Learn about election market trends & how they affect your housing plans.
What should we expect from the market this election year? If you’re considering buying or selling a home, you might be wondering how this election will affect the housing market. Here are three things that typically happen:
1. Slow down in November. Home sales usually decrease in November, but this slowdown is short-lived. Sales increase again in December and rise over the next year.
2. Price increase. Home prices tend to increase in the year after an election. This trend is due to economic growth and more demand from the market.
3. Lower mortgage rates. In election years, mortgage rates often decrease from July to November, making homes more affordable for potential buyers just before an election.
For most buyers and sellers, presidential elections have a small and only temporary impact on the housing market, and it shouldn’t affect your plans. If you’re thinking of entering the real estate market, reach out to me at (203) 722-5445 or Linda.Dunsmore@KW.com. I can give you personalized advice on how to best make your real estate plans happen.
