Here are three factors that will determine how the market is affected by the upcoming presidential election:
1. Inventory. The great news is that we currently have the lowest inventory that we’ve had in the past decade. As a home seller, that means you have a lot less competition going into the uncertainty of the election period.
2. Demand. Thankfully, demand in our market is increasing both from those who are working from home and needing a bigger house and those wanting to get out of the urban market to the more suburban market of D.C. People are no longer content with condos.
3. Interest rates. What’s going on with rates right now? They’re super low. We just had someone close at 2.5% this week. We anticipate them remaining low through the election and potentially after that. This creates good affordability for the buyers who are coming into our suburban Maryland marketplace.
All in all, we have a very strong market as we head into the election season. If you have specific questions about buying, selling, or real estate in general, don’t hesitate to reach out via phone email. I look forward to hearing from you soon.