News & Politics
A Republican-held House, Senate, and presidency shouldn’t have too large of a short-term impact on our real estate market.Want to sell your home? Get a FREE home value report. Want to buy a home? Search all homes for sale.As we all know by now, Donald Trump has been elected as the next president. We also know that we will have a Republican-held Senate and House. What does this mean for the real estate market?One of the things we do know is that Republicans were not in favor of the Dodd-Frank Act, which is a federal law stating that the government is in charge of regulating the financial industry. I think if you talk to most mortgage and real estate professionals, they would tell you that these regulations were needed to some extent, but also that they’ve since gone too far in restricting some of the financing options available to potential buyers.With a little loosening of these regulations, it may be easier for buyers to obtain a mortgage. It should also make closings a less stressful process, as we’ve seen them get more confusing in the last several years. The real estate world will be business as usual. With a Republican-held House, Senate, and presidency, you probably won’t see as big of a push for affordable housing. However, I don’t know if that’s going to necessarily affect our market here because there are still many great loan programs out there. The thing to really look out for is how the economy will be impacted as a whole once some of Donald Trump’s economic strategies go into effect. Obviously, we could use some improvement in the oil and gas industry in Washington County and other surrounding areas outside of the city. Overall, I don’t foresee the results of the election having a large-scale impact on the real estate market as a whole in the short term. I think it will be business as usual. Mortgage rates are going to go up at some point in time, so that’s something we’ll have to keep an eye on in the meantime. If you have any questions about the real estate market, please feel free to reach out to me anytime. I’m here to help!