How Will The Presidential Election Affect The Real Estate Market?
Worried about the market after the election? When we research and review market trends, we commonly see consistent trends of drops during and close to the November elections. These trends can be seen up to a 15% decrease, depending on the current consistency of the market and current rates. This year has been very interesting as we have seen interest rates as low as they have ever been for purchasing.
Another key factor we must review is inventory. This is subjective to your location in the country. In our case, we will be referencing Santa Fe, New Mexico. Our wonderful town where we work and sell. In the past year, we have watched the market trend upwards and follow pricing increases as inventory has stayed low and interest rates have kept on a downward trend. So we can expect sales to solidify and pricing to stay consistent.
What we know about our new president and his concepts and preparations on the market……
Due to our current situation with the pandemic and COVID19, the Biden administration has prepared plans to support rent and mortgage forgiveness to help struggling families and support landlords and tenants to make it through this challenging time. These components help to solidify the economic aspects that are affected in Real Estate, such as property management and other jobs affected by the housing crisis.
Joe Biden also plans to prepare tax credits for first time home buyers, in the Range of $15,0000. These are similar to the credits that the Obama administration put in place on the downturn of the housing market. Biden has also proposed a few different policies that real estate investors should take into consideration. These could take houses in C, and D class homes that fall into rent collection and income-based properties. These may be new opportunities that investors can take advantage of. In the end, if we can prepare a plan for jobs and solidify a solution to the pandemic, we will be able to keep a consistent market with good quality rates and new opportunities for new and future Santa Fe Homeowners!
This review was sponsored by Frank Sena@Gateway Mortgage
And Andrea Padilla @Southwestern Title and Escrow
About the Authors:
Chantell and Jerome Leyba are Real Estate Agents in Santa Fe New Mexico
