The 2020 presidential election is right around the corner, and with every election there’s uncertainty. In this year of uncertainty from the pandemic, an election could be causing consumers to question their buying and selling plans.
Consumer confidence falls during political election years however, the real estate market is going strong and as a matter of fact it’s ROCK SOLID! Delaying plans to buy or sell could mean you’re missing out on a once-in-a-lifetime affordability opportunity.
It’s all about consumer confidence and what the economy will do in the midst of the pending election, which directly affects what will happen with real estate. Many aspects of our economy have made a slow and steady recovery, but the housing market’s rebound has been amazing, especially considering the expectation that housing would be crushed. As we’ve seen that hasn’t been the case at all and in fact, after the initial slow down, it came roaring back!
Low-mortgage rates have continued to make home ownership affordable and kept confidence in the real estate industry high, and is driving a record number of buyers into the market. This could potentially cause this year’s housing market to outperform last year’s sales. The presidential election may cause consumers to watch and wait in the weeks to come however, as we saw with the pandemic, the reward of locking in record-low mortgage rates also may continue to outweigh any consumer cautions and drive buyers and sellers to act. Low inventory and high buyer demand puts sellers in a very powerful position!