Pams Real Estate Ponderings

With the 2024 Presidential election upon us, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down. Election Years Bring a Temporary Slowdown In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to  data  from  BTIG , in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day ( see graph ): Why? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It’s a pattern that’s shown up time and time again, and it's particularly apparent for buyers and sellers in the housing market. This year is no different. A recent survey from  Redfin  found that  23% of potential first-time homebuyers said they’re waiting until after the election to buy . That’s nearly a quarter of first-time buyers hitting the pause button, likely due to the same feelings of uncertainty. H