What We're Reading: How the Election Affects Housing Markets
While elections don't typically have an effect on housing markets, this election cycle has been like no other we've seen recently. So, we had to wonder, what will happen with the housing market? Here's what we're reading on the topic:
Realtor.com writer, Clare, Trapasso, points out this time of year is typically slow for the housing market anyway. But the potential effect of higher interest rates or policies that would require first-time buyers to have a larger down payment may make it difficult for some people to get mortgages.
Washington Post writer, Kathy Orton, points out we haven't heard much about President-elect Trump's views on the housing market. The big questions will be around how his policies affect the economy and interest rates. And in the short term, it might depend all on where you live and how potential buyers in your state perceive the election results.
In his acceptance speech, Trump focused on making infrastructure investments, which could increase demand for housing as skilled workers relocate near large projects. The increase in jobs and wages could drive homeownership.
What are your thoughts for the future of the housing market?