When a presidential election is in our midst, many wonder how it will affect the national housing market. The New York Times put out an article discussing the topic, and explained that in the midst of an election research shows that uncertain times tend to paralyze the housing market. In the last few elections big corporate investments where put on hold and major deals were set to the side. It is during the final year of an eight-year term when these trends are even more likely.
The latest economic numbers may suggest this to be true, but will the housing market also slow down? Fannie Mae, Freddie Macor and the National Association of Realtors say no.
The Year 2016 and its Impact on the Housing Market:
Here is what these three major companies in real estate had to say on the topic:
National Association of Realtors (NAR):
“In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007.”
“Consumers and businesses showed caution at the end of the first quarter…(but) home sales are expected to pick up heading into the spring season amid the backdrop of declining mortgage rates, rising pending home sales and purchase mortgage applications, and continued easing of lending standards on residential mortgage loans.”
Recent data darkened the growth outlook for the first quarter of 2016. However, despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.”
It is inevitable that in times of uncertainty there will be various challenges in the housing market; however, the desire for the American Dream is still stronger than the fear of the unknown.
Wondering if buying a home is a good move for you? Don’t miss out on some helpful information in our blog focused on why homeownership is the best investment!
We would love to be a part of your home buying process. If you’re in the Charlotte area, be sure to browse our homes for sale in Charlotte, NC to get you started on the right track. Want to talk to us personally? Call us at 704.997.3794 to speak with one of our qualified professionals today!
Buy your home in the Carolinas with Showcase Realty. If you are not happy with your new home, we will sell it for FREE! Details Here!
Like What You've Read?
If so, please join our newsletter and receive exclusive weekly home buying tips, financing guides and Charlotte, NC real estate news. Enter your email and click Send Me Free Updates