{"id":51213,"date":"2016-06-24T11:18:11","date_gmt":"2016-06-24T18:18:11","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=51213"},"modified":"2020-10-06T17:08:16","modified_gmt":"2020-10-07T00:08:16","slug":"boom-brexit-hits-home-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/boom-brexit-hits-home-heres-what-you-need-to-know\/","title":{"rendered":"Boom! Brexit Hits Home. Here\u2019s What You Need to Know"},"content":{"rendered":"
<\/figure>\n

On June 23, the U.K. voted to sever its economic and political union with Europe after a quarter century. The British exit\u2014Brexit<\/a>—\u00a0came as a great surprise, shaking financial markets and lowering the outlook for economic growth in the U.S.<\/span>
\nLegally, the divorce won\u2019t be final for years, but <\/span>markets<\/span><\/a> and governments are reacting now. In the long run, the vote raises big questions about what\u2019s next for the economy and global security. Suddenly, the future looks different.<\/span>
\nIn short, Brexit delivered a big dose of uncertainty.<\/span>
\n\u201cBuying just got riskier. Selling just got riskier. Lending just got riskier, all because the market is more turbulent and less predictable,\u201d <\/span>Redfin<\/span><\/a> chief economist Nela Richardson said. \u201cIt takes a certain amount of confidence to buy a huge asset like a house and markets just lost their confidence.\u201d<\/span>
\nWhile the headlines look bad, remember that the U.S. economy remains fundamentally sound. And global unease has a silver lining for homebuyers\u2014cheap loans.<\/span>
\nBrexit is big, but it\u2019s today\u2019s news. Getting a handle on the <\/span>housing market<\/span><\/a> begs for some crystal-ball gazing into tomorrow\u2019s news. We can\u2019t see the future, but here\u2019s what we do know.<\/span><\/p>\n

Will this hurt home prices?<\/strong><\/h3>\n

It depends. Nationally, price growth might slow in the near term. Buyers with money in the stock market <\/span>aren\u2019t as rich<\/span><\/a> as they were yesterday and they\u2019re spooked. But mortgages are about to get cheaper, which will give them more incentive.<\/span>
\n<\/span>
\n<\/span>\u201cWe don\u2019t expect a price surge and we might see dips in some markets,\u201d Richardson said. \u201cWhat happens next is about consumers and their ability to process uncertainty. Are buyers going to be less likely to bid up a house by $100,000? The fear factor might keep people from making their best offer.\u201d<\/span>
\nLuxury sellers<\/span><\/a> in particular will feel pain. Foreign buyers consider U.S. real estate a safe investment and have been parking cash in Miami, New York and other cities. Some of them probably are shopping for high-end condos right now, but with stock markets losing value, there\u2019s less wealth to go around.<\/span><\/p>\n

\"Brexit\"
Source: National Association of Realtors; Dow Jones Industrial Average<\/figcaption><\/figure>\n

What happens to interest rates?<\/strong><\/h3>\n

Loans are about to get cheaper. Typically, mortgage rates fall when Treasury rates fall, and Treasuries took a dive last night as money poured out of the U.K. and elsewhere into the safer bet of U.S. markets.<\/span>
\nMortgage lenders are braced for a rush of refinance applications.<\/span>
\n\u201cIt is unclear whether this will just be a short-term disruption or whether it will have a longer-term impact,\u201d said Mike Fratantoni, chief economist at the <\/span>Mortgage Bankers Association<\/span><\/a>. \u201cOur best guess at this point is that the impact on the mortgage market will be to keep rates lower for longer.\u201d<\/span><\/p>\n

Can I still get a mortgage?<\/strong><\/h3>\n

Probably, but if you were planning to cash out stock holdings or borrow from your 401(k) to do it, think twice. Financial markets tumbled last night and you might have less wealth than you thought.<\/span>
\n<\/span>
\n<\/span>As rates fall, do the math and consult your lender or financial advisor. It might be smart to put less money down, preserve your cash or even take out a bigger loan.<\/span>
\nMortgages have been too hard to get for a long time now. The good news is Brexit and its aftermath shouldn\u2019t make that worse.<\/span><\/p>\n

Should I put off buying?<\/strong><\/h3>\n

The fundamentals still apply. Most economists lowered U.S. growth forecasts after the Brexit vote, but job growth has been good and unemployment is low.<\/span>
\n<\/span>
\n<\/span>Whether that continues is anyone\u2019s guess, especially after last month\u2019s disappointing jobs report. Going forward, corporations might be even more cautious with hiring and investment than they have been. <\/span>
\nHome buying is personal. If you have the desire, money and maturity to buy a house, don\u2019t let Brexit stop you.<\/span><\/p>\n

Should I put off selling?<\/strong><\/h3>\n

Again, the fundamentals still apply. Homes are in high demand and there are too few of them to go around. Brexit won\u2019t change that. <\/span>
\nLast month, home sales hit their fastest pace on record. The unprecedented global pivot we\u2019re going through now might tap the brakes on that speed as buyers pause, literally, to take stock. For sellers, that might mean houses sit longer on the market, get fewer offers and take longer to close.<\/span>
\nBrexit also highlights a truism that whatever the market conditions, pricing right is always the best strategy.<\/span>
\n— With Callie Monroe<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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