“Change has come to America.”
Regardless of your political persuasion, this election was one for the history books. President Elect Obama, in his acceptance speech said, “It’s been a long time coming, but tonight, because of what we did, on this date, in this election, at this defining moment, change has come to America.”
In interviews following his win, Obama said that his first order of business will be to focus on restoring our economy. Only time will tell if the change he has promised becomes a reality but for now, President Elect Obama’s plans for the White House remain clear.
“We must move forward, quickly and aggressively, with a middle-class rescue plan that will create jobs, provide relief to families, help homeowners and restore our financial system,” said Obama.
Among the notable plans he has to help stimulate the economy:
Allowing savers to temporarily tap into their retirement plans without early withdrawal penalties
Require financial institutions participating in bailout to put a 90-day moratorium on foreclosures for homeowners “acting in good faith
Allow troubled homeowners to refinance to a loan insured by FHA
Create a 10% tax credit for homeowners who do not itemize their taxes
Create a $10 billion fund to help victims of predatory loans
Authorize bankruptcy judges to reduce mortgage principal
“If the government can bail out investment banks on Wall Street, then we can extend a hand to folks who are struggling on Main Street.”
Again, only time will tell, but the hope for something new and a better future for all of us is welcome news right now.
NAR President Charles McMillan concurs noting, “We’re in a good place. Realtors are excited by this historic election and stand ready to work with our new president and the new Congress on issues that are at the heart of the American dream of homeownership.”
Silicon Valley— Though buyers are still cautious, things seem to be brighter in Silicon Valley. Many of our Agents are gearing up their business for the start of 2009. Buyers—though cautious—are out touring properties, visiting open houses and meeting with their Realtors. We seem to have a lot of buzz, though little of it has resulted in notable amounts of activity. I think much of that is due to the volatility in the stock market over the last several weeks and the lack of knowing who our next President would be. Now that one of the two is settled, I think we should see a return to stability and security in this region.
My message this week to everyone is let’s embrace this time of change. Whether you are a Republican, a Democrat or an Independent, we all need to join together in restoring our market and move ahead from here with the bright prospects of our future just beyond us. It is very possible that the worst of times has passed. But even if they haven’t, real estate remains an important investment, not only financially, but personally as well. It is in times like these that we need to be reminded of and embrace the American dream and remind ourselves that owning a home is more than an investment—though it remains one of the best investments we will make in our lifetime. Our home is where we raise our families, build traditions and create memories that will last a lifetime. And I can’t think of a better investment in our lives and our own well-being than that.
Have a great week and here’s to our future,
Monica
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