Many would-be buyers have been holding off on buying homes until after the election, as well as some sellers who’ve been waiting until post-election to list their homes. And all of that waiting is evident in the real estate market. According to a recent article from realtor.com, sales of existing homes in the United States dropped to a 14-year low in September, even though mortgage rates hit a two-year low that same month.
But now that the election is over, that may change.
A recent article from realtor.com answered key questions about the ways that the election is and may impact the real estate marketing, including:
- Why is the election impacting the real estate market? Homebuying or selling is a major decision, and with politics feeling so uncertain and polarized, many people are waiting to make major life decisions (including buying or selling real estate) until after the election results have been confirmed.
- Will home sales increase after the election? According to the article, home sales and prices have increased annually in the four months following every election since 2004, with the exception of 2008, when the country was in the midst of a housing crisis. So, based on that data, there could be reason to believe that home sales and prices will increase following the 2024 election.
- Is it election jitters that are causing the slow down? While many people will say the election is the reason they’re not buying or selling, the truth is, people are waiting to buy and/or sell for a variety of reasons. So, while the election may be contributing to the slowdown in real estate activity, it’s certainly not the only reason.
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