Effects of the 2024 presidential election on the housing market.
What can you expect from the housing market this election year? If you’re considering buying or selling a home, you might be wondering how this presidential election impact the housing market. Historically, they’ve only had minor impacts or temporary effects on the decision to buy or sell. This is what usually happens.
First, home sales tend to slow down in November during election years. However, data shows that sales activity picks up in December and continues to increase into the following year. Second, home prices generally rise the year after an election, so there’s no need to worry about losing home value because of the upcoming election. Third, mortgage rates often decrease from July to November, which can lead to a slight increase in home-buying activity.
Based on past trends, the presidential election’s impact on the housing market is minor and temporary. For the majority of buyers and sellers, there’s no need to worry, as this election year shouldn’t significantly affect your plans. If you have any questions about real estate, contact me at (803) 886-0961 or BrentD@TheDowningTeam.com. Let’s connect!
