Elections and the Housing Market: Insights from Kelly Preschler, Your Sedona Real Estate Guide
It's election season, and if you're considering buying or selling a home, you might be curious about elections and the housing market. While it’s a common concern, historically, elections have only had a minor impact on real estate decisions. Let’s delve into what typically happens during election years:
A Slight November Slowdown
During election years, home sales usually experience a slight slowdown in November. This is a normal reaction as people tend to be cautious amidst the political changes. But don't worry—this slowdown is brief. As soon as the election results are settled, sales activity picks up again in December, restoring the usual market rhythm.
Post-Election Price Increase
Another interesting trend is the rise in home prices in the year following an election. This suggests that market confidence returns once the political landscape stabilizes and home values increase. For those considering selling their home, this post-election period could be an advantageous time to make a move.
Lower Mortgage Rates Before Elections
In election years, mortgage rates often decline from July to November. This dip in rates can make home-buying more affordable just before the election. It’s a prime opportunity for buyers to lock in lower interest rates, potentially saving a significant amount over the life of their mortgage.
The Bottom Line
Presidential elections historically have a very limited and short-term effect on the housing market. The main takeaway is that while there might be minor fluctuations, the overall market remains steady and resilient.
If you're curious about how the current market conditions can work to your advantage, I’m here to help. I'm dedicated to guiding you through the Sedona real estate market with warmth and expertise. Feel free to call or text me at 928-821-1138. Whether you're buying or selling, I’m here to support you every step of the way.
Comments