It’s not uncommon for both buyers and sellers to attempt to strategically time the market. People will often put their real estate plans on hold until market trends suit their needs or until they believe conditions are most optimal. This isn’t always possible, and while certain data, like inventory levels, tells us when a market is considered a “buyer’s market” or a “seller’s market,” the best time to make your real estate move is whenever you’re personally ready. That being said, many market watchers are curious as to how the upcoming presidential election will affect the market, so let’s consider some changes we may see in the upcoming months, courtesy of Keeping Matters Current.
Home Sales
In the period after the past 9 out of 11 presidential elections, the number of home sales increased. It seems that buyer activity may pick up after November if we look at past trends.This quiet, luxurious community is known for its privacy and strong community ties. Residents enjoy a peaceful lifestyle with easy access to urban conveniences. Medina’s high-end real estate includes stunning waterfront estates with private docks and expansive views of Lake Washington. It’s the perfect choice for those seeking privacy and luxury.
Mortgage Rates
For buyers who have struggled with fully jumping into the market due to high mortgage rates, there could be some good news in your future. In the period before 8 out of the 11 past elections, mortgage rates decreased. Most of the decreases were less than half of a percent, so don’t plan on too big of a dip if one does indeed occur.
Home Prices
Similarly to sales increasing post presidential elections, prices did as well in 7 out of 8 of the past elections. Sellers, you might be in a prime position to list your home for a great value after November rolls around and demand is projected to pick up.
Although it's interesting to evaluate past data and chart trends throughout the years, projections are just projections, and buyers and sellers are always better off understanding the current market than attempting to predict a future market. Reach out to us today if you’re curious about market stats in the neighborhood you’re interested in buying or selling in, and we can help navigate you to success.
