An Economic Outlook on the Election
To Our Loyal Readers, Clients and Friends,
Given the results of the presidential election, we would like to share with you our opinion solely based on what we know about the marketplace. This is meant to be a balanced opinion of the potential impact of the election on the real estate market.
Comparable to the Brexit vote, the result of the election was unexpected, which causes uncertainty and fear.
Some people will put off major purchases and investments, as they have strong opinions about what this means for the future.
While no one can predict the future with certainty, we can look at what we know today:
The residential market, particularly the high-end, started slowing long before the election took place.
Economic growth remains steady in both NYC and the US.
Interest rates are still near historic lows.
There is no reason to expect these factors will change solely due to the election results.
We hope that over the next few weeks the anxiety will calm down as we return to the market we had before the election.
Source: Gregory Heym, Chief Economists Brown Harris Stevens