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While no one truly knows what our post election real estate market is going to look like, experts can take educated guesses. History is the best indicator of what the future could look like. Looking at past election years and how the real estate market behaved can give you peace or pause about if you want to jump into the market.
Does the Housing Market Slow Down During The Election?
The real estate market is known to slow down as we go from October to November during a normal year. The holidays are not necessarily a time when people are making big changes. During an election year, home sales slow by an additional 5.2% than a normal year on average. However, this year interest rates are making an appearance. The recent decrease in rates along with how much equity so many have accumulated, more people are looking to enter the market and this could affect the outlook this month.
Do More Homes Sell After The Election is Over?
Experts look at a year to year estimate when determining if the market picked up or not after an election. In short, yes, the market does pick up after an election is over. Experts even predict an additional 600,000 homes sales in 2025 compared to 2024. History has told us that the market will recover from whatever lies ahead.
Do Prices On Homes Go Up Or Down After An Election?
People get jumpy during an election year. So much is left up in the air and people sit on things, they wait, and they hope. The year after, things start to move again, including the market. More than 80% of the time, in the year following an election, home prices rise. In fact, experts predict a 2.5% rise in home prices in 2025.
Making The Best Decision For You
At the end of the day, the market and the time that you need to buy or sell your house will likely never line up. If now is the right time to sell your home to get you back in the market, consider using a cash buyer to get you out there faster! Cash buyers can close on your home in as little as a week, require no repairs or renovations, and don’t use any contingencies. This means you get cash in hand and can enter the market this month and take on whatever the election may bring to the market. Contact Eric with ASDM Homes today to get your cash offer and start your journey to selling your home.
*Data from KCM, BTIG, Census, Fannie Mae, Freddie Mac, HUD, MBA, NAR, Redfin, ResiClub
