Here is the effect I’m predicting that this particular election will have on the real estate market on a local and national scale.
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With the presidential election coming up quickly, I’d like to answer the question I get most frequently: “How will the election affect both our local real estate market and the market nationally?”
My answer to this question is simply, “Nothing.” History has shown us that immediately after an election, the market does not see much of a change. The most important factor that we have to keep our eyes on is how consumer confidence is affected by this election, as this will be one of the few parts of the real estate market that is impacted.
What we know is that in the midst of political chaos and controversy, the main motivator for most people, by and large, is fear. Fear usually causes one of two possible outcomes: action or inaction.
The election should have no immediate impact on our market.
When there is fear and uncertainty in the market due to the election, people who might otherwise list their home are keeping their homes off the market. Likewise, some people who may not have been considering listing their homes have done so out of fear. It’s hard to predict exactly what effect this election will have on our market in the end.
We also know that interest rates aren’t going to increase immediately and that home prices won’t fluctuate drastically either. Overall, the election should have no immediate impact on the real estate market, but the fear and uncertainty about this election may have an impact on the market in the future.
If you have any other questions about what to expect from the Santa Clarita Valley market in the future or how long you have left to take advantage of the uptick we’re seeing right now, give me a call or send me an email. I look forward to talking with you soon!
