Will The Election Shake Housing? Here What 1,000 Top Agents Have to Say
From the unprecedented surge of the coronavirus to the rampant natural disasters, 2020 was filled with the unexpected. And now, yet again, Americans are faced with a new uncertainty on the horizon: the presidential election.
After months of quarantining, abiding by stay-at-home orders, and putting plans on the backburner, many home sellers and buyers are ready to dip their toes back into the real estate market. In fact, while the real estate market stalled slightly at the start of the COVID-19 pandemic last spring, the market has remained strong and both buyers and sellers are ready to kick their plans back into motion.
Since buying a home is often considered the most stressful and important decision in a person’s life, many are wondering if they should put off the investment until after the election has passed and life becomes a little less uncertain. But is this necessary?
How real estate agents believe the election will affect the market
The majority of real estate agents — 52% according to HomeLight’s 2020 Q3 survey
— believe a continued republican leadership under President Trump would be most favorable for the market, while only 8% selected a change of leadership under Biden.
While real estate agents seem to think Trump would be the best candidate to continue the housing market’s hot streak, they side more with Biden on some of the top issues facing the real estate market.
The majority of real estate agents (approximately 27%) selected access to affordable housing — a federal housing issue backed by presidential candidate Joe Biden — as the most pressing matter in real estate to address in 2021.
Do the results matter?
Thanks to the continuous growth and strength of the housing market, most prospective buyers and sellers will be delighted to hear that the election might not matter at all. In fact, approximately 23% of real estate agents believe that — regardless of who becomes the next elected president — the real estate market will remain strong and steady.
While the COVID-19 pandemic certainly caused a lot of uncertainty as a recession seemed more and more likely, real estate stayed strong. This is typical because — despite certain outliers — housing isn’t hugely affected during recessions.
Similarly, the majority of real estate agents predict the housing market will not only hold steady during the transition season of November 3rd to January 1st, but also continue strong in the upcoming year.
A good time to buy and sell
If you’re a seller, the 2020 housing market can’t be beat. Buyers are surging back to the market at a much faster rate than sellers. This has lead to a huge increase in bidding wars and steep drop in the average time homes are on the market. If you’re thinking of selling, you’ll easily be able to negotiate for a quick and profitable selling price.
Buyers, there’s a reason so many of you are entering the market now. Interest rates have drastically dropped. So long as you have enough savings and solid credit, you’ll easily be able to snag a low mortgage rate.
If you’re looking to buy or sell in the greater Chicago area, contact me today to take advantage of this prosperous housing market.