health of our housing market depends on it. The winner of this election will face challenging decisions on how to move forward. Although uncertainty is a factor, experts do anticipate home prices will continue to appreciate through the new year, which may motivate more underwater homeowners across the country to consider selling.
As election season draws to a close, I hope we can look toward the future with a sense of hope and expectation. If you have any real estate questions or concerns don’t hesitate to contact me. Happy voting everyone!
I’m Anne-Marie Wurzel, and I approve this message.
AOL Real Estate