Now that Trump has secured the White House, questions are raised about its potential impact on the housing market.
Now that President-elect Donald Trump has secured four more years in the White House, there are questions about how the housing market could be impacted.
When it comes to the housing market, home buyers have been complaining for years about rising prices and high interest rates that effectively make it impossible for many everyday Americans to purchase their first home.
“Many in the real estate business are elated with a Trump victory, and if the administration can live up to its campaign promises, rightfully so”, Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek.
“For months, he has been advocating for lower interest rates, which have become one of the most significant barriers to home ownership in the post-pandemic years.”
However, Beene cautioned that lower interest rates typically bring higher prices, and it will be a “balancing act” to see if the Trump administration can successfully implement them.
“Republicans not only won the presidency but will also have a majority in the Senate”, Realtor.com Chief Economist Danielle Hale told Newsweek. “Results for the House of Representatives are yet to be determined, but a Republican sweep is possible, enabling the incoming administration to move quickly on priorities.”
Hale called Trump’s impact on the housing market a “toss-up”, saying the chief problem is the lack of supply. There has been a shortage of between 2.5 and 7.2 million homes over the last decade, according to Realtor.com.
“The Republican Party platform and President-elect Trump on the campaign trail acknowledged these challenges, shining a light on problems that many voters face daily”, Hale said.
