Early Voting and the Housing Market: What You Need to Know

Just a quick note—early voting kicked off yesterday! If you haven’t voted yet, now is the perfect time to take advantage of this efficient process!

As the election approaches, you might be curious about its potential impact on the housing market. Should you delay buying or selling your home? Let’s take a closer look.

How Elections Influence the Housing Market

Historically, presidential elections tend to have a minimal and short-lived effect on the housing market. There’s no reason to hit pause on your real estate plans! Here’s what the data reveals:

Home Sales Trends

It’s common to experience a slight decrease in home sales as elections approach. However, sales usually rebound promptly afterward. In fact, in 9 out of the last 11 elections, home sales increased in the year following the election. This trend indicates that even though there may be uncertainty during the election cycle, buyers and sellers often re-enter the market once the results are in.

Home Price Movements

Even during election years, home prices generally continue to rise. After 7 of the last 8 elections, we’ve observed an increase in home prices. This suggests that, irrespective of election outcomes, the demand for housing tends to outstrip market fluctuations.

Mortgage Rate Changes

A notable trend during election years is the behavior of mortgage rates. Typically, these rates decrease during this time, and we’re beginning to see that trend emerge. For those considering a purchase, this means enhanced buying power, making it an ideal time to enter the market.

Looking Ahead

While it’s natural to feel some uncertainty during election season, the housing market has proven to be quite resilient. If you’re thinking about buying or selling, don’t let election-related worries deter you! Should you have any questions regarding how these trends could impact your situation, don’t hesitate to reach out. We’re here to assist you in navigating your real estate plans.

Whether you’re a first-time homebuyer, planning to sell, or just exploring your options, remember that the housing market has successfully weathered many elections in the past—and it will continue to thrive. Happy voting!