Are you wary about entering the housing market as November 5 gets closer? An election year often causes buyers and sellers to pause … but here’s why it shouldn’t.
FACT: While homebuyers may delay purchasing, they don’t change their minds about buying a home. After 9 of the last 11 presidential elections, home sales went up.
So if you’re thinking about buying, NOW is a good time. While some buyers wait on the fence, you’ll have less competition for your dream home.
FACT: Home prices have increased in the year following 7 or the 8 last presidential elections.
If you wait to buy, you’re probably going to pay more for your home. In July, the average sales price for a home in Charlotte was $510,624, that’s up 7.8% over July of last year.
FACT: Mortgage rates decreased from July to November in election years for 8 of the last 11 election cycles. Since June, rates have been trending downward.
We expect rates to continue to come down a bit … but here’s what’s important to remember.
The house you want today will cost you less than it will in 6 months. And if today’s rate is more than the rate in 6 months, you can refinance, knowing you’ve already built some equity!