A recent topic that’s been coming up with a lot of my clients is how this election will affect the real estate market. Typically, what we see during an election year is a market slowdown. The market doesn’t like uncertainty. Whether you’re a Democrat or Republican, not knowing who’s going to be president greatly affects consumer confidence.
That being said, this year’s been a different cycle because interest rates are so low and the Fed has stated that they will raise these interest rates after the election. This has spurned a lot of buyer activity that normally would’ve been dormant to get back into the market and purchase their homes and get those 30-year fixed rates.
In our real estate market, what we’re seeing is that inventory levels are down 19% and sales are up 8%. This has shifted the market firmly into the seller’s favor. If you’re thinking of selling, now would be the ideal time to take advantage of these low rates.
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