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Bay Area Real Estate Update Post Election Market
Now what? Will the election have any significant impact on the housing market? My initial thought based on the positive response in the stock market is yes. As the stock market gyrates higher, generally speaking that increases wealth and subsequently confidence follows along with buyers increased ability to purchase homes. Sellers also start considering "move ups" which has been tempered due to lower inventory. Mortgage rates have shot up since the election which could soften up what otherwise could be significant activity in Spring. However rising rates can also have a motivational impact on buyers as well creating a "buy now before the next certain rate hike" mentality.
Rates are coming off a low of 3.47% on November 7th, with the average fixed 30-year mortgage rate, to over 4% by the end of November. Economists are saying this kind of volatility is likely to continue, with day-to-day changes driven by the moves and statements of the incoming administration. Below are some bullet points and perspectives on the market:
Reasons to be optimistic down the line.
Promised tax breaks could reinvigorate sales of luxury homes, which have seen a glut lately.
This could have a trickle-down effect throughout the rest of the real estate market, spurring sales and construction of mid-level and lower-priced housing.
Also, looser regulation could further stimulate construction and make it easier for buyers to obtain mortgages.
And while these are long-term improvements to look forward to, there's one thing to be grateful for right now:
One way or another, the election is finally over.
That might be a vote of confidence for our President-elect and his anticipated business-friendly policies...
... and it might also be a sign of relief that the election and the associated uncertainty are done with.
It certainly seems things are getting back to normal as people come to realize the world's not ending.
In fact, many people who were waiting on the sidelines while the election was going on are now entering the real-estate market.
It's a great time to take advantage of this if you are selling. Home prices are near record highs. If you'd like to get an idea of what your home is currently worth, go to East Bay Home Values
And if you're looking to buy, there are two things you should know. First, even though mortgage rates have gone up,they are still historically very low, and worth taking advantage of. Second, many new homes have entered the market since the election. It's definitely worth investigating what's available around the Bay Area right now.
And if you want to talk about the election and where the real estate might be going in the coming months, give me a call at (925)300-8000. Our EastBayPro Team is here to help.
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