Elections and the Housing Market: Insights from the McCall Team in Sonoma County

Elections and the Housing Market

Election season is upon us, and if you're contemplating buying or selling a home, you might be curious about how political shifts may impact the real estate market. While it’s easy to get caught up in the excitement of election year, the truth is that elections typically have a minimal effect on the housing market.

Here’s what we’ve observed in Sonoma County and beyond:

A Slight November Pause

During election years, it’s common to see a slight dip in home sales around November. This temporary slowdown occurs as some buyers and sellers adopt a "wait and see" approach amid political uncertainty. However, this hesitation is usually short-lived. As soon as the election results are in and the dust settles, the market activity often rebounds in December.

Post-Election Market Confidence

One of the more interesting patterns we’ve noticed is that home prices tend to rise in the year following an election. This suggests that confidence returns to the market once the political landscape is clearer and home values reflect that renewed stability. For those considering selling, this post-election period could present an excellent opportunity to list your property.

Mortgage Rate Movements

Another trend to watch is the fluctuation in mortgage rates. Historically, mortgage rates tend to dip between July and November in election years. This drop makes buying a home more affordable, providing a potential advantage for those securing financing during this time. Taking advantage of these lower rates could be a smart move if you're in the market for a new home.

The Takeaway for Sonoma County

While elections might cause a slight ripple, the broader housing market remains robust and resilient. These trends are just part of the bigger picture in Sonoma County, where the real estate landscape is already unique and dynamic. Whether you're looking to buy or sell, an opportunity always awaits.

If you’re interested in how the current market could work in your favor, reach out to the McCall Team. We’re here to help you make informed decisions and confidently navigate the market, no matter the season.