Hey Connecticut buyers and sellers! 🏡
With the 2024 presidential election just around the corner, I know many of you are wondering: should I wait until after the election to make a move in the housing market? It’s a common question, and I’m here to break it down for you.
Election Year Jitters: What Happens to the Market?
Presidential elections bring uncertainty, and with uncertainty comes hesitation. People tend to hit pause on big financial decisions, which often leads to a brief slowdown in the housing market as buyers and sellers adopt a “wait-and-see” approach. Historically, the real estate market sees fewer transactions in the months leading up to an election, especially in November. But here’s the thing—it’s usually temporary.
According to historical data, after 9 out of the last 11 presidential elections, home sales bounced back the following year. So while things may slow down in the short term, the real estate market typically rebounds quickly once the political dust settles. That means if you’re on the fence about buying or selling, the election itself may not be as big of a factor as you think!
Will Home Prices Drop?
Many of you are wondering if home prices will drop during election season. Here’s the reality: home prices tend to keep climbing, even in election years.
According to the National Association of Realtors, home prices have increased after most presidential elections, regardless of the winner.
The only real exception to this was during the 2008 financial crisis, which was an entirely different beast. In 2024, the market is much more stable, so it’s unlikely that we’ll see significant price drops.
What About Mortgage Rates?
This is where it gets interesting. Mortgage rates often dip slightly leading up to an election, as the Federal Reserve tends to avoid making big moves until they have a clearer view of the political landscape.
Some experts predict that rates may ease a bit by the end of the year, giving buyers a slight break. But don’t expect dramatic drops—rates are still dependent on broader economic trends, and no one has a crystal ball.
To Buy or Sell Now? Or Wait?
So, what’s the verdict? If you’re a buyer, now might be a smart time to act before rates potentially rise again. With the market likely to stay strong post-election, buying now could help you avoid a rush of buyers flooding the market afterward.
On the other hand, if you’re a seller, there’s no immediate pressure to list before the election. The market should remain stable, but listing now could help you take advantage of existing demand and avoid any post-election uncertainties.
Final Thoughts
Election years always come with a bit of anxiety, but history tells us that the real estate market is resilient.
Whether you decide to buy or sell now or wait, the key is to stay informed and work with a real estate professional (that’s me 😉) to guide you through the ups and downs.
Remember, it’s all about making the best decision for your situation, not letting political uncertainty dictate your future.
Feel free to reach out if you want to discuss your options in detail—I’m here to help you navigate the Connecticut real estate market, no matter which way the election swings!
You can call or text me at 203-665-8071
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