As 2016 quickly winds down, the question now on the minds of homebuyers and home sellers is what 2017 will portend for the residential real estate market in the United States…
Early on a Monday morning these are some points pondered by Hallmark Abstract Service with the thoughts from real estate industry giants Zillow and Realtor.com offered below.
What impact on the real estate market, if any, will a Trump presidency have in terms of overall federal policy, loosening of regulations and the leadership at the U.S. central bank aka the Federal Reserve? For example will Janet Yellen be invited to stay on as leader of the Fed, will Dodd-Frank be reworked or dismantled and is the mortgage interest deduction at any risk of being reduced or abolished,
Speaking of the Fed, will the U.S. actually experience the faster economic growth that the spike in interest rates and rise in the stock market have been predicting post-election? And will that growth force the Fed to push rates, including of course mortgage rates, even higher in 2017? And, if so, would the move off of the historically low rates that consumers have become so used to throw a monkey wrench into the interest rate-sensitive residential real estate market,
In 2017 will the buy vs rent metric across the nation swing firmly into the buy camp or remain very different by region? And in high rent markets such as New York City and San Francisco will renters even be in a position to save the money necessary to make a move to purchase,
Will the inventory of homes for sale, tight in a great many markets across the country throughout 2016, loosen in 2017? And, if so, what will increased supply in the face of potentially higher mortgage rates mean for prices,
Will any geopolitical eruptions around the world impact our overall economy and by extension real estate markets?
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