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{"id":13058,"date":"2024-06-17T15:09:48","date_gmt":"2024-06-17T15:09:48","guid":{"rendered":"https:\/\/www.sellfor1percent.com\/?p=13058"},"modified":"2024-10-22T17:05:04","modified_gmt":"2024-10-22T17:05:04","slug":"does-the-election-impact-the-housing-market-insights-for-2024-buyers","status":"publish","type":"post","link":"https:\/\/www.sellfor1percent.com\/does-the-election-impact-the-housing-market-insights-for-2024-buyers\/","title":{"rendered":"Does the Election Impact the Housing Market? Insights for 2024 Buyers"},"content":{"rendered":"
With the 2024 Presidential election approaching, you might be wondering how this major event could affect your plans to buy or sell a home. It\u2019s a valid concern since buying or selling a home is a significant decision. Historically, Presidential elections have had a minimal and temporary impact on the housing market. Here\u2019s a closer look at how home sales, prices, and mortgage rates have behaved during election years, and why you can remain hopeful about your real estate goals.<\/p>
Home Sales During Election Years<\/h3>
In November of election years, there is typically a slight slowdown in home sales. According to Ali Wolf, Chief Economist at Zonda, \u201cUsually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.\u201d This hesitation is due to the uncertainty surrounding the election, causing some people to delay their decisions.<\/p>
However, this slowdown is temporary. Data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) shows that after nine of the last eleven Presidential elections, home sales increased the following year. This pattern suggests that any decline in activity is short-lived, and the market quickly recovers (see graph below).<\/p>