As the Presidential election approaches, it’s natural to wonder how it might influence the housing market, especially if you’re planning to buy or sell a home. Fortunately, history offers some reassuring insights.
Typically, Presidential elections have only a small, temporary impact on the housing market. While home sales might slow slightly in the month before the election, this dip is brief, and the market tends to rebound quickly afterward. In fact, data shows that in 9 of the last 11 elections, home sales increased the following year.
Home prices also remain stable during election years. The pricing trend generally continues as expected, with most elections having little to no effect on prices. For instance, after 7 of the last 8 Presidential elections, home prices increased the following year.
Mortgage rates are another area of concern for many. Historically, rates have often decreased in the months leading up to an election. This year appears to be following that trend, which could benefit your purchasing power if you’re considering buying a home.
What Does This Mean for You?
The key takeaway is that while Presidential elections do have some effect on the housing market, these impacts are usually minor and short-lived. The market remains strong and resilient, so there’s no need to put your plans on hold. If you need guidance navigating the market during this election year, let’s connect and keep your goals on track.
