Worried About How the Upcoming Presidential Election Might Impact the Housing Market?
It’s a common concern, but the good news is that historically, elections have had only a small, temporary effect!
Reviewing data from previous election cycles can help you see the bigger picture and weigh the pros & cons of buying or selling before or after the election;
1. Slight Seasonal Drop in Sales in the Month Prior to a Presidential Election
There is typically a slight, short-lived slowdown in home sales in the month leading up to the election. After the election, home sales typically bounce back and continue to rise the following year.
2. Home Sales Went Up After 9 of the Last 11 Elections
Based on data from the Department of Housing and Urban Development as well as the National Association of REALTORS®, this trend has been consistent since the early 1990s!
3. Home Prices Went Up After 7 of the Last 8 Elections
Home prices generally continue to rise over time, regardless of the election cycle. Home prices increased the year after 7 of the last 8 elections. The one outlier was from 2008 to 2009, which was during the height of the housing market crash – not a typical year.
4. Mortgage Rates Decreased in 8 of the Last 11 Elections
This trend appears to continue this year, with experts predicting that mortgage rates will ease slightly through the rest of 2024. This potential decrease in rates could improve purchasing power for those looking to buy a home in the coming months.
If you are looking to purchase a home this year, there is still time to benefit from the opportunities opening up for Buyers in the Phoenix area! Give me a call today!
Feel confident in your next move by working with a trusted real estate advisor! Give me a call today!
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