Learn how to get below-market deals today as D.C. buyers pause pre-election and days on the market rise.
Are you wondering how presidential elections impact the local real estate market in the D.C. area? As we approach the upcoming election, it's crucial to understand how it might affect your home buying or selling plans. Having sold real estate through three presidential elections in the D.C. Metro area, I've noticed a consistent trend: buyers tend to take a significant pause in the months leading up to a presidential election.
Why buyers pause before elections. From a market perspective, this pause means the number of days on the market will be higher over the next couple of months. We also see fewer showings as buyers wait on the sidelines to see who wins the election.
Interest rates could change the game. What's different about this election compared to past elections is the role of interest rates. Previous elections typically had lower interest rates and weren't as significant a topic as they are now. Currently, there's potential that the Federal Reserve could start lowering interest rates, which might spark interest from buyers to get off the fence, start looking at houses, and begin purchasing.
Recent market slowdown. However, in the grand scheme of things, we've seen a downturn in general traffic just in the past couple of weeks after Labor Day. We'll closely monitor this trend and keep you posted on what happens.
What you can get. If you're a buyer, this could be a prime opportunity to get a below-market deal on a property you didn't think you could qualify for. In the past, we've helped buyers secure amazing deals on houses leading up to presidential elections, sometimes thousands of dollars below what we figured to be the property's valuation.
The months ahead will be interesting whether you're hunting for your dream home or considering selling before the next president is sworn in. While buyers might hit pause, remember: real estate is all about timing, and sometimes, uncertainty can create golden opportunities. After all, it’s not every day that you can buy a home at a discount while everyone else is too busy watching debates.
If you have questions about how the election might impact your home-buying plans or are ready to take advantage of below-market deals, call (703) 286-9771. We're happy to be your resource, show you the property, and see if it might be a good fit. Remember, these opportunities don't come around often. Don't miss out on potential savings during this unique market period.
