Leave a Message

Thank you for your message. We will be in touch with you shortly.

How Presidential Elections Impact Home Sellers

Oriana Suarez September 16, 2024

Sellers

How Presidential Elections Impact Home Sellers

As the upcoming Presidential election draws closer, you might be wondering how it will affect the housing market, particularly if you’re considering selling your home. It’s natural to feel some uncertainty during an election year, but understanding how previous elections have influenced the market can help you make an informed decision.

The good news is that, historically, Presidential elections have only had a small, temporary impact on the housing market. So, if you’re planning to sell your home, there’s no need to hit pause on your plans.

Home Sales During Election Years

In the lead-up to a Presidential election, there’s often a slight slowdown in home sales. Some buyers may adopt a wait-and-see approach, delaying their decisions until after the election. However, this slowdown is typically minor and temporary. 

Historically, home sales bounced right back and continued to rise the following year.

Data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) shows that in 9 of the last 11 Presidential elections, home sales increased in the year following the election. This suggests that any dip in sales before the election is likely to be short-lived, with the market rebounding soon after.

Home Prices Are Resilient

Another common concern for sellers is whether home prices will drop during an election year. The data shows that home prices generally continue their upward trend, regardless of the election cycle.  As residential appraiser and housing analyst Ryan Lundquist notes:

“An election year doesn’t alter the price trend that is already happening in the market.”

The latest data from NAR supports this, showing that home prices increased in 7 of the last 8 Presidential elections. The only exception was during the 2008 housing market crash, a unique and severe economic event. Today’s market is much more stable, and while prices may moderate, a significant drop is unlikely.

What About Mortgage Rates?

Mortgage rates, which directly affect buyers' purchasing power, have historically decreased in the months leading up to a Presidential election. Freddie Mac data indicates that in 8 of the last 11 Presidential election years, mortgage rates dropped from July to November. This trend is continuing in 2024, with experts forecasting a slight easing of rates throughout the rest of the year (see chart below):

For sellers, lower mortgage rates are beneficial because they can increase the pool of potential buyers, making your home more attractive in the market.

Why Sellers Shouldn’t Worry

The bottom line for sellers is that Presidential elections, while significant, do not drastically alter the housing market. Historical data shows that any impact on home sales, prices, and mortgage rates is minimal and temporary. So, there’s no need to delay your plans if you’re ready to sell. The housing market remains strong and resilient, even during election years.

At Florostone Realty, we’re here to help you navigate the market during this election cycle. Whether you’re selling your home or just exploring your options, let’s connect to ensure you make the best decision for your situation.


Recent Blog Posts

Stay up to date on the latest real estate trends.

Sellers

Don’t Let These Two Concerns Hold You Back from Selling Your House

December 15, 2024

If you're hesitant to sell your house, you're not alone. Many homeowners are concerned about higher mortgage rates or finding the right home in today’s market. The goo… Read more

Buyers

Don’t Miss Out on the Growing Number of Down Payment Assistance Programs

December 1, 2024

With home prices and mortgage rates fluctuating, down payment assistance (DPA) programs are becoming increasingly crucial for buyers.

Tips

The Rise of Hispanic Homeownership: Challenges, Opportunities, and the Path to Wealth

November 29, 2024

Hispanic Americans are not only shaping the future of homeownership in the U.S., but they are also breaking ground in wealth creation through real estate

Sellers

How Long Will It Take to Sell Your House?

November 15, 2024

If you’re planning to sell your house, knowing how long it might take is a big part of planning your next steps.

Buyers

Why Have More People Decided To Sell Their Homes Recently?

November 1, 2024

This fall, buyers have more homes to choose from than usual thanks to an unexpected uptick in new listings. A drop in mortgage rates at the end of summer motivated mor… Read more

Tips

Level Up Your Home Staging Strategy: Expert Tips for Real Estate Agents

October 28, 2024

In this blog, we dive into effective home staging strategies for real estate agents looking to enhance their listings and grow their business.

Sellers

Should You Sell Now? Key Lifestyle Factors to Consider

October 15, 2024

Deciding whether to sell your home is about more than just financial factors—it’s about your lifestyle too. This blog highlights the top personal motivators, like movi… Read more

Buyers

The Down Payment Assistance You Didn’t Know About

October 1, 2024

Nearly 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually utilize it. Don’t miss out! Learn about down payment options, grants, an… Read more

Tips

Make Your Online Listings Stand Out and Attract More Buyers

September 29, 2024

With nearly half of all homebuyers starting their search online, your listings need to stand out. Learn how to enhance your online presence with professional photos, v… Read more

LET’S CONNECT

We strive to become your go-to Real Estate Advisors. Book a free consultation today and let’s get started with a buying or selling plan for your home customized to your unique timeline.