So how will the Presidential Election affect the housing market?
Normally without an election, there’s about an 9.8% decrease in the number of homes sold in November vs. October. This is due to the normal seasonality that we see in the Fall and Winter months.
In an election year, there is usually a 15% decrease in the number of homes sold in November vs. October…this is largely due to buyers feeling the need to be more cautious due to the election and the effects the election may have on the economy.
The past has also shown us the first year after the election is usually the best of the 4 years in terms of the movement of real estate. So, those cautious buyers aren’t out of the mix, they are just in a holding pattern.
My prediction…with the continued mortgage rates at (or very near) all-time lows, the economy continuing to recover and the unemployment rate decreasing, the real estate world should remain strong leading up to and after the election, no matter who is elected.
