Election night 2024 is over, finally. After months of ads, mailers, texts and phone calls the madness that was this election cycle is finally behind us. Regardless of your political affiliation and your feelings on the outcome, it’s time we start to look ahead to our future. For my future, that’s what’s next for the real estate market.

If you read my article last month, How Elections Affect the Real Estate Industry, you already know how the markets typically respond surrounding an election both before and after. So far, the trends have been in line with prior election years and we’re expecting things to fit within the normal patterns. The question though, is how does the return of Trump affect the markets in the short and long term?

 

Consensus is Trump is good for the real estate industry given his background in real estate and his heavy real estate holdings. For some, “Good” is a speculative term that might not equal out for everyone, however. Typically, in a good real estate market values are up, interest rates are down, and buyer and seller activity are heavy and frequent. This is great if you’re already in the real estate market, but if you’re not, this could be a problem.

Short term expectations are that the real estate market picks up speed after inauguration day with the hopes of a stronger economy and lower rates. There’s still a lot to happen before then, especially with interest rates, so I wouldn’t be too optimistic about the timeline being super-fast. Rates still need to drop about a point to get the market hot, so until the FED makes that decision, we might see a slow rise instead of a steep climb. Regardless, we’re absolutely expecting a rise versus a fall, which make owning real estate a good investment right now.

 

Long term (2+ years) is unknown to us today without a crystal ball or time machine, but expectations are resoundingly positive as of right now. This will of course change as we progress over the next several months, so keep your eye out for more information from me as it becomes available. With that said, my prediction is that the market rises 3-5% over the next 12 months, with another 2-4% the following year. From there the new policies and regulations that will undoubtedly be put in place during the next 24 months will take hold and from there it’s anyone’s guess.

As always, if you have any questions about the real estate market or want to discuss buying or selling a home, please don’t hesitate to reach out to our team and myself directly.

980-250-2795 | Matt@briggsamerican.com