Whether you’re buying or selling a home in our market, you need to pay attention to how interest rates are moving since the election.
There are a lot of things we’ll need to keep an eye on during Donald Trump’s presidency in terms of real estate. Here are two more factors we’ll need to pay close attention to over the next four years:
1. Real estate is local. It has always been about local real estate. What happens here is very different than what happens in the Midwest. Our economy is greatly influenced by big government and government spending. Donald Trump has talked about spending more money on the department of defense. If he does that, it means the economy is going to benefit in our area. If those things come to fruition, expect local real estate to see a jump.
2. Foreign money. On the flip side, President-elect Trump talked about being tougher on immigration. There are a lot of immigrants here in the area and a lot of international money, too. If foreign investors start to get skittish, they won’t be spending as much in the local economy and they may decide to make other investments instead.
Those are two important local real estate factors you should pay attention to. Think back to the market crash in 2008 and what happened in Prince William County. Immigration policy changed, the market crashed, and look what happened there.
If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.