Now that Donald Trump has beat Hillary Clinton to become the next President of the United States, supporters from both sides are still reeling from emotions. Home buyers and sellers, real estate brokers and pundits were all surprised, and reaction is mixed.Many are asking what this will mean for our real estate market.
Clearly, its too soon to tell. One thing's for certain, most agree that a "keep calm andcarry on"posture is recommended. Here's a summary from all sides of what the financial media is reporting this morning.
From CNBC:
œMarkets initially reacted with shock at the Trump win, sending Dow futures plummeting 800 points at one point overnight. But given the chance to digest the road ahead, the stock market recovered, with the blue-chip index turning positive in morning trading.
From Money Magazine:
œBut no matter how convinced you are that the nation has just embarked on a historic mistake, take a deep breath. Remember that our collective prosperity has already weathered depressions, wars, runaway inflation and just eight years ago the near-collapse of the financial system. Usually, the worst thing investors can do in one of these scenarios is to act rashly, when their emotions are still running high.
From Trulia:
œMortgage rates are falling because investors are seeing safe yields in U.S. mortgage backed securities, reflecting their confidence in the relative safety of the U.S. housing market. Furthermore, the Fed is likely to delay a December rate hike because of global economic turmoil. Both effects mean short term win for borrowers, and we'll likely see an increase in mortgage refinancing if rates continue to plummet.
From HousingWire:
œOther experts, such as the Mortgage Bankers Association, congratulated Trump on his victory, but also outlined what the industry needs to see going forward. 'It is critical that President Trump focus on three main areas ensuring an adequate supply of affordable housing, bringing first time homebuyers back into the housing market and ensuring certainty in regulations,' MBA President and CEO David Stevens said. The industry remains divided, and perhaps will stay that way until more is known about what kinds of decisions Trump will make once he reaches the White House. As for a December rate hike? What seemed like a sure-thing before is now the topic of much uncertainty.
Want to read more? Check out these reports from this mornings' news:
Don't Freak Out About the Markets Today. Do This Instead.
http://time.com/money/4556421/election-2016-money-moves-president/
Trump victory creates great divide among housing experts
http://www.housingwire.com/articles/38486-trump-victory-creates-the-great-divide-among-housing-experts
2016 Election: Market Reactions
http://www.wsj.com/livecoverage/markets-real-time-stocks-bonds-currency-commodities-11-07
What Trump's Win Means for Your Wallet
http://time.com/money/4563073/election-2016-trump-taxes-economy-healthcare/
Donald Trump can be very good for the US economy
http://www.cnbc.com/2016/11/09/donald-trumps-impact-on-the-economy.html
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