Are you worried about how the upcoming Presidential election might affect the housing market? Let’s look at the facts and see if you should hit pause on your plans. Hi, I’m Danielle Abraham with the RE/MAX NC Coastal Team.
In most election years, we see a slight slowdown in home sales just before November – a hesitation as people wait and see. But here's the good news: historically, home sales rebound quickly after the election. In fact, after 9 of the last 11 elections, sales increased the following year. That’s great news if you’re thinking of listing your property before the end of the year. Do you think we should be concerned about home prices dropping? No, not really! Data shows that home prices tend to rise over time, regardless of elections. Only in the height of the 2008 financial crisis did we see a dip – and that was a unique situation that doesn’t look anything like today’s market.
Thankfully things are much more resilient today. And the other important factor is the mortgage rates during election years. Mortgage rates have a huge impact on affordability for most home buyers. Rates historically decreased from July to November in most election years. And this year is following that trend, with many experts forecasting even more rate relief throughout the rest of 2024. So don't let election-year uncertainty delay your homeownership dreams. Now is the right time to sell your home and benefit from the lower inventory and buyer demand. I’m Danielle Abraham with the RE/MAX NC Coastal Team. Real Estate with a Purpose. Where we put our clients and community first!
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