4 Reasons why the election won’t dampen the housing market

Well, the moment we’ve all been waiting for is finally here - tomorrow remaining votes will be cast and the next US president will be chosen 🇺🇸

We can agree no matter the outcome, many aspects of our lives will be affected. When it comes to housing though, things are looking bright regardless of who sits in the Oval Office in January 2021.

Our prediction is that the housing market will remain strong for FOUR very important reasons:

1. Demand is strong among millennials

As the largest generation, millenials are reaching life milestones such as getting married, having children and/or buying homes which is keeping demand high, especially with such low inventory on the market.

2. Mortgage Rates are Historically Low

Even with all the disruptions this past year, low rates have serves to counterbalance potentially negative effects on the housing market. Buyers have remained ready to go when the right home comes along and there is no indication rates will rise anytime soon.

3. Prices Continue to Rise

High buyer demand combined with extremely low housing inventory has led to price appreciation both here locally and nationally. This trend is forecasted to continue throughout 2021.

4. History says so - Ready for some housing market history?!

Each year the market drops from October to November due to seasonal changes in buyer behavior. In past Presidential election years this dip typically has risen slightly more, yet the market has always rebounded quickly to the best real estate year of the 4 year cycle. We are prediction this same trend will emerge this year.

Bottom Line:

Despite the fact that this has been one of the most contentious elections in our nation’s history, the housing market is posed to handle it well regardless of the outcome.