Since the early hours of Wednesday morning last week people have been asking what impact the presidential election will have on the real estate market. Here’s a video and note I sent to my email list earlier this week.
Click the video to hear about some of the impact that is already occurring… and I am sorry the attempt to show numbers on the iPad failed! Oh!, and yes, this really was the best option they gave me for preview images, promise!
(NOTE: Since shooting this video on Monday the baseline mortgage rate has gone up to about 4.125%)
Beyond what I discuss above some have asked if we will be insulated from any issues in the overall market, or get a general market bump by being here in the D.C. area where the former administration staff moves out, and the new staff moves in. Not to say there isn’t some element of this, but it is not what it used to be. Because home prices in the D.C. Metro area have gone up so much, incoming administration staff just don’t buy homes like they used to. More and more folks will rent something here, sometimes even renting something only for themselves and leaving their families at home.
It is actually thought that this phenomena has helped contribute to the irreconcilable differences on Capitol Hill because law makers and staff are going home for the weekends rather than bumping into their foes across the aisle while having brunch at Ted’s Bulletin.
If you have questions or concerns about your own market position, or your purchasing power please let me know! I do not have a crystal ball to predict the long term future, but I am pretty good at interpreting the here and now based on peoples situations and goals.
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