The outcome of the presidential election has had positive and negative effects on our real estate market. I’ll go over everything you need to know today.
How has the presidential election affected the real estate market? Well, there is some good news and some bad news.
The bad news is that mortgage rates went up since the election ended. Rates jumped from 3.47% to 4% by the end of November. Economists say this might continue because of emerging statements from the incoming administration; there is a lot of uncertainty right now.
The good news is that there are plenty of reasons to be optimistic down the line. Promised tax breaks could boost the luxury home market, which has been very slow the last couple of years. If the luxury market gets revitalized, that could have a ripple effect throughout the rest of the real estate market, from construction to mid-level and lower priced housing as well.
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We can all be grateful that the election is finally over.
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Looser regulations for construction and permits will help the real estate market as well.
One thing to be grateful for right now is, one way or another, the election is finally over. The stock market has been surging the past few weeks. That might be a vote of confidence for our President-elect and his anticipated business-friendly policies, but it might also be a sign of relief that the election is finally over and done with.
It seems like things are getting back to normal as people realize that the world is not ending. In fact, many people who were waiting on the sidelines during the election are now entering the real estate market. We’re seeing a lot of increase in showings and offers on all of our listings.
Home prices are actually near record highs, so if you’ve been thinking of selling your home, now is a good time to enter the market.
If you have any other questions about the current market, give me a call or send me an email. I would be happy to help you!
