How Has the Election Impacted McAllen Real Estate?

Now that we’re a couple months past election night, we can really start to take a look at how the results impacted the real estate market. We’ll also examine what those impacts will look like in the future.
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Leading up to the presidential election, we were constantly asked how the election would affect the real estate market. Now that two months have passed since the election, there's some good news and there's some bad news. Today we’ll discuss what we have seen since the election and what we can expect to see moving forward in the McAllen market and beyond. First, the bad: mortgage rates have shot up since the election. From a low of 3.47% on November 7th, the average fixed 30-year mortgage rate increased to over 4% by the end of November, and rates have continued to rise. Economists say this kind of volatility is likely to continue, with day-to-day changes driven by the moves and statements of the incoming administration. The good news is that there are plenty of reasons to be optimistic in the future. Promised tax breaks could reinvigorate sales of luxury homes, which have seen an overabundance of inventory in recent years. This could have a ripple effect throughout the rest of the real estate market, spurring sales and construction of mid-level and lower-priced housing. Also, looser regulation could further stimulate construction and make it easier for buyers to obtain mortgages.

There are plenty of reasons to be optimistic about the future.

After election night, the stock market went haywire and stocks tumbled, which is expected during unexpected or surprising moments. However, you might have seen that the stock market has been surging for the most part since. That might be a vote of confidence for our President-elect and his anticipated business-friendly policies. It might also be a sign of relief that the election and the associated uncertainty are done with.

It certainly seems things are getting back to normal as people come to realize the world's not ending.

In fact, many people who waited on the sidelines during the election are now entering the real estate market. It's a great time to take advantage of this if you are selling because home prices are on the rise. If you'd like to get an idea of what your home is currently worth, click here and enter your home address to find an estimated home value.

If you're looking to buy, there are two things you should know.

First, even though mortgage rates have gone up, they are still historically very low and worth taking advantage of. Second, many new homes have entered the market since the election. It's definitely worth investigating what's available around the Greater McAllen Area right now.

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There's one thing to be grateful for right now: One way or another, the election is finally over. If you want to talk about the election and where the real estate market might be going in the coming months, give us a call at 956-948-4128. We have an expert advisor ready to assist you with your home buying and selling needs. We looking forward to hearing from you.