Homebuyers Expect Market to Improve
July 16, 2008 | Filed Under Real Estate News, Mortgage and Finance
Will a new U.S. president help turn around the housing market? Many homebuyers seem to think so. A new Harris Interactive survey commissioned by Move, Inc., finds that 44 percent of homebuyers believe the housing market will improve once a new president takes office next January.Nearly half (48 percent) of women and 41 percent of men think a new chief executive will bolster the housing market.
However, 81 percent of homebuyers are still nervous about the housing market and cite several barriers to owning a home, including cost of a down payment (28 percent), their annual income level (20 percent), lack of confidence in the economy (26 percent), and high home prices (31 percent), especially in the Western states (39 percent).
Despite these reservations, desire for homeownership remains strong, the survey finds. While 41 percent of current homeowners plan to purchase again, 80 percent of all renters plan to purchase a home someday and 47 percent plan to do so within the next five years.
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Markets move in cycles, and the current RE market is no different from those we have experienced in other markets. However to say that either candidate will affect the market based on stimulus they will create may be a long stretch. Consumers in that survey cite income as a problem for home ownership. Mr Obama will create an environment where the effective tax rate(all things considered, capital gains, income tax etc) will be over 60% for those making more than 60k per year. Since he will be the President(lead of double digits in any poll) we need to factor this into any prediction as to how and when the RE market will rebound.