Real Estate and the Post-Election Season

Real Estate and the Post-Election Season

The 2020 presidential election is a season filled with intrigue as the American people embark on tactics that have never been seen before. With so many uncertainties, it can be difficult to predict how the housing market might look once the blue and red dust has settled. History tells us that certain rates may be at their best yet. But who’s to say you’ll be getting the best deal? Here are a few new updates on how the housing market might look post-election.

November Sales Decrease

According to research, there is usually a 10% decrease in sales between October and November in an election year. This drop is usually temporary and may have a lot to do with people’s confidence in the market surrounding election day. This will also be dependent on the year being either a buyer or seller’s market. Regardless of this, experts believe the housing market will not be crashing anytime soon. Stay on the lookout for post-election deals!

First Year After the Election is the Best Time

In our previous post, it was mentioned that appreciation rates decrease 1.5% the year before elections, and 0.8% after elections. Therefore, the best time to buy is one year after a presidential election. During the last four years, homeownership has been increasing, which could prove to be a hopeful trend as we navigate the aftermath of the economic crisis.

Some of the Lowest Interest Rates We’ve Seen

According to The Mortgage Reports, housing agencies expect an average 30-year mortgage rate of 3.03% in 2021. If you want to take even more advantage, a new recent low was 2.8% this past month. This is another reason why post-election is a great buying season, despite an unpredictable economy. Take advantage of these low rates now before the season comes to an end!

Tax Effects

While whoever is chosen to be the next commander in chief won’t affect the market directly, tax policies may change the game. Taxes will be either higher or lower in the housing market. Be sure to read up on the tax policies of our next elected president to better anticipate the shift in taxes.

Regardless of who you voted for, the numbers don’t lie. If you’re looking to buy at a reasonable price and rate, look into the best deals in 2021. Our team can connect you with information and homes that will best fit your needs. The upcoming year has us in the dark about a lot of things, but navigating the housing market doesn’t have to be a mystery! Pay attention to changing tax rates and take advantage of the lowest mortgage rates we’ve seen! No matter the state of the world, the time may be better than ever to grab the home of your dreams!


Recent Blog Posts

Stay up to date on the latest real estate trends.

Real Estate

Best Places to Catch Holiday Cheer in the Bay Area

It is the Holiday season and we would like to tell you about some upcoming events so you can join in and grab some Holiday Cheer.

Rica's Heart

Cinderella Complex | November 2023

I have a confession to make. Some of you aren’t going to like it. In fact, some of you may think this is coming out of left field. You’re going to think this is comple… Read more

Real Estate

Thanksgiving Home Decorating Ideas

Show your family your Thanksgiving decorating skills and give them the Thanksgiving of their dreams.

Real Estate

See the Changing Colors of Fall in the Bay Area

Meraki Real Estate would love to take you around the Bay Area to our favorite places to see our favorite fall colors.

Rica's Heart

Attracting Butterflies | October 2023

If you spend your time chasing butterflies, they’ll fly away. But if you spend your time making a beautiful garden, the butterflies will come. Don’t chase, attract.

Real Estate

The Essential Guide: Steps to Successfully Close on a House

Closing on a house is an exciting and often nerve-racking process for homebuyers. It is the final step before officially becoming a homeowner. While it might seem over… Read more

Rica's Heart

Dreams Change Our World | September 2023

Our team recently had a vision board making party. We spent time sifting through magazines and surfing the Internet for images, words & phrases to complete our board… Read more

Real Estate

Fall in Foster City, California: Embrace Nature's Palette and Local Delights!

Fall in Foster City, California: Embrace Nature's Palette and Local Delights! Introduction: Nestled amidst the stunning landscapes of the San Francisco Bay Area, Fost… Read more

Real Estate

The Art of Home Staging: Maximizing Your Selling Price

The Art of Home Staging: Maximizing Your Selling Price Introduction: Selling a home is undoubtedly a significant milestone, and every homeowner wants to receive the b… Read more

Let’s Talk

You’ve got questions and we can’t wait to answer them.