Hooray For Obama!

I’ve got a feeling in my bones that this is going to be a good week for all of us. (well maybe not all of us but most of us)

A new world has just opened or so it seems with the election of Obama, the first black/mixed race president of America….

And finance has been off the front of the news bulletins for several days because of the American elections. Plus later this morning the Bank of England meet to decide what the interest rate should be. Its got to go down!!!

Its amazing that when there is no “Bad Financial News”, or its buried in page 5, people start to get more confidence about buying property.

I have had several brand new clients this week, who do not seem care about the credit crunch. The fact is that they have seen houses they want and they are going to buy them.

They have put in sensible offers, the owners understand that the market has shifted downward and have reduced prices and its a win win for all concerned.

Now of course the American elections are over, the media will do its best to shake our confidence by bringing us a daily drip of bad news. Already the news today is new car sales are down 23% on last year and there’s another report from the Halifax “The average price of a home in the UK was £168,176 in October, compared with almost £200,000 in the same month last year, representing a bigger annual fall than the 13.4pc drop recorded in September”.

Yes it just goes on and on…

Now I appreciate that news has to be reported but… its the number of “Experts” that comment on the market that shakes our confidence. The Newspapers have to fill their pages, the editors crack the whip and the journalists have to find a story…I know thinks, the journalist responsible for “house news” I’ll check my roladex and find one of my experts, phone him/her up, get a comment and build a story that’ll last a few days.

As I have said before, I know many people with businesses that are still doing OK, in fact some are doing great.

People still need to move, people have circumstances that change and need to sell their property, people want to buy a house to live in to call their own and all this hyping up in the media, just does not help anyone.

I still think that this is a good week and if interest rates go down by .5% or even 1.00% later today, it will be an even better week especially for all those people wanting to change mortgages or buy a new house.