The election is just around the corner and, as a result, there is a lot of fear and uncertainty in the real estate market right now. How much do elections really affect our local market?
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How does the election affect the real estate market?
Typically, the market slows down right around election day. Interest rates stay steady, though, as everyone is just waiting to see what will happen.
In my experience, there are very few immediate effects from the election on the real estate market. Everything should stay at the status quo. Although there tends to be a lot of uncertainty and fear about the real estate market surrounding elections, that panic is unfounded.
If you have been waiting to put your home on the market or start your home search, I would say don’t hesitate. The election does not immediately impact the local real estate market.
Interest rates are still incredibly low right now. However, they should begin to slowly rise in 2017. That is not a direct result of the election; it is simply time for interest rates to go up. We may also start to see the market slow down just a little bit, but again, it’s time for that to happen. Right now, properties are selling incredibly fast, sometimes in less than seven days! That is an unrealistic pace to maintain.
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Don’t wait for the election to end to get into the real estate market.
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If you have any other questions about the fall real estate market, give me a call or send me an email. I would be happy to help you!
