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<\/a><\/figure>\nWith the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it\u2019s having on the housing market. Let\u2019s break it down.<\/p>\n
Election Years Bring a Temporary Slowdown<\/strong><\/h4>\nIn any given year, home sales slow down slightly in the fall. It\u2019s a typical, seasonal trend. However, according to\u00a0data<\/a>\u00a0from\u00a0BTIG<\/em>, in election years there\u2019s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below<\/em>):<\/p>\nWhy? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It\u2019s a pattern that\u2019s shown up time and time again, and it\u2019s particularly apparent for buyers and sellers in the housing market.<\/p>\nThis year is no different. A recent survey from\u00a0Redfin<\/em>\u00a0found that\u00a023% of potential first-time homebuyers said they\u2019re waiting until after the election to buy<\/strong>. That\u2019s nearly a quarter of first-time buyers hitting the pause button, likely due to the same feelings of uncertainty.<\/p>\nHome Sales Bounce Back After the Election<\/strong><\/h4>\nThe good news is these delayed sales aren\u2019t lost forever\u2014they\u2019re just postponed. History shows sales tend to rebound after the election is over. In fact,\u00a0home sales<\/a>\u00a0have actually\u00a0increased<\/strong><\/a>\u00a082% of the time in the year after the election<\/strong>\u00a0(see chart below<\/em>):<\/p>\nThat\u2019s because once the election dust settles, buyers and sellers have a sense of what\u2019s ahead and generally feel more confident moving forward with their decisions. And that leads to a boost in home sales.<\/p>\nWhat To Expect in 2025<\/strong><\/h4>\nIf history is any indicator, that means more homes will sell next year. And based on the latest forecasts, that\u2019s exactly what you should expect. As the graph below shows, the housing market is on pace to sell a total of 4.6 million homes this year, and projections are for 5.2 million total sales next year (see graph below<\/em>):<\/p>\nAnd that aligns with the typical pattern of post-election rebounds.<\/p>\nSo, while it might feel like the market is\u00a0slowing down<\/a>\u00a0right now, it\u2019s more of a temporary dip rather than a long-term trend. As has been the case before, once the election uncertainty passes, buyers and sellers will return to the market.<\/p>\nBottom Line<\/h3>\n
It\u2019s important to remember that while election years often bring a short-term slowdown in the housing market, the pause is usually temporary. Those sales are not lost. Data shows\u00a0home sales<\/a>\u00a0typically increase the year after a Presidential election, and current forecasts indicate 2025 will be no different. If you\u2019re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead.<\/strong><\/p>\nIf you want to discuss your future real estate goals, be sure to reach out to Terry Belt to help you make the best decisions.<\/strong><\/p>\n703-242-3975 | Info@TheBeltTeam.com |\u00a0Contact Us<\/a><\/strong><\/p>\nWondering what your home is worth?\u00a0Click Here<\/a>\u00a0for a FREE INSTANT home valuation!<\/strong><\/p>\n<\/p><\/div>\n
Why? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It\u2019s a pattern that\u2019s shown up time and time again, and it\u2019s particularly apparent for buyers and sellers in the housing market.<\/p>\n This year is no different. A recent survey from\u00a0Redfin<\/em>\u00a0found that\u00a023% of potential first-time homebuyers said they\u2019re waiting until after the election to buy<\/strong>. That\u2019s nearly a quarter of first-time buyers hitting the pause button, likely due to the same feelings of uncertainty.<\/p>\n The good news is these delayed sales aren\u2019t lost forever\u2014they\u2019re just postponed. History shows sales tend to rebound after the election is over. In fact,\u00a0home sales<\/a>\u00a0have actually\u00a0increased<\/strong><\/a>\u00a082% of the time in the year after the election<\/strong>\u00a0(see chart below<\/em>):<\/p>\n That\u2019s because once the election dust settles, buyers and sellers have a sense of what\u2019s ahead and generally feel more confident moving forward with their decisions. And that leads to a boost in home sales.<\/p>\n If history is any indicator, that means more homes will sell next year. And based on the latest forecasts, that\u2019s exactly what you should expect. As the graph below shows, the housing market is on pace to sell a total of 4.6 million homes this year, and projections are for 5.2 million total sales next year (see graph below<\/em>):<\/p>\n And that aligns with the typical pattern of post-election rebounds.<\/p>\n So, while it might feel like the market is\u00a0slowing down<\/a>\u00a0right now, it\u2019s more of a temporary dip rather than a long-term trend. As has been the case before, once the election uncertainty passes, buyers and sellers will return to the market.<\/p>\n It\u2019s important to remember that while election years often bring a short-term slowdown in the housing market, the pause is usually temporary. Those sales are not lost. Data shows\u00a0home sales<\/a>\u00a0typically increase the year after a Presidential election, and current forecasts indicate 2025 will be no different. If you\u2019re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead.<\/strong><\/p>\n If you want to discuss your future real estate goals, be sure to reach out to Terry Belt to help you make the best decisions.<\/strong><\/p>\n 703-242-3975 | Info@TheBeltTeam.com |\u00a0Contact Us<\/a><\/strong><\/p>\n Wondering what your home is worth?\u00a0Click Here<\/a>\u00a0for a FREE INSTANT home valuation!<\/strong><\/p>\n<\/p><\/div>\nHome Sales Bounce Back After the Election<\/strong><\/h4>\n
What To Expect in 2025<\/strong><\/h4>\n
Bottom Line<\/h3>\n