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This week, we elected a new president, and many are wondering how their tariff policies will affect the real estate market. A chief economist with Realtor.com, says it’s hard to predict. The main challenge is a shortage of up to 7.2 million homes, built up over the last decade. The new administration plans to reduce regulations, which could lower the cost of new homes and make more federal land available for housing. However, policies on tariffs and immigration could harm the housing market by reducing the labor needed for construction. While it may take time to fully see the effects, some areas might notice changes sooner, as 23% of people say politics influences where they choose to live. If you’re planning to move soon, here’s what you need to know about finding and buying a home.

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PODCAST ARE OPINIONS EXPRESSED BY LICENSED REAL ESTATE AGENTS IN DIFFERENT REAL ESTATE MARKETS. DO NOT BASE YOUR HOME PURCHASE OR SALE ON THE OPINIONS EXPRESSED IN THIS STREAM. ALWAYS CONSULT YOUR LOCAL REALTOR FOR YOUR MARKET CONDITIONS.