With the 2024 Presidential election just months away, you might be wondering how it could affect your decision to buy or sell a home. It’s a natural concern given the magnitude of this event, but let’s explore the historical impact of elections on the housing market to provide some clarity.
Home Sales
Typically, Presidential elections cause a slight, temporary slowdown in home sales during November. This is primarily due to some buyers and sellers feeling uncertain and hesitant about making big decisions during this pivotal time. However, this slowdown is usually short-lived, with home sales rebounding in December and continuing to rise the following year.
Home Prices
When it comes to home prices, election years don’t typically disrupt ongoing trends. Home prices generally continue to rise year-over-year, regardless of elections. Historical data shows that after most Presidential elections, home prices have increased the following year, reinforcing the resilience of the housing market.
Mortgage Rates
Mortgage rates, which directly impact your monthly payments, have historically shown a tendency to decrease from July to November during most Presidential election years. This trend suggests that if you’re planning to buy a home in the coming months, you might benefit from slightly lower rates, making your monthly payments more manageable.
What This Means for You
The main takeaway is that while Presidential elections do have some impact on the housing market, these effects are typically small and temporary. The market remains strong and resilient, making it a viable time to buy or sell a home.
Bottom Line
Feeling uncertain during an election year is normal, but history shows that the housing market endures. For personalized guidance on navigating the market, election year or not, let’s connect and make your real estate goals a reality.
