The 2024 Presidential election is approaching, and you might wonder how it could affect your plans to buy or sell a home. Let’s break down what historical data shows about the impact of elections on the housing market.
Home Sales
During November in election years, there's typically a slight slowdown in home sales. This happens because some people feel uncertain about making big decisions during such a pivotal time. However, this slowdown is temporary. Historically, home sales bounce back in December and continue to rise the following year. After most Presidential elections, home sales have increased the year after.
Home Prices
Contrary to popular belief, home prices generally do not drop during election years. They tend to follow their usual upward trend. Data shows that in the years following Presidential elections, home prices have increased in the majority of cases. This resilience indicates that elections do not typically lead to lower home values.
Mortgage Rates
Mortgage rates, which impact monthly payments for homebuyers, often decrease leading up to Presidential elections. This trend has been observed in many election cycles. Lower rates can be advantageous for buyers as they can secure a lower monthly payment.
What This Means for You
In summary, while Presidential elections can create some uncertainty, their impact on the housing market is usually minor and short-lived. Whether you’re buying or selling, historical trends suggest that the market tends to remain strong regardless of election outcomes. If you’re planning a move, consulting with a local real estate agent can provide valuable insights and guidance tailored to current market conditions.
Bottom Line
Despite election year jitters, the housing market historically continues to perform well. Don’t hesitate to reach out to a real estate professional to navigate the market confidently, election year or not. They can help you make informed decisions based on current trends and your specific needs.
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