As the Presidential election approaches, you might be wondering how it could impact your decision to buy or sell a home. While it’s natural to feel uncertain, history shows that elections typically have a minimal and short-lived effect on the housing market.
Home Sales
There’s often a slight dip in home sales just before an election, as some buyers choose to wait until the results are in. However, this slowdown is temporary. Data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) reveals that home sales have risen in the year following 9 of the last 11 Presidential elections.
Home Prices
Worried about prices dropping during an election year? The good news is that home prices generally continue to follow their existing trends, regardless of the election. In fact, after 7 of the last 8 Presidential elections, home prices increased the following year, with the only exception being the 2008 housing crash, which was a unique situation.
Mortgage Rates
If you’re planning to finance a home, mortgage rates are likely on your mind. Historical data from Freddie Mac shows that in 8 of the last 11 election years, mortgage rates decreased from July to November. This trend is expected to continue in 2024, potentially boosting your purchasing power.
Bottom Line
While Presidential elections can introduce some uncertainty, the housing market tends to remain stable and resilient. If you’re considering buying or selling a home this year, there’s no need to delay your plans. For expert guidance during this election cycle, let’s connect.
Source: https://www.mykcm.com/
