Most real estate markets in the country have been a seller’s market, which is great for the economy. People are selling, making a profit, and buying up. However, is everything all good with a Trump presidency? I don’t think so, and I’ll tell you why.
- Many mortgage lenders will become even more strict
A lot of the traditional lenders have already become pretty strict when it comes to offering mortgages to customers. But with Trump as President, many lenders expect him to file a lot of government lawsuits against some of the bigger lenders. Amy Klein at http://www.amykleinmortgage.com says that if there continue to be lawsuits then her lenders will cut back and become more strict, which will then cause her to become more strict. “The government has already been filing lawsuits, so if Trump increases those or keeps them up we will have to cut off access to a lot of our clients, which would, of course affect them, my business, of course, the economy as well.”
2. Land Zoning
One of the perks of Trump is he’s going to get rid of a lot of regulations, to include land zoning for home construction. This would lower the cost of home building which a big sigh of relief because the cost of building a new home has been far higher what they are being sold for.
3. Fannie Mae and Freddie Mac might go away
Don’t celebrate quite yet- ever since the bailout and changing management teams, they’ve actually been incredibly well run and have offered great mortgages. They’ve also paid back all the bailout money and have even given the government some profit! But- Trump could end all this which would be less than ideal for the home buyer.