Partner Wayne Heicklen Discuss Impact of Presidential Election on Real Estate Market
The November 3, 2008 edition of The Real Deal included a story entitled “Brokers focus on West Wing” which reported on the impact the presidential race was having on the real estate market.
Pryor Cashman partner Wayne Heicklen, co-chair of the firm’s Real Estate Group, was interviewed by The Real Deal and stated: “For more people, buying a home is still the biggest financial transaction that they'll ever enter into in their lives. People’s emotions are a big part of the decision.”
Heicklen noted that a major source of uncertainty, like a new president, can make both buyers and sellers less likely to pull the trigger. “There's a natural psychological pause before an election. If you're about to put money down on a house, which is a big investment, you want to wait to see what direction the country's going in.”
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