Washington DC (PRWEB) November 21, 2016
The 2016 Presidential Election cycle hardly met any definition of "normal" at all - as the housing market in the Washington, DC metro area may be about to prove. A number of real estate professionals have said that Donald Trump's impending presidency could mean a huge shift in real estate in the area - particularly as more new residents come into the area than normal and more leave as the administration switches in January.
The immediate impact will be new buyers associated with the Trump administration entering the market within the next 90 -120 days. Once that initial influx occurs the market should see a number of the Obama administration exiting the area and an increase in homes on the market should be noticeable. I strongly believe that timing is more important than the condition for the sale of property. That doesn't mean the property can be in poor condition, but it does mean it's extremely important to watch the market and be ready to jump in the moment inventory drops.
With the major Republican sweep of not only the White House but also the House of Representatives and the Senate, real estate experts in the area are anticipating "major" developments in the upper bracket market. Supporters of Donald Trump's presidency who are also wealthy individuals will likely want to have a larger presence in Washington, DC - causing them to look for homes to live in sooner rather than later.
The total effect this will have on area real estate, however, depends on honesty. President-Elect Trump MUST be honest with the American people, particularly in terms of true unemployment numbers and the state at which the economy is really performing. Inflating these numbers to garner short-term gains in approval ratings (like Presidents have notoriously done dating back to John F. Kennedy) could artificially inflate the market, causing a bubble to pop sooner rather than later.
Though Donald Trump has provided few hints about his plans for the housing market as per a story in the Washington Post, his business background has left a lot of people optimistic. Trump began his career not in politics, but in real estate - an industry that a large part of his fortune still revolves around. Jonathan Smoke of Realtor.com said that “If you are rooting for the economy to improve, you would hope that his background as a business person, as a real estate developer, would pave the way for more growth, more development and that would be a net beneficial for real estate."
Real estate expert Marc Cormier, however, feels that it's important to note that "the Realtor.com economist is understandably unsure about what will happen moving forward, but because he represents the real estate industry he MUST remain optimistic. Remember, Realtor.com was one of the last outlets to acknowledge the mortgage meltdown in 2008." To his credit, though, Cormier agreed with the concern about interest rates increasing and indicated that he could "easily see rates going over 5% in the near future."
When asked about exactly what he expected Mr. Trump to do when he takes office, Cormier indicated that "over the next year I would expect him to protect our current real estate tax laws pretty aggressively, given that he's so heavily involved in the real estate space himself." Cormier went on to say that "I would like to see him create more incentives to encourage investment and development. These types of favorable policies will be good for everyone, make no mistake, but personal tax incentives from capital gains income would benefit residents and buyers in the United States even more."
The middle class in the United States has had an incredibly difficult time in the past decade, particularly in the wake of the mortgage crisis of 2008. Many working-class families had their net worth wiped out in a small period of time, though signs do show things may be on the mend. Without the middle class, the country will continue to decline.
Washington DC is not alone in its outlook for the housing market - the market in Northern Virginia is also in flux. A report from Inside Nova says that while many indicators look positive, one chief analyst says that recession is long overdue anyway.
Another question that has yet to be answered is exactly where these new Washington power players will choose to live in the first place, leading to additional uncertainty about the future. Many new residents of the Trump Administration will probably be moving to Northern Virginia, which could leave the Maryland housing market out in the cold.
Marc Cormier and his partner Tania Ivey proudly offer their services to those in the Washington DC metro area, including places like Northern Virginia, Maryland and the District of Columbia. In addition to the fact that they're consistently able to sell more homes during a single calendar year than most agents sell over the course of their entire careers, they are also best-selling authors. The book "Cracking the Real Estate Code: The Nation’s Leading Expert Advisors Reveal Their Proven Repeatable Systems to Help You Get the Best Deal on Either Side of Any Real Estate Transaction," debuted on not one but four separate Amazon.com best-seller lists.
Additionally, Cormier devotes a large amount of his time to professional athletes in particular and is a passionate member of SportsStar Relocation.
Homeowners in the Washington, DC metro area who are looking to sell should NOT wait until the spring to do so. Those interested in finding out more about what this new administration could mean to real estate in the Washington DC area, or those looking for valuable insight as to the best time to take advantage of an administration change in Washington, are encouraged to contact Marc Cormier and Tania Ivey at Keller Williams Realty right away via their website at http://www.WeFind.Property or by phone at 301-660-6272.