August 18, 2024
Avoid These 4 Mistakes After Applying for a Mortgage
Housing market insights and predictions pre and post-election season.
In the midst of political campaigns and debates, people often wonder and worry about what the real estate industry will look like during the election period. That’s why today, I will explain the three ways that the presidential elections will impact the housing market:
1. Minimal direct impact on the market. Contrary to popular belief, presidential elections do not significantly affect the housing market. Historically, home sales tend to increase after an election. We typically see a slowdown during November which is the election month, but this shift is temporary.
"Elections tend to bring a lot of speculation, but their impact on the real estate industry is usually minimal compared to hearsay."2. Mortgage rates and elections. Mortgage rates historically tend to decrease in the months leading up to an election, which is beneficial for homebuyers. This means that if you’re considering buying a home, you’ll have more chances of locking in good deals during election season.
3. Home prices post-election. Interestingly, home prices have generally increased after elections. In seven of the last eight elections, home prices increased in the subsequent year. This pattern suggests that while elections may cause temporary uncertainty, the housing market often experiences growth afterward.
Elections bring a lot of speculation, but their impact on the housing market is less dramatic than many anticipate. For more insights on the real estate market and how it may be influenced by political events, reach out to trusted industry sources like Crosson & Co Real Estate. Just call 843-667-0233 or visit our website. We look forward to hearing from you!
