Cannot create a virtual machine on Fedora: Activation of org.freedesktop.machine1 timed out

Question

I am trying to create a new VM within Fedora using virt-manager. However, I get the following error:

Traceback (most recent call last):
  File "/usr/share/virt-manager/virtManager/asyncjob.py", line 89, in cb_wrapper
    callback(asyncjob, *args, **kwargs)
  File "/usr/share/virt-manager/virtManager/create.py", line 1854, in do_install
    guest.start_install(meter=meter)
  File "/usr/share/virt-manager/virtinst/guest.py", line 411, in start_install
    noboot)
  File "/usr/share/virt-manager/virtinst/guest.py", line 475, in _create_guest
    dom = self.conn.createLinux(start_xml or final_xml, 0)
  File "/usr/lib64/python2.7/site-packages/libvirt.py", line 3440, in createLinux
    if ret is None:raise libvirtError('virDomainCreateLinux() failed', conn=self)
libvirtError: error from service: CreateMachine: Activation of org.freedesktop.machine1 timed out

How do I fix this so that I can create virtual machines?