The Confidence is Back in US Real Estate Thanks to President Trump
Are you planning to sell your property in the USA quick? Then you must be watching the political situation unfold in the United States very closely indeed.
Now, if you were to consider the media coverage alone, you might get the impression that President Donald Trump has been a disaster for the country. But if you follow the news from the world of finance and business, and from the real estate market in the country, you will get a completely different picture altogether.
Sales of single family homes in the United States have been on the rise, reaching a 10-year high in June 2017. There is a real momentum in the property market. Indeed, the demand has been so high that there is a serious shortage of homes for sale on the market. Anything that comes for sale is sold promptly, within days or weeks.
As Joel Naroff, chief economist at Naroff Economic Advisors says, "We need the housing market to be strong if the economy is to accelerate. The housing market has been wandering around for most of 2017 and it isn't clear if that pattern will change anytime soon."
According to the Commerce Department new home sales have increased by 0.8 percent to about 610,000 units in June. New single-family homes sales have risen by 12.5% in California this year. Prices have gone up by as much as 10% in the Midwest, but surprisingly have gone down by 6.1% in the South.
The housing market can do even better if more homes are made available to buyers as soon as possible. But this is difficult as millions of new homes are still under construction. So if you want to buy a house in the USA online, you should be prepared to bide your time.
Svenja Gudell, chief economist at Zillow adds, "And this says nothing of the fact that because these homes aren't finished, they won't be move-in ready for months, meaning owners of existing homes that are moving into these new homes will not be in much rush to list their current home and sell to someone else."
So regardless of what the media says, you should pay attention to what’s happening at the ground level. The big story is things are looking very good in the real estate market in the United States. And why not, President Trump is one of the biggest real estate experts in the world, and he sure has inspired a lot of confidence in real estate professionals across the country.
President Trump has many high profile advisors from the real estate community, such as Stephen Schwarzman, who heads the world’s largest property investors Blackstone, prominent property investors Steven Roth and Richard LeFrak and Thomas Barrack of Colony NorthStar. These men together control an incredible $200bn of real estate assets.
So, you can be sure that adults are in charge at the highest level and they have so far made the right moves. As analysts at JLL, the Chicago-based property advisory group explain, “With financial regulation likely to loosen, or at a minimum no longer tighten, capital flows may improve and create a short-to-medium-term net positive for investment activity and performance.”
This is good news indeed.