The Housing Market was barely mentioned during the Presidential Debates
so where does that leave us?
According to an article in today's Washington Post, It leaves many home buyers and sellers guessing.
Laurie Goodman, co-Director of the Urban Institutes's Housing Finance Policy Center, says Trump hasn't said much about the housing market. Goodman says, "it's so unclear what type of Republican he is." Jonathan Smoke, the chief economist for Realtor.com says you would hope Trump's background in business and real estate would be a positive sign for the housing market.
President-elect Donald Trump started his career in real estate. He's tied his family name to casinos and luxury hotels around the world. But will that experience benefit the middle-class home buyers & sellers in the United States?
Ralph McLaughlin, a chief economist with Trulia says there will be short-term effects on Americans and these effects will be different depending on where you live. McLaughlin says home buyers in more blue states will be rattled by the election and hesitant about the U.S. economy. In contrast, home buyers in red states may be more buoyed by their confidence in the economic outlook and this may increase demand.
Last August, Trump spoke to the National Association of Home Builders vowing to cut regulations that are hurting the housing and economic recovery. Trump said,
"No one other than the energy industry is regulated more than the home building industry." "Twenty-five percent of the cost of a home is due to regulation. I think we should get that down to about 2 percent."
According to the Daily Mail, the global markets have settled a bit after a wild reaction to the news of Trump's election. Craig Erlam, a senior market analyst with OANDA (a Canadian based foreign exchange company) said Trump's speech after his victory helped turn the markets around since it focused on unity and getting the economy growing again.
Winter is typically a slow time for real estate transactions, so at least for a few months, it may be difficult to measure the impact of the presidential election. In the Greater Washington D.C., buyers and sellers await the transition of power which always moves people in and out of the area.
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