I bought a house at the end of February, and I still can't decide whether it was the smartest or stupidest thing I've ever done. And I intentionally immerse myself in real estate every day, trying to learn more about the ins and outs -- and the global economies that drive this industry. If I'm this confused, you can imagine how some consumers who don't have a foundation in real estate might be feeling today. On Friday, the news that the citizens of the United Kingdom (UK) had voted to leave the European Union (EU) -- a "British exit," abbreviated as "Brexit" -- almost broke the internet. Now it's Monday, the planet has had the weekend to think about Brexit ... and there's still a lot of swirl and confusion as everyone tries to figure out what it means. What's actually happening, right now? What are your clients doing? What should they be doing? What should you be doing? Here are some thoughts from various real estate experts. Will higher price points be in trouble? ...
- Real estate is local, and different markets in the U.S. will respond to Brexit depending on what's already been taking place.
- There is likely to be some "flight to safety" from international investors, who will want to park their money where it will be safest.
- There will be a temporary effect on markets, and Brexit might act as "an anchor" to the U.S. economy, but overall, the U.S. is expected to remain relatively untouched.
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