A recent article in Keeping Current Matters talked about the typical slow down we see in the real estate market in the Fall months. BTIG, a research company looked at new home sales from 1963 – 2019 and noted an average decline of 9.8% in November compared to October.
They noticed that in presidential election years, this became more exaggerated, dropping as much as 15% (from Oct. to Nov.).
When you take into consideration the current low inventory, low interest rates, and high demand, we may not see as much of a decline this year.
The first year after an election is the best year for real estate.
Meyers Research & Zonda, a real estate research company found that the year after an election year is commonly the best of the 4-year cycle.
This suggests that demand isn’t ‘lost’, but is more so deferred until after the election.
While this certainly isn’t a typical election year for us, experts believe that once the election is over, we could see even more activity in the following months.
Personally, I haven’t seen any decline the past few weeks. Activity has picked up on the buying and selling side. I feel like many families who held off during March – August, are ready to make a move before Christmas.
What will we see beyond the election + new year? Let’s see!