It’s no surprise that the upcoming Presidential election might have you speculating about what’s ahead. And those unanswered thoughts can quickly spiral, causing fear and uncertainty to swirl through your mind. So, if you’ve been considering buying or selling a home this year, you’re probably curious about what the election might mean for the housing market – and if it’s still a good time to make your move. Here’s the good news that may surprise you: typically, Presidential elections have only had a small, temporary impact on the housing market. But your questions are definitely worth answering, so you don’t have to pause your plans in the meantime. Here’s a look at decades of data that shows exactly what’s happened to home sales, prices, and mortgage rates in previous Presidential election cycles, so you can move forward with the facts as you weigh the pros and cons of your homeownership decision. Home Sales In the month leading up to a Presidential election, from October to November, there’s typically a slight slowdown in home sales (see graph below): Home Sales In the month leading up to a Presidential election, from October to November, there’s typically a slight slowdown in home sales (see graph below): Some consumers will simply wait it out before they make their purchase decision. However, it’s important to know this slowdown is small and temporary. Historically, home sales bounce right back and continue to rise the following year. In fact, data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) shows after 9 of the last 11 Presidential elections, home sales went up the year after the election, and it’s been happening consistently since the early 1990s (see chart below): Home Prices You may also be wondering about home prices. Do prices come down during election years? Not typically. 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.” Home prices generally rise over time, regardless of an election cycle. So, based on what history shows, you can expect the current pricing trend in your local market to likely continue, barring any unusual market or economic circumstances. The latest data from NAR reveals that after 7 of the last 8 Presidential elections, home prices increased the following year (see chart below): The one outlier was from 2008 to 2009, which was during the height of the housing market crash. That was certainly not a typical year. Today’s market, however, is much more resilient. And while prices are moderating nationally, they aren’t on an overall decline. Mortgage Rates And the third thing that’s likely on your mind is mortgage rates, since they impact your monthly payment if you’re financing a home. Looking at the last 11 Presidential election years, data from Freddie Mac shows mortgage rates decreased from July to November in 8 of them (see chart below): And this year, we’ve already started to see that happen. Most experts also forecast mortgage rates will ease slightly throughout the rest of 2024. If that happens – and all signs right now indicate it should – this year will continue to follow the trend of declining rates. So, if you’re looking to buy a home in the coming months, this could be great news for your purchasing power. What This Means for You What’s the big takeaway? While Presidential elections do have some impact on the housing market, the effects are usually minimal. As Lisa Sturtevant, Chief Economist at Bright MLS, says: “Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.” For most buyers and sellers, elections don’t have a major impact on their plans. Bottom Line While it’s natural to feel a bit uncertain during an election year, history shows the housing market remains strong and resilient. And this means you don’t have to pause your plans in the meantime. For help navigating the market during this election cycle, let’s connect.

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It's been 1,650 days since the Federal Reserve last cut interest rates. During this era of rising rates, we've seen: Mortgage rates peak at nearly 8% in October 2023 Existing home sales plummet to 1995 levels Home affordability hit a 40-year low So, when I got the news yesterday that the Federal Reserve was cutting interest rates by 0.5%, I was kind of excited. Not because this single cut will dramatically change the market overnight — but because the Federal Reserve is signaling that this is the beginning, not the end, of rate cuts. Yes, lower mortgage rates will result in more buyers, increased competition, and likely more refinancing.  But it could also lead to something more important: More homes hitting the market. According to a recent Bankrate survey, only a tiny fraction of homeowners — just 5% — feel comfortable selling their homes with mortgage rates at 6% or higher. However, there’s a glimmer of hope for the housing market.  The survey revealed that more than a third of homeowners (35%) would be willing to sell their homes if mortgage rates dip below 6%. More homes hitting the market should lead to a healthy and stable real estate market. Buyers and sellers alike can rejoice in that news. As always, I'm here to keep you informed about what’s happening in the market. Do me a favor, let me know what you are feeling about all of this. Cheers, Tania P.S. One of my clients wanted to sell their home, but they were afraid they wouldn’t be able to find a new one or sell their current one. After preparing and marketing their home, we were able to sell for $17,000 above their list price, and helped them find that new perfect spot to call home and move into even before closing on the sale of their current home! If you’re feeling stuck, overwhelmed, or just confused, call me directly at 404-964-2267 for professional guidance.   Here's a great way for you to check out how the current rates would impact your mortgage payments. You would just plug in the ideal purchase price, your planned amount of downpayment... and click calculate! boom! You will see what your monthly payment would be right there on my preferred lender, Mitzi Marshall app - go here

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Here is a quick story about how to take your next step in a complex world. In a bustling town lived Ella the mapmaker. She was known for creating the most intricate and detailed maps anyone had ever seen. People came from far and wide to commission her work, believing that the more complex the map, the better their journey would be. One day, Sam, a young traveler, arrived at Ella's shop. "I need a map to the Whispering Falls," he said. "It's for my first solo adventure." Ella began crafting an elaborate map, filling it with countless paths, landmarks and warnings. As she worked, she noticed Sam's anxiety growing. "Is something wrong?" she asked. "It's just ... it looks so complicated," Sam said. "I'm not sure I can follow all this." Ella paused, remembering her own first journey. On impulse, she set aside the complex map and took out a fresh sheet. With a few simple strokes, she drew a clear path to the falls. "Here," she said, "this is all you need to start. Just take the first step, then the next. The path will reveal itself." Sam's relief was apparent. He took the simplified map and set out with newfound confidence. Weeks later, Sam returned, his eyes shining with adventure. "Your map was perfect," he said. "I discovered so much more than just the falls. I learned to trust myself and enjoy the journey." From that day on, Ella changed her approach. She realized that, sometimes, the best map is the one that simply shows you where to take your first step.  

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