How Will the Election Affect Real Estate Values?

Lately we have been getting questions about how the November election may affect the housing industry. With all the campaign ads we have been seeing and reading, we are constantly being reminded that the election may have a big impact on our economy. I can tell you that currently, foreclosures in Maricopa County, compared to one year ago, are down. This may be because owners are now better educated about their options and are seeking out more modifications and short sales instead of letting their homes foreclose. It may also be the result of the mortgage companies allowing property owners to miss more payments before recording the Notice of Trustee Sales and setting an auction date. It could also be the result of the slow down in the mass exodus from the state. Those homeowners who chose to leave the state due to the downturn in the economy have already done so and their homes have already been processed through the system. In the meantime, real estate values in the west valley are continuing to tick upward. If you took advantage of the market and purchased while prices are low, but kept your previous home until prices rose again, you may want to consider now selling it. I am seeing many owners putting their previous homes up on the market. The homes are selling very quickly and most still have multiple offers. It is difficult to say how real estate prices will be affected by the election because, at this point, we are not sure who will be elected. And once elected, will the Senate and the House cooperate with the sitting President's plan? As we get closer and the candidates solidify and advance their plans, we will have a better estimation as to real estate future values. If you want to learn the current value of your property, give Mary Drefs a call at 623-694-0354. If you did have a short sale a few years ago and want to see if you can buy again, give Mike Drefs a call at 623-693-1505. Or visit OUR WEBSITE. They both want to see you get the most out of your real estate investments.