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ovember 12, 2024 - 1:05 pm
Las Vegas-area Realtors are cautiously optimistic about the impact of Donald Trump's re-election on the local real estate market. According to Mike Roland, founder of The Roland Team, buyers and sellers were waiting for election clarity before making their next move, leading to a market slowdown in recent months.
However, with uncertainty alleviated, activity is picking up again as listings continue to flood the market, driving prices towards a new record high. A second interest rate cut by 25 basis points has also contributed to an economic resurgence, with the stock and cryptocurrency markets responding positively to Trump's nomination.
Realtors believe Trump's push to deregulate the housing industry and open up more federal land for development could lead to a building boom, alleviating Las Vegas' housing crisis caused by factors such as a lack of land, high interest rates, and growing population. However, proposed tariffs from Trump could hamper the market.
Federal agencies like the Department of Justice and Federal Trade Commission are also under scrutiny. Forrest Barbee, Berkshire Hathaway HomeServices Nevada Properties corporate broker, expects a Trump presidency to ease regulatory pressure on the industry.
The National Association of Realtors recently settled a massive class-action lawsuit for $418 million, agreeing to changes that could impact real estate agents' commissions. However, with a Trump administration in place, Barbee believes the industry will be given more leeway.
Mortgage rates are also volatile, with Zillow's chief economist Kara Ng predicting it's anyone's guess where they're headed. The average 30-year-fixed rate mortgage is currently at 6.4 percent, according to Zillow.
Las Vegas Realtors President Merri Perry remains optimistic about the market trends and advises taking political change with a grain of salt. She notes that local and national housing markets have proven resilient over the years, influenced by various factors beyond party politics.
