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I wouldn't wait because interest rates may go up and the market is always hotter in the spring. But I also don't have a crystal ball to know if the prices will drop. If you're ready now I'd look now and if you find something you love, jump on it. If not keep looking until you do.
1) My city, Denver, has seen 10%/year residential appreciation for at least five years running. Now we're about to veer off into some unknown course. There likely will be trade wars, and there may be real wars, too. At the very least, the all-GOP government will take a very different economic course, which will likely bring a different result.
2) Personal experience: I bought my first home as Reagan came in, and it had lost 40% of the purchase value by appraisal as he left in 1988, due to a local recession. Eight years of Clinton saw it rise many times over. My current home sagged 25% in value under Bush II, with the 2008 national mortgage crash. Now it's at peak, worth nearly double that 2000 purchase price. The record is clear, I lose equity when the Republicans are in charge, and gain value when Dems can shape policy.
3) But it's worse than that now-- it's Donald freaking Trump, the bankruptcy king. His policies are vague and changeable. Look at how badly the Dow reacted to his victory.
I'm afraid many voters wishing to "shake things up" are going to experience exactly that, in ways they haven't foreseen. Sorry to sound like a prepper, but it may be wise to cash out, preserve my equity and rent for a few years. That way, my rent will get lower as property prices drop. This is very hard for me to consider, because I love my home and I very much regard myself as a homeowner.
I welcome other thoughts on this. Please don't use this to re-argue the election or make political points. Just give me your thoughts on your home equity, and how to preserve it.
OK you're wrong. Do you know what the DOW is? Where are you getting THAT?
HAHAHAHAHAHA WHAT?
THE DOW HIT ALL TIME HIGHS.
You really are not following what's going on.
There is a fantastic TRUMP SURGE ON WALL STREET AND IT STARTED WHEN THE MARKET OPENED AFTER THE ELECTION. The markets are THRILLED at the prospect of the removal of crushing government regulations on American businesses being reversed and GROWTH with Trump's policies and agenda. (exept the corrupt TECH sector globalists LOL)
To save face they're saying they didn't "KNOW" his policies but that's only the MEDIA becasue EVERYONE knows what they are and they've been on his website since last year.
The tech sector is paying the price for their years of American worker disruption with crushing loss and dragging down the Nasdaq because of his Immigration policies LIMITING them from importing crushing H1B foreign workers to take our jobs. (and more)
Do you even KNOW any of his policies? Do you KNOW about the "feud" between Amazon Bezos and Trump? The election was such a black eye to Bezos yesterday he was forced to congratulate the President-elect publicly after attacking him personally for the past year.
OK you're wrong. Do you know what the DOW is? Where are you getting THAT?
HAHAHAHAHAHA WHAT?
THE DOW HIT ALL TIME HIGHS.
You really are not following what's going on.
There is a fantastic TRUMP SURGE ON WALL STREET AND IT STARTED WHEN THE MARKET OPENED AFTER THE ELECTION. The tech sector is paying the price with crushing loss and dragging down the Nasdaq because of his Immigration policies LIMITED them from importing crushing H1B foreign workers to take our jobs. (and more)
Google is your friend.
Well, not really since they have usurped your privacy but not for long.
We will have to wait and see what happens when Jan 20th comes around.
Stripping away a LOT of the issues that have sucked the life out of businesses (especially small businesses) in the US WILL do wonders for the economy....why don't you give him a chance to PROVE it before you pass judgement....sorry your candidate lost....
I didn't have a candidate. Thanks though
He's proven his character time and time again. If we can't judge candidates by their words and actions, why don't we just have a lottery for president?
No, I can't give someone like that a chance. My personal integrity is too valuable. For years, he's shown us all that he's only looking out for himself, that he doesn't mean well, has no respect for others, isn't a decent human being, is extremely rude, and emotionally volatile. I never had to censor President Bush or President Obama's speeches before my children watched them. I didn't worry about them watching the debates before this election. Vile disgusting pig. His words, not mine.
And, even setting character aside, how seriously can we take someone whose campaign promises consisted of "Trust me, I'll do the best job ever. Just wait and see!" coupled with a whole lot of angry words that even most of his supporters acknowledge aren't likely to lead to policy.
But it sounds better when you read it with an English accent going through your head.
Seriously though, to answer your question, no one knows what will happen. It was claimed the stock market would plummet. It dropped for a bit on election night but jumped back up.
There are those that would love to believe that the sky will fall while in reality, it all comes down to: it's the same old thing, just a different name on the letterhead.
I know you are having a hard time finding your house. My thoughts? Keep looking for it. When you do finally find the one, buy it.
I'm losing money in my IRA hand over fist. Dividend stocks and tech, and even some healthcare. The ones going up aren't enough to cover the huge losses in the others. I am making up some red in some of the pharma stocks I have which have been in the red for a while. So glad about that.
We lost a lot in the market the last couple of weeks. The "rally" since then has only ticked us up a notch, and only in certain sectors. The S&P is up only .19 right now.
Some of you guys are so good at predicting the future...can you tell me who's going to win the super bowl this year so I can put down a bunch of money and get some good odds on it?
You can speculate all you wish but the truth is none of us know yet how he'll do in office. Trump could very well be a good president. I think he'll do fine. Really, I doubt he'll be worse and I expect better than the "established" politicians that don't want to rock the boat.
Historically, the housing market slows down between the Thanksgiving and New Year's holidays and picks back up in the spring. In spite of recent rhetoric, it seems unlikely that interest rates will rise significantly before spring (which could trigger a slight downward sales adjustment).
If anything, the Trump election will continue to spur a wave of optimism regarding jobs, business and economic growth -- all of which will likely cause housing prices to go up. In spite of the liberal mantra , the sky is not going to fall. NOW is perhaps the best time you will have in the near future to buy at the best price.
(Maybe you can find someone who is selling their house to leave the country - because the election didn't go their way).
Housing prices in my area of SW Florida are going up in my town. If you live in an area where there is a bubble I would say wait. We will not have another crash like in 2006 when Bush was in office unless Trump deregulates banks as I've read he wants to do. If banks are allowed to give bad loans because they are too big to fail then we have another crisis.
Interest rates won't affect you and that's what home buyers are worried about going up.
Calculate what the mortgage would be and how much money you are paying for rent and see if you will be saving money by buying now. Look into what insurance and taxes and any HOA fees are first. Make sure the home you buy does not need a new roof or that it's priced accordingly if it does, and make sure the plumbing, electric, and heating/hvac systems work because those are the highest expenses that can occur with a new homeowner. I have read that Trump wants home ownership to go up because it's the lowest % in decades.
Thanks for the advice. Yes, I look at the roof & a/c. I find sometimes that the house that is $270k is really $290k because it needs a new roof & a/c. Even if the roof passes inspection, my ins. co. says it won't insure an old roof, so I'd have to replace it.
I don't know how to tell if there's a bubble, but I doubt there's one in two of the places I've been looking. I think there might be a bubble in the third because prices have exploded there in the last two years.
Thanks so much! Yes, I have a spreadsheet where I estimate the cost of living at the three different places, projecting for 20 years. A lot of assumptions, so it only matters if there's a large difference. It really shows how a seemingly small difference can make a big difference over the years!
He's proven his character time and time again. If we can't judge candidates by their words and actions, why don't we just have a lottery for president?
I was just reading that 92 million americans between 16 and 65 ish are out of work ... Robots must be creating the GDP thus we are not in a recession [/QUOTE
There should be a law on the internet you can only quote reliable sources. That is like 45% of the working population.
Not saying anymore as obviously this falls into the catagory of batsh!t crazy.
GET YOUR TERMS STRAIGHT.
It's not "out of work".
It's OUT OF THE WORKFORCE.
It's a GOVERNMENT term.
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