The 2024 presidential election is here, and uncertainty is in the air. Many U.S. Senate seats are in the balance, as well. Markets tend to react to political change, and real estate is no exception. If you’re planning to buy or sell a home, it’s natural to wonder how the election may impact your goals. In reality, real estate decisions can be highly individualized. While it’s wise to stay informed about political and economic forecasts and trends, staying grounded in your own priorities can lead to the most successful outcomes.
Expect Economic Shifts
Historically, election years bring uncertainty that can affect the housing market. Buyers may experience fluctuating mortgage rates, and sellers might see changes in buyer demand. It’s helpful to be prepared for potential changes, like adjustments in mortgage rates or slower sales cycles. However, remember that the real estate market is ultimately guided by local factors just as much as it is by national trends.
There will be new political policies introduced by the country’s leaders in 2025 and the years to follow. Some may affect economic indicators like unemployment or inflation. Others may impact taxes for individuals, families, entrepreneurs and property owners. Change happens and some changes may work out better for you than others. Some might not affect you much at all. You can’t let the fear of change drive reckless decisions. You also can’t let it create indecision that could keep you from buying or selling a home, even when the timing is ideal right now.
Focus on Your Long-Term Goals
Market timing can be challenging, especially when political factors are in play. Instead of reacting to temporary market conditions, focus on your long-term real estate goals. Buyers should prioritize finding a home that suits their lifestyle and financial capacity. Sellers should focus on presenting their homes at their best and pricing appropriately for local conditions.
Be Prepared and Flexible
Buyers and sellers alike can benefit from a bit of extra preparation based on who is elected this week. Buyers may want to lock in mortgage rates early, particularly if rates seem volatile. Sellers, on the other hand, can enhance their home’s appeal to stand out if buyer demand slows. Having a clear strategy and being ready to pivot can help you stay on track despite changes in the economic landscape.
Work with a Local Real Estate Expert
Partnering with a real estate agent who has a strong understanding of your local market can provide invaluable guidance in times of uncertainty. A local expert can advise you on how the election could influence local trends and help you make decisions based on up-to-date, area-specific insights. They can also help you stay focused on what truly matters for your individual situation.
As the election season comes to its dramatic culmination, keep your eyes on your personal objectives rather than external distractions. The right preparation and a local expert by your side can give you the tools you need to succeed in buying or selling your home, regardless of the election outcome.
For help with all your real estate planning if you looking to buy or sell a home in Southeastern Pennsylvania or Northern Delaware, contact The Cyr Team today. We’ve been through many election years, and we can help you make the right decisions for your real estate future.