Will the Presidential Election Impact Real Estate?
Election years can be a tricky time for the market. During this time, both sides of the spectrum will be preaching conflicting statements about the economy – leading to confusion among potential buyers and sellers. With the market’s current strength and mortgage rates at historic lows, putting off buying or selling until after the election is over could mean less of a reward as more time goes on.
Is a Recession Around the Corner?
When a media storm of recession talk hit the news in 2019, many people became affiliated it with another housing market collapse. The fears aren’t surprising, but they’re also not accurate.
Economists are now reporting that if a recession occurs, it may not be until 2021 or even 2022. On top of that, the real estate market is not a likely driving factor for an economic downturn, and the four recessions before 2008 saw little no effect on the housing market.
What If I Buy a Home and Prices Depreciate?
The market is strong and big hitters like Freddie Mac, Fannie Mae and NAR predict home values to continue to appreciate through 2021. Buying now is a sounds investment, and buyers should take advantage of the current low mortgage rates because waiting to purchase a home could mean paying more.
Should I Take Advantage of Interest Rates Now or Wait?
Essentially this comes down to one thing: why take the chance? Interest rates are currently at historic lows which mean buyers have increased buying power. Although the mortgage rates are projected to hold steady around 3.8%, certain factors could change this. If buyers hold off on their home search and mortgage rates do rise, they will end up paying more for the same house.
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