Now What? Update: Post Election Forecast

Real Estate

 

 

I've heard from many people who are worried about their real estate prospects since the election. 

First, let me give you a hug!  Then call me: we’ll evaluate your situation and make a plan.

 I know you’re concerned, even anxious, and have many questions since the election --  for our country but also personally- what will this post-election transition mean for my job? Investments? Home prices? Is now a good time to buy? Sell? The anxiety is understandable and legitimate.

I started selling real estate in Newton in 1980 - since Jimmy Carter was president. The past 36 years have seen recessions, boom times, Republicans and Democrats in office. We’ve had gas lines, uncertainty, times of transitions and times of calm. What I have learned it that while there have been relative ups and down, nothing lasts forever- good or bad. 

 Newton real estate has always been a reliable investment and it will continue to be.

 Prior to this election people were very anxious about the outcome and what it would mean. After a very busy summer market, people were uncomfortable and unwilling to make offers. They continued to look but the offers actually came right after the election. So even though the outcome may be very disappointing to many in this area, a decision has been made, the stock market responded favorably and people are beginning to feel more settled.

 I actually think right now is a very good time to buy or sell. 

People will want to take advantage of what they know now before any new tax or interest rate changes are put in place under a new administration- there have been rumblings about interest rate hikes for a while but for now they are still at under 4% on average (a far cry from the 14% at the beginning of my career!). I am therefore predicting we will see a very strong spring market while prices and interest rates remain stable.

Additionally, I believe that many baby-boomers will be wanting to downsize over the coming years and an explosion of listings could negatively affect the value and increase a home’s time on the market. Sellers thinking about downsizing would be wise to put their house on the market sooner rather than later while prices are still quite high and buyers can take advantage of the current low rates.

Current style trends will continue as well. Today’s buyers will continue to demand new or renovated and my complimentary staging does give seller’s a huge edge in any competitive market. More on prepping your home for sale and downsizing in my upcoming posts.

Please stay tuned!