How Elections Impact the Housing Market: Insights from Remington/Crispeno Real Estate Group
It's election season, and if you're considering buying or selling a home, you might wonder how the elections could impact the housing market. While it's a valid concern, history shows that elections have only a minimal effect on real estate decisions. Let's break down what typically happens during election years:
November Slowdown, December Bounce Back
Home sales tend to slow down a bit during election years in November. It's natural for people to be a bit more cautious around this time. But don't worry! This slowdown is temporary. As soon as the election results are in, sales activity picks up again in December, getting back on track.
Post-Election Price Increase
We also see an exciting trend: home prices tend to rise in the year following an election. This indicates that market confidence returns once the political dust settles and home values go up. For sellers, this post-election period could be an excellent time to list their property.
Lower Mortgage Rates Pre-Election
In election years, mortgage rates often dip from July to November. This dip in interest rates means buying a home can become more affordable just before the election. For buyers, it's a prime opportunity to secure lower interest rates and potentially save substantially over the long term.
The Bottom Line
Presidential elections historically have a minimal and short-term impact on the housing market. The key takeaway is that the overall market remains steady and resilient while there may be minor fluctuations. In Seattle, inventory has risen, offering plenty of options for buyers and sellers.
If you're curious about how the current market conditions can benefit you, we're here to help. At Remington/Crispeno Real Estate Group, we're eager to provide top-notch service and guide you through Seattle's dynamic real estate market. We ensure you have a fantastic real estate experience, whether buying or selling.
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