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I've searched to find threads but couldn't see many about this. We would prefer to list our house next spring, but are being told by people (many are Realtors) that we should list it before labor day this year to sell before the election, because if Trump wins, prices could fall.....and people won't be buying.....
Really??
If we sell now, we'd have to rent for about 9 months, which is a pain.
The other question for us is we will be needing to pay the loan back in full in a year, converting the money back to British Pounds Sterling from US $'s. If the Pound strengthens over the next year, we'd have to pay back more than we borrow....difficult to predict perhaps.
Thanks!
Well, this thread is obviously going to elicit some controversial political opinions, which is kind of a no-no in the real estate forum. Yet, I think there are some legitimate concerns about how the markets might react to a Trump presidency. Markets like stability--and Trump is anything but a stable political figure.
If I had faith in the American public, I wouldn't be too concerned...but truly anything could happen in this election. Hopefully, with each passing day, more and more Republicans and business leaders will disavow the Trump candidacy. We can hope.
At this point, it's still a crap shoot. Your bigger concern may, indeed, be the British financial instability owing to the Brexit vote. Sorry that I don't have any recommendations for you. Isn't this a grand time we live in?
EDIT: Oh--what is the loan that you need to pay back? The mortgage?
Another theory is that, whoever gets elected may stop the Federal Reserve from keeping interest rates at artifically low levels, mortgage interest rates will rise and the housing market will slow again. Wouldn't faze me, though. Bought a house in 1984 with a 14% adjustable rate.
the most significant possibility that may happen is that interest rates will go up. These incredibly low rates are actually helping sellers as buyers can afford to borrow more. Frankly, I do not agree with the reason your realtor friends have mentioned (typical tho, persons afraid of capitalism, etc) but depending on who wins the housing market could well be affected. These rates just cannot remain for much longer.
Any post-election hiccup will be emotional and brief.
Housing is a basic human need, and ownership is still widely desired.
Interest rates, if affected, will only be a temporary distraction. People bought at double-digit rates. People will buy at 5%, too.
i don't think it's a "if trump wins" the prices could go down; Hilary isn't much of a catch for presidency either.. I'm not getting into the politics, but both candidates have some pretty fatal flaws that can be very detrimental to the economy. If i were you i would just wait it out and see what happens in the spring.
i don't think it's a "if trump wins" the prices could go down; Hilary isn't much of a catch for presidency either.. I'm not getting into the politics, but both candidates have some pretty fatal flaws that can be very detrimental to the economy. If i were you i would just wait it out and see what happens in the spring.
I think the difference with Hillary is that she is seen as a continuation of Obama for the most part, and so I suspect the market will probably continue on the path it's currently on.
Trump would do things differently, and so there may be a reaction in interest rates, or the market overall (for good or ill).
However, I think that any suggestion about what the housing market will do or not do based on the election is just a theory, as we have no idea what the market will do, and I'm sure it will take months to react.
There is not much evidence of changes in the Presidency effecting residential real estate. I have been involved in these things since the Jimmy Carter era and the real shifts come when there are changes in the House of Representatives and to a lesser extent the positions on the Federal Reserve Board of Governors. Things like TAXES are changed by the House and things like base interest rates are changed by the FRB...
My gut says that Trump has exceeding little chance of getting elected and is facing diminished support from members of the House, they may not fully support all the policies of the current Administration, but neither are they in any mood to "blow up" trade agreements and other important precedents.
An Administration headed up the former Secretary of State has not happened since the Founder's Era -- Six Secretaries of State became presidents (Thomas Jefferson, James Madison, James Monroe, John Quincy Adams, Martin Van Buren and James Buchanan). Each of them went down as historic, but not in a good way -- Why Do Secretaries of State Make Such Terrible Presidential Candidates? | History | Smithsonian. The scrutiny that the current candidate elicits is unlikely to result in any dramatic shifts in policy.
Any post-election hiccup will be emotional and brief.
Housing is a basic human need, and ownership is still widely desired.
Interest rates, if affected, will only be a temporary distraction. People bought at double-digit rates. People will buy at 5%, too.
Good common sense approach. Just because election-mania has dominated the media 24/7 for the past year, doesn't mean the sky will fall when one or the other party is elected.
One possible option would be to sell the house and rent it back from the new owners for the time you need. You could then pay back the loan now at what may be a better currency exchange rate than may exist in the future. But this option also has downsides.
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Good common sense approach. Just because election-mania has dominated the media 24/7 for the past year, doesn't mean the sky will fall when one or the other party is elected.
