Posted 10 months ago

How an Election Affects the Housing Market: What You Need to Know

Hello Houston! Jay Thomas here, leveraging eighteen years of real estate experience in our vibrant city. With the presidential election on the horizon, you might be wondering how it could shake up the housing scene. Let’s break down what history and current forecasts reveal.

Historical Trends

Presidential elections typically have only a minor, short-term impact on the housing market. While November of an election year might see a dip in home sales, the market generally recovers and even thrives in the following months. In fact, home sales have increased the year after 9 out of the last 11 elections.

Home Prices

An election year usually doesn’t disrupt the existing trend in housing prices. Sources indicate that housing values have risen after 7 of the last 8 elections, with 2009 being an exception due to a unique economic situation. So, if prices have been trending upward, that positive trajectory is likely to continue.

Mortgage Rates

On a positive note, mortgage rates have often decreased from July to November in 8 of the last 11 election years. Most forecasts for 2024 suggest that rates will ease as the election approaches, which could be a great opportunity for buyers looking to enter the market.

While elections might stir things up a bit in the short term, the overall picture is fairly bright. Home sales frequently recover and even thrive in the year following an election, with prices continuing to rise. Furthermore, the expected decline in mortgage rates may make it a good moment to enter the market. Have questions or need expert assistance that is suited to your specific situation? Contact us at any moment. Here's to making wise judgments and seizing chances in Houston's always changing real estate market!

Hello! I'm Jay Thomas, a REALTOR in Houston, Texas. Chances are you and I share a similar passion, Real Estate! I also have a passion for building businesses, working out, inspiring others, technology, sports, and people. Connect with me on Facebook and Instagram!