Will the upcoming presidential election affect the housing market?

One thing we know about human nature is that people are hesitant to make big decisions when they are faced with uncertainty. One big looming point of uncertainty on our horizon is the upcoming presidential election. But will this election have a big impact on the housing market? 

The answer is – probably not.  History shows us that presidential elections have a small, temporary impact on the housing market.  According to Ali Wolf, Chief Economist, “Usually home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.”  You can read more about her thoughts here.

As for home prices, what should we expect in an election year?

"There is certainly a human element to housing prices and mortgage rates. As a result, election years can bring more volatility to prices and rates than in non-elections years. However, those moments of volatility are fleeting," said Jason Obradovich, chief investment officer at mortgage lender New American Funding.

So what’s the overall takeaway? You can sum it up by saying thar an election year doesn’t alter the price trend that is already happening in the market.

If you have questions about selling your home this year, check out our seller information page here.

If home buying is on your radar, read more about the process on our buyer information page.