A big part of my job is helping our clients project the most likely scenarios for the housing market. Now that we know who will be President, my job just got easier because we have 4 years of experience with Obama and a divided Congress, so we know what we are getting. However, there is never a dull moment. Here is what keeps me up at night:
When we surveyed our clients at our annual conference in June, 85% said that job growth was the most important factor for a healthy housing market. I just updated our forecasts this weekend, and I was pleasantly surprised by how strong the job market has become in so many markets. Over the last year, we have created 66K jobs in Los Angeles, 5K jobs in Las Vegas, 49K jobs in Phoenix, 97K jobs in Houston, 12K jobs in Tampa and 30K jobs in Washington D.C. Perhaps different policies would result in even stronger job growth. All I know is that is a lot of housing demand, with very little new supply.
In summary, let’s continue doing what it takes to create as many good jobs as possible, keep responsible mortgage liquidity flowing, and get our balance sheet in order. Those are bipartisan goals. If we do that, and I believe we will, housing will have a bright future.
Keller Williams Realty, Inc. is a real estate franchise company. Each Keller Williams office is independently owned and operated. Keller Williams Realty, Inc. is an Equal Opportunity Employer and supports the Fair Housing Act.
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