As the school year begins, many families have already settled into their new homes, eager to establish routines and create stability. This annual rhythm typically leads to a slowdown in the real estate market, with fewer home sales and decreased activity as we transition from summer to fall. However, this year brings an additional factor into play: the upcoming presidential election. Historically, elections tend to cause a temporary dip in buyer activity, with about 15% of potential buyers choosing to pause their search until the election results are in. But what does this mean for those still in the market?
Currently, there’s an increase in active listings, with nearly 30% more homes available compared to earlier in the year. This surge in inventory, combined with longer days on the market, presents a unique opportunity for buyers. As competition decreases, motivated sellers become more willing to offer concessions—whether it’s buying down interest rates, covering closing costs, or making necessary repairs.
For those who have been searching for the perfect home all summer without success, now may be the ideal time to find that hidden gem. The reduced competition allows for more favorable negotiation conditions, and those who stay active in the market through the fall and winter often reap the rewards. In fact, buyers who remain engaged during the holiday season frequently secure significant concessions from sellers.
Looking ahead, it’s worth noting that in nine of the last eleven election years, the real estate market has seen an uptick in activity come January, with prices typically rising as we head into spring. This trend suggests that waiting until after the election could lead to increased competition and higher prices, making it more challenging to find a good deal.
In summary, while it may be tempting to put your home search on hold as we enter the busy fall and winter months, doing so could mean missing out on prime opportunities. With more listings available, less competition, and motivated sellers, now is the time to stay active in the market. By continuing your search, you position yourself to take advantage of the current market conditions and secure a favorable deal before the market heats up again in the spring.
Check out the video with Johnny Allen in this weeks Market Update Video!