Our market has changed since the election, but it’s also remained the same in many respects. Interest rates are up, but they are still historically low.
We’re over a month removed from the results of the presidential election, so today we’re discussing how the outcome has affected the real estate market here in the Brainerd Lakes area. There is good news and bad news, so let's start with the bad news first.
Interest rates have gone up since the election. In early November, the rate for an average 30-year fixed rate mortgage was 3.47%. Now, it has increased to 4%. Historically, rates are still very low, but the increase has made homes more expensive than they were.
Our market is still healthy.
The good news is that there seems to be a renewed sense of optimism that the market will continue to be healthy. There is a good sense of optimism that President-elect Trump will cut taxes. We hope that by following through with that promise, a lot of luxury home and lake home buyers will come back in the market to purchase vacation homes when those taxes do go down.
One way or another, the election is over. The stock market is hitting nearly 20,000, which is unbelievable. If you’ve been thinking of buying or selling in this market, we would be glad to help. Give us a call or send us an email. We would love to hear from you.
Happy New Year!
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