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!
Both buyers and sellers in our area will pay closing costs in a real estate transaction. We've broken down each cost that each party will incur in a real estate transaction.
If you're a home buyer or seller in Northern Virginia, Maryland, or Washington D.C., you'll have to pay closing costs. What are they? Who pays what?
As a buyer, you'll have to pay a loan origination fee, any discount points to the lender, title insurance, appraisal, surveys, homeowners insurance, and government recording fees. For example, if we're talking about a $500,000 house, your closing costs will amount to about $15,000.
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As a seller, the biggest closing costs you'll incur are broker fees.
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If you're the seller, your biggest chunk of closing costs will go to a broker fee. Then, you will pay transfer taxes and a fee to the title company to record the deed and pay off your mortgages. Title company fees can range from $750 to $850. For that same $500,000 house, as a seller, you're looking at about $33,000 in closing costs.
I hope this gives you a good understanding of what closings costs are. If you have more specific questions about closing costs in your particular area, give me a call or send me an email. I'd be happy to answer any and all of your questions!
