A lot of people out there are waiting and wondering what politicians are going to do for the mortgage lending industry in the short-term. The answer is nothing. Lending is the key to driving the real estate market back to some level of normalcy for without money changing hands, very little happens in the real estate markets. In these times, consumers involved in real estate transactions can live by a bunch of two-letter words in one very tidy sentence. “If it is to be, it is up to me.” If you’re going to buy or sell, it is you who needs to “take the bull by the horns” and make it happen.

Frankly, it is probably a good thing that they are staying out of the mix, because it is consumers who will make the difference in the outcome of the market, not a bunch of politicians pandering to the people who may vote for them based on some half-baked promise. This is and election year and the Number One concern with politicians running for office are to get elected. Very little happens in the way of legislation during election years because laws tend to polarize voters. And, if politicians do what’s popular, it may not truly be what the economy, or the real estate markets, need.

As of today, 30-year fixed mortgage rates are down. The real estate markets in most parts of the country are down. If you feel your job is secure and homeownership has been on your mind, now might just be the best time for you to buy. Buying and selling is very much a personal decision for homeowners and future homeowners and on that you should keep your own counsel or seek the counsel of people you trust. As for the market, the timing remains pretty good in the context of history with relatively low rates being available and prices lower than they have been in years.

As for trying to predict the exact bottom of a market, very few have ever (successfully) been able to do it. It’s been more a function of recognizing that real estate is “on sale”, rates are low and the buyer happening to be in the right place at the right time. As always, we suggest you do your research on properties if you are buying or selling and work to understand local market conditions. Look at the sample reports on our homepage to determine which is best for you.

Remember, it is up to you to make it happen as politicians won’t get busy with anything like helpful legislation for another 18 months or so.