Think about the most trustworthy person you know…
Did you think of a politician? If not, keep reading!
If politicians are characterized by false promises, should we really make the biggest purchase of our lives based off their advice?
Here are some FACTS about the housing market and previous elections:
-According to the Department of Housing and Urban Development (HUD), median home prices have increased after 7 of the last 8 elections. This means that even if interest rates decrease, the overall cost of a home might still be higher.
-The National Association of Realtors (NAR) shows that existing home sales increase after an election as well. This can lead to bidding wars and further drive up prices.
-There is no real correlation between mortgage rates and elections, however in the last 4 elections that featured a president seeking a second term; the rates have not moved as much.
Statistically, making a move before the upcoming election will give buyers more certainty. However, if you’re a first-time home buyer, remember that it’s currently cheaper to rent than to pay a mortgage. So, while there’s a possibility that new policies might benefit first-time homebuyers, relying solely on these promises can be risky. Political campaigns often make promises that may not materialize. With that being said, if you’re still saving up money or not in a hurry to move right away, it could be in your best interest to wait and see what happens next year.
Don’t wait for a politician’s promises to come true before you get to move into your dream home.
Ready to take advantage of the current market? Let’s talk!