Despite some initial concern, the presidential election shouldn’t have any long-term major impact on our housing market. Here’s why.
I’ve been through several elections in my lifetime, and the one thing you can always count on after a controversial election such as the one we just had is everybody getting riled up over it. For a short period of time, there’s usually a great deal of concern from the half of the population who didn’t get their preferred candidate. However, eventually everyone slides back into their normal routines.
IN THE LONG TERM, THE POWER OF HABIT USUALLY TAKES OVER.
This is because supply and demand are what determine the housing market—not who is president. Folks buy and sell homes based on life motivators and their respective financial capability. While an election may rattle consumer confidence in the short term, in the long term, you’ll find that the power of habit usually takes over. Houses will continue to be bought and sold based on familiar motivators determined by supply and demand.
Based on the initial impact of the election, not much has changed in our market. My office has still been selling homes at a rapid pace, and I think we will see a strong housing market going into the spring. We still have fairly high demand and a low level of inventory. Not only that, but interest rates are still very low.
If you have any questions or are thinking of buying or selling a home in today’s market, please don’t hesitate to reach out to me. I’d be happy to help!