I have only been asked this question about 15 times in the past few days. Of course if I could predict things - I would be Vegas right now!
Yes it is true that the election is finally over. No matter whom you voted for - you must admit - not having Political Ads on TV and Radio 24/7 is a wonderful thing. Now that being said; will a new administration at 1600 Pennsylvania have an effect on the local Real Estate Market?
My unofficial answer is: Maybe.
Yes we will have many folks who worked for the losing side leave the District and we will see many more come into town. The biggest questions are; 1) How many actually owned a house or condo vs how many were renters. 2) How many simply move their loyalty over to the other side of the aisle?
Having many friends who work on and around 'The Hill'; I know that depending on the job - many folks simply "shift" their positions from the losing guy to the winning guy. Only the closest aides and advisors are usually the ones who don't so easily "shift".
It is my opinion that the biggest factor that will get the housing market moving more than it already is; is Consumer Confidence. Once people start to have more confidence that the country is headed in the right direction and that the economy will; at some point; rebound - then folks will start spending and BUYING.
Smart investors know that while we may not be at the bottom; we are close. The only way of finding the "bottom" is looking in the rearview mirror; as prices are climbing.
In the meantime; I am seeing sellers will good realistic pricing on their homes. Banks with foreclosed properties have gotten much more aggressive with pricing and I have seen many multiple bids on homes.
We are bound to see some activity over this winter; which is typically a slower time of the year in the Real Estate Market. Will we see the market go crazy - I seriously doubt it. We still need good pricing - properties in great condition and buyers who are not afraid of grabbing a good deal when the see it.
Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA
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