The demographics in Sunnyvale ,Santa Clara, San Jose are very strong and with all the positive growth in the tech sector in these areas I don't see RE running out of steam anytime soon. If you've got the financial wherewithal, credit and employment I certainly wouldn't be sitting on the sidelines if you really want to invest in RE.
With the economy playing a major role in the election and the housing market being the major player in our economic recovery, politicians should weigh this factor carefully.
If you're asking about our presidential election, then I don't see how it would have any direct impact on our local property prices.
There's a big overhang of pent-up demand as we've seen very low levels of inventory, especially for prime locations in Sunnyvale. So, prices should continue their upward trend.
To be frank, I'm in agreement with Tim (below)--which is why I'm giving hims a thumbs up--that I don't follow your logic on how you feel that the elections are causing prices to rise. In fact, the real reason that the prices are rising right now have more to do with supply and demand than any perceived benefits from the political climate at present. In the areas where you are currently looking to purchase (areas that, by the way, have always had very high buyer appeal due to the schools), we have more buyers than sellers at present, and this--not the presidential campaign--is the reason for the precipitous rise in home prices.
If we see more seller enter the market, that will cause prices to adjust slightly, but if you're looking for a drop in pricing to 2008 values, unless either party--democratic or repulican--seriously screws up or the EU collapses, I think those days are behind us. Your best bet if you're finding yourself beat out by other buyers right now is to take a break for about 30 days, and keep your eye on the market for a small "breather" that might occur toward the end of July.
In the meantime, if you cannot afford the homes in the areas where you really want to live, you might consider an alternate plan to another area or choose a condominium or planned development over an older home without an HOA. In my personal experience, I found it was far better to invest in a home now than to wait unti lthe market came down in price so I could afford it. Giving yourself options and alternatives is what will make housing a reality for you.
Good luck!! And if you need assistance, do feel free to give me a call!
Area Pro Realty-People's Choice
Tel (408) 426-1616
As for prices dropping I would venture to guess that any change downward would not be significant enough for most people to wait. Now if we have a major event, that would affect pricing.
I suggest you consider your reason for buying a home and select an agent/broker who will help you get the information you need to make an informed decision.
I would bet that the people are going to elect someone that they think will continue the recovery; whether that is Obama......
I think they will give him a chance, be optimistic and positive.
Americans have pretty much always worn their rose colored glasses.