Questions about how the 2016 presidential election is going to affect the housing market have been top-of-mind over the last 12 months. And with real estate magnate Donald Trump being voted into office as America’s 45th president, experts are taking a closer look at his policies and campaign promises.
However, the answer to this question is different depending on your location, so we reached out to real estate professionals across the country:
A new year means a new set of predictions for the future of real estate. How will 2016 shake out? Here are some U.S. and Canadian prognoses:
U.S. housing is intimately tied with job outlook
With a strong 2015 behind us, growth in the housing market should continue in 2016 — as long as job opportunities continue to grow to allow both first-time homebuyers and existing homeowners to participate in the market. That’s even with possible economic changes like rising interest rates.
“As the economy gets better, job and wage growth should keep pace. So even though mortgage rates will rise, they will still be low by historical standards and very affordable,” says National Association of Home Builders (NAHB) Chief Economist David Crowe in a news release. The organization’s Senior Economist Robert Denk noted that with the evolution past the immediate troubles of the bust, the nation will see “broad-based recovery.” Continue reading