As the 2024 Presidential election approaches, you might wonder how this significant event could impact the housing market, especially if you’re considering buying or selling a home. Let’s dive into what history and experts say about this topic! 🏡✨
Home Sales 📉🏡
It’s common to see a slight slowdown in home sales during November of election years. As Ali Wolf, Chief Economist at Zonda, notes:
“Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.”
This dip is typically due to some people feeling hesitant about making big decisions amidst the uncertainty. But don’t worry—this slowdown is temporary. Data from HUD and NAR show that after nine of the last eleven Presidential elections, home sales increased the following year. 📈🏠
Home Prices 💵🏠
What about home prices? Do they drop during election years? Not typically! According to Ryan Lundquist, a residential appraiser and housing analyst:
“An election year doesn’t alter the price trend that is already happening in the market.”
Home prices generally rise year-over-year, regardless of elections. The latest NAR data shows that after seven of the last eight Presidential elections, home prices went up the following year. 📈💹
Mortgage Rates 📉💰
Mortgage rates are crucial because they affect your monthly payments. Historically, data from Freddie Mac indicates that mortgage rates tend to decrease from July to November in most election years. This trend could mean lower rates and payments if you’re looking to buy a home soon! 📉🏡
The Bottom Line ✨🔑
While it’s natural to feel a bit uncertain during an election year, history shows that the housing market remains resilient and strong. For most buyers and sellers, elections don’t significantly impact their plans. So, whether you’re buying or selling, it’s essential to stay informed and make decisions based on your needs and the current market conditions. 🏠🗝️
If you’re looking for guidance navigating the housing market, election year or not, let’s connect! 📞🤝