Wondering How the Election Could Impact Housing? Here’s What Experts Predict скачать в хорошем качестве

Wondering How the Election Could Impact Housing? Here’s What Experts Predict

Happy Friday as we approach the end of October. As we near the end of this election season, I always get the question; How will the election impact housing? Although I am not an economist, I have listened and followed several and I’ll share a consensus of their opinions. The history of past election cycles has shown the housing market does not boost OR decline based on which party is elected into the office. The current consensus from many economists assume that trend will hold true, whoever is elected in November likely won’t impact our housing enough to make things significantly better or worse. Jobs, affordability & inflation are a stronger indicator of housing health rather than political party. What is typically true of an election year, people often put large purchase decisions on hold. A smaller number of new listings hit the market this week, a smaller number of sales pended and a smaller number of sales closed, which just indicates overall lower activity. Current mortgage interest rates remain in the mid-6% range, which is slightly higher than we expected for the fall of 2024. Our market shows signs of slowing since July, and while seasonality in the fall and holidays mean there is a slight slow down, due to the election year we saw it earlier than expected. Although the market activity levels are not that I would like to see, we are still selling homes. I anticipate a slight uptick in activity after the election wraps up and then again after the next interest rate drop. We might see another rate drop in November but that is less certain given other strong economic indicators. At this moment, buyers are seeing tremendous opportunity to buy a home where there are plenty of options and negotiable home sellers. If you were thinking of waiting to next year to buy your new home or investment property, I would highly encourage you to give us a call. Often times, we are able to negotiate a better deal for you now than we could in the spring, and save you thousands of dollars. Have a great weekend!