Learn about election market trends & how they affect your housing plans.
Let’s talk about the presidential elections and the housing market. With the November presidential election approaching, buyers and sellers are asking me whether they should buy or sell now.
If you’re wondering whether the upcoming election will shake up the housing market, I’ve looked at home historical trends and their connection to the real estate market. I found interesting insights into the effects of the presidential election on mortgage rates: history shows that home sales might slow down slightly in November, but they usually bounce back quickly. Prices tend to continue rising, and mortgage rates often dip.
“The impact of elections on the housing market is generally minor. ”
Based on past presidential elections, I found out that in eight out of the last 11 presidential elections, mortgage rates have historically decreased slightly from July to November. We’re currently in August, so it’s worth noting that rates didn’t follow this trend in 1980, 1992, and 2016. You can look up who the presidents were at those times to see how they may have affected the overall housing market.
Mortgage rates dropped this month. If you’re having second thoughts about purchasing a home, now’s a good time to check what’s available on the market. Mortgage rates are slightly under 7%, and some 15-year mortgages are under 6%.
The impact of elections on the housing market is generally minor. Housing is important, no matter where you are in your journey. If you’re a buyer or seller, don’t hesitate to reach out to me. Contact me at (607) 795-2904 or vickischamel@kw.com. We can discuss selling your home or finding your dream home.
