With the midterms behind us and the 2024 presidential election ahead of us, it might make you wonder how election years affect real estate market data and what it means for consumers.
Turns out, there are several key factors to look out for.
Buyers may take their time.
Looking at how election years affect real estate market data starts with the understanding that it’s actually unpredictable.
But generally speaking, people tend to be hesitant to make major purchases, such as buying a new home during election years.
On the flip side to being cautious is taking the leap of faith and possibly landing in your dream home at an affordable price!
Home values might shift slightly during election years.
Research shows appreciation generally slows down during election years. That means buyers could benefit from slow-rising home prices during this time.
However, if sellers act quickly and list their homes a year before or a year after elections, the odds may be back in their favor.
Historically, real estate market data also shows the market tends to bounce back quickly after elections.
All eyes will be on the new administration.
With new leadership, comes a bevy of change. Those changes could affect tax rates, deductions and credits in real estate, for example.
A strong economy means a good housing market.
When the economy is good, consumer confidence is good, which is a good thing for the housing market.
Summary
No matter how election years affect real estate market data, the truth is real estate is all about timing. Ready to take a closer look at your situation to see if the timing is right for you and your family? Reach out to Ryan Roberts today. For more local real estate market insights, trends and local listings, continue to read our blogs.
