Will Washington, DC Real Estate Feel a "Trump Bump"

By
Real Estate Agent with RLAH Real Estate AB95346

Many of the sellers we talk to are asking about waiting until after President-elect Trump's inauguration to put their homes on the market.  The media is talking about the 4,000-plus political jobs that will open up. These are people who are non-civil service government workers who serve at the pleasure of the President.  Then there will be some job openings on Capitol Hill in the House and Senate (although there wasn't a lot of turnover there). And the assumption is that they will all need a place to live.  

But hold on for a minute!

When the administration changes, the professional Democrats on the outs are not likely to put their homes on the market and move to Costa Rica or Oregon.  And the Republicans, other than some cabinet secretaries, are more likely to live here already.

The new people who are coming to town are often reluctant to buy until they have any necessary Senate confirmation and until they feel comfortable about the position.  They tend to rent when they arrive in town until they see how things look for the long run.

Not all of the political jobs are high-level positions.  Many are taken by recent college and law school graduates who will be living in places like my basement apartment or in group houses with other kids. And many of the people who will fill these jobs are already living in Washington.  The senior people may have spent their time in exile working for a conservative think tank or a K Street law firm.  The only
reason they might move is that if they take a job with the new administration, their salaries will probably be a fraction of what they were earning in the private sector and they may need to downsize.


The senior people may have spent their time in exile working for a conservative think tank or a K Street law firm.  The only reason they might move is that if they take a job with the new administration, their salaries will probably be a fraction of what they were earning in the private sector and they may need to
downsize.

Yes, there will be some homes in Washington that will be sold and purchased by people whose moves are triggered by the election results.  But they may take two or more years to come to fruition.

The only address that is certain to turn over in January is 1600 Pennsylvania Ave NW, and there will be no real estate commission earned in that move!

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Topic:
Real Estate Market Trends
Location:
District of Columbia District of Columbia County Washington
Tags:
washington real estate after the election
washington dc real estate trump bump
real estate trump bump

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Rainmaker
3,638,797
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Patricia,

I have not seen any listings pop up in our cities because of the election results, even though some of the stars who live here were promising to move to Canada. As with every election I am sure your real estate experiences changes.  A

Nov 29, 2016 08:55 AM #1
Ambassador
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Hi Pat

It will be interesting to watch your local market as a result of the election, but I wonder if there will be all that many shifts? But of course you will be in the know and we'll get the scoop from you.

Jeff

Nov 29, 2016 09:12 AM #2
Rainmaker
146,847
Kathryn J.
Rentec Direct - Grants Pass, OR
Rentec Direct

One thing is guaranteed.   Nothing stays the same.  It is the natural ebb/flow of life.  We shall see what the New Year has in store for all us. 

Nov 29, 2016 09:14 AM #3
Rainmaker
833,757
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Patricia Kennedy - The key for you is that you know your market.  You can use that to target the right audience.  I would have guessed wrong on this one. But you know the Beltway!

Nov 29, 2016 10:30 AM #4
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Alexandra, here there is the assumption that tons of people will be moving to town and they will buy houses or condos.  But it doesn't really materialize.

Nov 29, 2016 10:59 AM #5
Ambassador
3,627,072
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Jeff, there isn't likely to be any immediate impact - although the rental market might be impacted.  There is a saying that "Republicans rent!"

Nov 29, 2016 11:01 AM #6
Rainmaker
2,321,863
Rebecca Gaujot, Realtor®
Perry Wellington Realty, Adam Conrad, Broker - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Patricia, you know your market and what the TRUMP administration will bring. I really don't see any changes. Although I do hear people say lets wait until Trump gets into office.

Nov 29, 2016 12:27 PM #7
Rainmaker
3,512,070
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Just like when a large company moves to town, there isn't a land slide of home sales right away.

Nov 29, 2016 02:39 PM #8
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Whatever bump you get in the real estate market in DC, I hope you get your fair share, Pat. 

Nov 29, 2016 08:02 PM #9
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Kathryn, you put it well!

Nov 29, 2016 09:08 PM #10
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Sheri, even the Obamas are renting when they leave the White House! 

Nov 29, 2016 09:09 PM #11
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Rebecca, it's easier to predict the real estate market than the next administration.  I think Trump may be in for a real shock.  

Nov 29, 2016 09:12 PM #12
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

William, people just want to make sure it sticks!

Nov 29, 2016 09:13 PM #13
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Debbie, I planning to stick with my base!

Nov 29, 2016 09:15 PM #14
Rainmaker
2,520,427
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Patricia Kennedy,  Going to be interesting for the next 4 years who will be moving in and out of D.C.

Nov 30, 2016 11:38 AM #15
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Will,  just found out that Gov. Pence moved into a lovely colonial home in Chevy Chase, and the neighbors all welcomed him by hanging rainbow flags on the houses up and down the block!  

He's renting until the Bidens move out of the VP's mansion.

Nov 30, 2016 09:02 PM #16
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