If you’re wondering if now is a good time is to buy or sell a home. Read this.
With the 2024 presidential election just around the corner, many potential buyers and sellers are asking: Is this a good time to make a move? Here’s a look at what past election years can tell us:
Temporary Slowdown
Historically, the real estate market sees a slight dip in activity in the month leading up to Election Day. This year, a recent Redfin survey found that 23% of first-time homebuyers plan to wait until after the election to buy, largely due to uncertainty.
Post-Election Rebound
The good news? Market activity usually picks up following an election. In fact, home sales have increased 82% of the time in the year following a presidential election. This pattern suggests that any slowdown is typically short-lived.
What to Expect in 2025
Looking ahead, industry projections suggest a stronger market in 2025. Total home sales are expected to increase from 4.6 million in 2024 to approximately 5.2 million in the coming year.
If you’re worried about how the election might influence your decision, take comfort in knowing that while we may see a brief pause, the market tends to regain momentum post-election. So whether you’re considering buying or selling, the outlook remains promising.