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As the future of housing hangs in the balance are gridlocked congress is doing nothing at all the fiscal -- already taking its -- Many rich homeowners in New York's Hamptons fancy pants Hamptons.
Sure aren't feeling confident in the American dream mega millionaires are dumping their digs at discount prices before capital gains tax rates are expected -- jumped January 1.
For more let's bring in real estate mogul Barbara Corcoran founder of the Corcoran Group welcome back to the -- thank you Gerri as always have great to have you here so.
Do you think people out there are dumping properties in advance.
December 30 professor of that I'm very much time left to use it takes more than two -- three weeks a sign house.
I think what's more the truth is people are using as an excuse to say you're gonna get a great deal on my house on many -- of only a close by December 31.
Doesn't really happen -- that it's a good negotiating -- -- it's -- goodwill trip but you have to realize and the three million dollar house -- Sandra guy has three million dollars suspend guess what.
He's not gonna fall for a check like that he's -- negotiate hard like he always does.
I wanna talk about what are those issues -- -- has been at the margins of the conversation on the fiscal -- To get rid of the mortgage deduction lots of pros and cons it's -- of people from the National Association of Realtors -- that's gonna cost.
Of housing prices lopped off -- what do you think the impact would be.
I just don't think it's gonna have that affect what usually happens when you have some really bad news in the housing market is people.
Hogs for a moment of sore written and then move on what we have going on right now is so much pushing upward momentum on the housing market that I key.
I just can -- and thank them that affecting housing prices.
Hardly -- normal quite honestly.
But do you think that first time buyers in particular rely on that deduction they're thinking about that deduction when they make the decision to -- -- discourage people but otherwise you know might get into the market well say is true for some people make some -- a bit and think homeland sounds so good to by the remember this being tempted back consumed -- by really cheap prices.
Really cheap money and those are should be implemented strings -- happen up push people -- and I think this is a great time to be in a market.
In some places though -- actually missed it.
-- I think -- is -- -- if you really British chart -- say I want by the very low you missed two thirds of the low points of every market in America's not only 13 is still depressed two thirds are going up and some record numbers.
So if -- were looking right now where would you look rethink the opportunity as best I think certainly the opportunity if you really wanna get a steal the deal in.
By an -- from a -- front house in the northeast because anyone's had a house on the market to three months and hasn't solid.
Is really -- discount -- -- finance sandy is an issue Cindy is a big issue and again it's temporary people have fear fully -- -- -- and then move on but it's a great time to buy right now and time shares are still languishing I know who wants a -- -- continue on time shaken if a thirty cents on the dollar.
Wow so that's a big discount if you're looking for a big discount out there that's great advice I.
What else can you give what other advice can give people who might be trying to get rid of their house right now they're trying to sell trying to unload a house may be.
Maybe -- wants a lot of that value -- that property listen it's no fun to lose value in the house and have to adjust to the -- even get less money.
But what is great about the market right now is you have -- on the third 30% increase in buyers out there you have 13 fewer homes for sale.
C have less competition and more people want them when you also have that there is buyers are believing that the best part of the market might -- gun.
And that really -- -- into the marking gives you a higher bid I think the homeowners right now the best is yet to come for buyers suspense is already happened.
I have -- -- his people tell me that solid -- my hear this from.
This is what real people think about it when Jerry I saw what happened in 200720082000.
I'm never gonna Mott we'll get because you know you never know what's gonna happen -- our guess what they're not gonna wind up in the house of the best school district did not gonna wind up on the previous block in the previous town with the best depreciation.
-- not going to be a lot of brain to the neighbors how pretty that house hasn't shown off to the mother block.
It's gonna happen isn't going to be sitting in six years from announcing what was I thinking what was I possibly thinking that I could have gotten this house of 40% less than paying this year guess what.
He tell you friends they're not thinking right.
Really I so agree with BO I think that's absolutely right you know it's a market goes up against down it went down for a long time it will recover and you know -- -- the cellular passed out pure pop up -- sit down c'mon baby at a couple quick about it hello FF I thank you Barbara contrary to have you here thank you manage our.
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