As election season heats up, you might wonder how the political climate could affect your real estate decisions. Here in sunny San Diego, while elections often dominate the conversation, they typically have a minor impact on the housing market. Here’s what we've seen happen in San Diego and beyond:
Elections and the Housing Market: A Slight November SlowdownÂ
It’s common to see a slowdown in home sales around November during election years. This pause happens because some buyers and sellers choose to hold off, waiting for the election results to bring more clarity. However, this dip in activity is usually short-lived. Once the election results are announced and the political landscape becomes clearer, the market often regains momentum in December.
Post-Election Market BoostÂ
Interestingly, we often see a boost in home prices in the year following an election. This pattern suggests that confidence returns to the market once the uncertainty fades, and home values reflect that renewed stability. This post-election period could be a prime opportunity for sellers to sell their homes.
Keeping an Eye on Mortgage RatesÂ
Another critical factor to watch is mortgage rates. Historically, rates tend to dip between July and November in election years, making home-buying more affordable. Locking in a lower rate could be wise if you're considering buying.
What This Means for the San Diego Area
While elections might cause a brief pause, the housing market remains strong and resilient. Here, where the real estate market is as vibrant as the city, these trends are just a tiny piece of the puzzle. Whether you’re buying or selling, there are always great opportunities waiting.
If you’re curious about how the current market could work in your favor, reach out to Deborah Vance at Radiant Realty. She's here to help you confidently navigate the market and make the best decisions for your future.
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