Will the election affect our market? In short, no. Real estate values and sales are determined by economics, not politics. Tune in to learn more.
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Today I wanted to talk about a very hot topic in the real estate world: how will the upcoming presidential election affect the real estate market and what impact will it have on home sales and values in Hampton Roads?
In short, the answer is that elections and politics do not directly affect home sales and values in our area. Home sales and values are typically going to be based on economics and interest rates, current inventory levels, and how many people are relocating to the area.
Home sales and values are affected by economics, not politics.
Right now, inventory is still fairly low, interest rates are near an all-time low, and since we’re a transient military market, there are always a ton of people moving in and out. In the short term, I don’t expect the election to affect home sales or values in our local area.
The election can affect economics over the course of a couple months or years, which in turn, could affect local home values. In the short term, though, I don’t see the presidential election having an effect on interest rates or home values. Right now, there’s nothing to worry about in the local market other than some interesting TV.
If you have any more real estate-related questions, please don’t hesitate to give me a call or send me an email. I’d be happy to answer any questions you have!
