Happy New Year everyone! We wanted to provide an update on the local forecast for real estate.
There is a lot of concern about what effects the Trump Administration will have on the economy and many other issues. Regardless of individual politics, our team is optimistic that the housing market will see growth this year.
The President Elect has promised during campaigns to reduce taxes and increase jobs. His plan also pledges to put millions of skilled, US workers to work in the rebuilding. In post-election speeches he has also promised to rebuild inner cities, highways, bridges, tunnels, airports, etc.
A good barometer will be to see if Trump keeps his campaign promises. If he is successful, the housing market should rise greatly.
The stock market has been rising in the past few months, which hopefully shows that any uncertainty in the market around election has passed.
If you are in the market for purchasing a home, our team would like to suggest that you consider locking in some of the current very low interest rates. Our friends in the mortgage industry believe that rates will not move back down to pre-election levels. There may be a small dip after the big run up, but the majority believe that rates will level off and possibly tick up.
Fannie Mae and Freddie Mac are expecting the real estate purchase business to increase this year.
Mortgage guidelines will continue to open up. There is a growing non-prime market that will allow borrowers who may fall out of the box with traditional financing to obtain a mortgage.
Are you thinking of selling in 2017? Find out how much your home may be worth by filling out this valuation http://realestatearoundphilly.idxbroker.com/idx/homevaluation
If you need help buying or selling your home reach out to us for help by filling out this short form at http://realestatearoundphilly.com/contact-us/