09/18/2024
You may not have noticed, but there's a pretty big election coming up! I am not here to talk about politics, except for how it may or may not relate to real estate. I am frequently asked, "does an election change the real estate market?" Check out this helpful quote from a trusted real estate market expert, The Cromford Report:
"The short answer is no. There are always a few buyers who loudly claim they are deferring any home purchase decision until they find out the result of the election. These people are a tiny proportion of the total, insignificant in the overall context. In fact if we examine the volume of sales in the 5 months leading up to a November election we find that:
-in 2004 and 2020 home sales were stronger than normal non-election years
-in 2012 and 2016 home sales were in line with normal
-in 2000 and 2008 home sales were weaker than normal non-election years
Notice that each line includes one win for the Republican nominee and one win for the Democratic candidate, so sales volume does not even seem to correlate to who wins. The weaker years (2000 and 2008) correspond to recessions which are more likely to cause weaker home sales than elections. The housing market is affected by life decisions and events like couples deciding to live together, have children, separate, job moves and a death in the family. Politics has much less impact than politicians would have you believe... So the long answer is also no."
I hope this helps and if you are facing any of those "life decisions and events", be sure to give me a call!
Tina Faust, your loyal partner in finding the perfect home
425-446-9800
Good Oak Real Estate
