Welcome back to another episode of Suburban Snacks, your ultimate destination for bite-sized insights on all things real estate. I’m Cheri, and today we’re tackling a question that’s on many minds with the 2024 Presidential election approaching: Do elections impact the housing market? And I’ll also be giving my reactions to our new treat!
Concerned about how elections affect the housing market? You’re not alone, especially if you’re planning to buy or sell. Historically, there’s a temporary slowdown in home sales during November in election years, driven by uncertainty.
The good news? After nearly every Presidential election, home sales have rebounded strongly the following year, indicating a swift market recovery.
Contrary to popular belief, elections typically don’t negatively impact home prices. In fact, they often continue their upward trend. Analysts have observed prices rising after most recent elections, even recovering strongly post-housing market crash.
And what about mortgage rates? They tend to decrease leading up to elections, potentially offering lower monthly payments for buyers. According to Freddie Mac, rates have dropped in most election years from July to November, a trend that may continue this year.
In conclusion, while elections can create short-term uncertainty, the housing market has shown resilience over time. Whether you’re buying or selling, it’s wise to stay informed and not let election jitters sway your decision. Reach out to us for personalized guidance tailored to your real estate goals.
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