Elections, Real Estate & Thankfulness
Real Estate in the Wake of the 2024 Election
With the 2024 Presidential election behind us, many people are wondering how it might impact their real estate plans. For a year already full of uncertainty, the election may have added another layer of hesitation for both buyers and sellers.
Real estate has been a central topic of debate throughout the campaign season, and even if concerns haven’t been voiced outright, chances are they’ve been on your mind. Whether you’re thinking about buying or selling, history shows that while elections can create temporary caution, the housing market remains resilient over the long term.
What History and Current Trends Tell Us
It’s normal for the real estate market to slow in the fall after the busy spring and summer seasons. The added uncertainty of an election can amplify this pause as people wait to see how things shake out. However, historical trends reveal that this is usually short-lived.
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, the housing market rebounded in December and gained momentum into the new year.
For buyers, this quieter period could be the ideal moment to act. The winter months often mean less competition and more negotiating power, giving you a better chance at favorable pricing and terms.
For sellers, listing during this time can help you stand out. With fewer homes on the market, motivated buyers will have fewer options, making your property more likely to capture attention.
Home Prices and Mortgage Rates: What to Expect
One question on everyone’s mind is whether home prices will take a hit. The answer? Historically, home prices stay strong—even in election years.
NAR data shows that home prices increased in the following year after seven of the last eight presidential elections. The only exception was during the 2008 housing crash—a unique event unrelated to elections. Today’s market is far more stable, offering confidence to homeowners and buyers alike.
Additionally, mortgage rates are expected to trend downward as we move forward. While dramatic drops aren’t likely, even slight decreases can improve affordability for buyers and support demand for sellers. If rates continue to stabilize, both parties can feel more confident about their decisions.
What This Means for You
While the election may have caused some hesitation, the housing market’s long-term trends remain strong.
For buyers, this season presents an opportunity to secure a home when competition is lighter and terms may be more favorable. For sellers, listing now allows you to take advantage of low inventory and capture the attention of serious buyers eager to make their move.
No matter which side of the transaction you’re on, staying informed and working with a knowledgeable real estate professional is the key to confidently navigating this unique time we're in.
As we give thanks this season, we pray for peace and blessings for you and your loved ones. Remember, we’re always here for you! Reach out anytime—call, text, email, or download our APP. And don’t forget to connect with us on Facebook and Instagram!
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