4 Reasons Why The Election Won't Dampen The Housing Market

Well, the moment we've been waiting for is finally here--tomorrow remaining votes will be cast and the next 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 come January.⁠⠀

At The Klompmaker Group, our prediction is that the housing market will remain strong for four very important reasons:⁠⠀

As the largest generation, millennials area 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. ⁠⠀

Even with all of the disruptions of this past year, low rates have served 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 any time soon.⁠⠀

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

Who's ready for 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 be the best real estate year of the 4 year cycle. We are predicting this year we will this same trend emerge.⁠

SOME FINAL THOUGHTS:

Despite the fact that this has been one of the most contentious elections in our nations history, the housing market is poised to handle it well no matter the outcome. ⁠⠀⁠⠀

Though the overall economy may be affected, housing will be one sector that will fair well. ⁠⠀