Every four years, we enter a period of uncertainty as a new election cycle unfolds. For those buying or selling homes in Columbus, understanding how the presidential election impacts the housing market can be crucial. While national headlines may suggest turbulence, our experience as real estate experts at Sell For 1 Percent tells a different story. In this post, we’ll explore the influence of presidential elections on the Columbus housing market, the role of economic indicators like interest rates, and why 2024 may present unique opportunities for buyers and sellers alike.
What Happens to the Housing Market During Election Years?
A History of Calm Amid Election Cycles
Historically, the real estate market often slows in the months leading up to a presidential election. Buyers and sellers adopt a “wait and see” approach, creating a brief pause as people await election outcomes and possible policy changes. However, once the election is over, the market tends to pick up as the uncertainty is resolved.
Looking back, we see this pattern repeat. In 2016, after the election dust settled, Columbus real estate experienced renewed activity, driven largely by a steady economy and low-interest rates. Similarly, in 2020, while the pandemic created challenges, the market quickly rebounded post-election, with low mortgage rates fueling a strong seller’s market.
Why Do Election Years Influence the Market?
Political transitions bring the potential for economic policy changes, impacting everything from tax laws to mortgage rates. People naturally pause big decisions, especially those with financial risk, to see how new policies could affect their personal finances. For example, if tax breaks for homeowners or first-time buyers are anticipated, it may delay buyer activity until after the election. Conversely, if housing policies or mortgage rates are expected to shift, sellers may accelerate their listings before the changes take effect.
How the 2024 Election is Shaping the Columbus Real Estate Market
Interest Rates and Economic Indicators
This year, the economy has shown mixed signals. Nationally, recent reports show low job creation numbers, a shift many attribute to factors like recent strikes and weather events. However, mortgage interest rates remain near 7%, affecting affordability for some buyers. The Federal Reserve’s decisions on rate cuts, potentially on the horizon, may offer relief and stimulate buyer interest.
Columbus Market Resilience
Here in Columbus, despite the larger economic backdrop, homes are still selling. While inventory has reached a six-year high, the demand remains strong, with competitively priced homes still attracting multiple offers. We’re seeing two months of housing supply, marking a healthy, albeit slightly slower, market compared to previous years. What this tells us is that the fundamentals remain sound, making it an excellent time for those who are ready to buy or sell.
Buyer and Seller Tips for Navigating an Election Year Market
For Sellers: Embrace the Opportunity
If you’re considering selling, now is a great time. Despite fluctuations, Columbus remains a seller’s market in many areas. With Sell For 1 Percent, you benefit from our 1% commission model, allowing you to keep more of your hard-earned equity. Leveraging the latest technology, we market your property effectively to reach serious buyers quickly and efficiently.
For Buyers: Get Pre-Approved and Start Watching Rates
With inventory up, buyers have more choices and time to make informed decisions. If you’re shopping for a home, we recommend staying in close contact with your lender and realtor to watch for potential rate changes after the election. At Sell For 1 Percent, we can connect you with trusted lenders and provide the latest updates on rates and housing inventory.
What Can We Expect After the Election?
As we’ve seen in past cycles, we can expect some pent-up demand to be released once the election concludes. Typically, buyers and sellers who were in a holding pattern will re-enter the market, often leading to a slight uptick in activity. Whether Democrat or Republican, historical patterns show that housing market fundamentals often hold steady post-election, with any adjustments occurring gradually rather than overnight.
The Sell For 1 Percent Advantage: Full-Service Real Estate at Just 1% Commission
Navigating an election year market can feel daunting, but with the right partner, it’s an opportunity. At Sell For 1 Percent, we’re a full-service brokerage that utilizes technology to streamline the selling process, saving our clients thousands with our 1% commission model. We handle everything from professional marketing to negotiations, ensuring your home sells quickly and at the best price.
Ready to Sell Your Home?
If you’re thinking about selling, don’t wait. The current market conditions present a fantastic opportunity to list your home and benefit from high demand and limited competition. Reach out to our team at Sell For 1 Percent today and experience the benefits of our full-service approach with only 1% commission.
Let’s make your real estate goals a reality — election year or not. Contact us today to learn more about our innovative approach and how we can help you save.
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