How does the election impact the real estate market? | Bay Area Real Estate Tip #27 - a podcast by Spencer Hsu, MBA Tech Realtor
from 2023-12-14T09:44:00.252586
Every Tuesday, I go into detail about a question I frequently get asked. This week, I'm going to discuss how does the election impact bay area real estate?
So this is clearly on people’s minds and rightfully so. How will the election impact Bay Area Real Estate prices? Take a look at the last 3 election cycles. What are common themes here? Do prices tend to drop at this time? It appears that things typically slow down leading to an election and last through January. But, take a closer look again. This same effect happens every single year. This is called seasonality and has very little to do with who is in office. While home prices tends to be lower than before during these months, keep in mind, many sellers choose not to sell during this time and wait until the Spring Season to list their home. The options are much more limited and the product available themselves may not be what you are looking for.
Now if you have been watching my weekly market update videos, you will see there isn’t much of a slowdown this year leading to the election so far as my prediction is that prices will continue to increase although more modestly moving forward. There are many reasons for this.
1) Consumer confidence 2) Millennials are moving away from renting and into home ownership 3) Tech employees are doing very well valuing their homes more than ever before 4) Interest rates continue to stay at record low figures.
So is now the right time to buy or sell? The need to move to a larger home due to extended work from home policies,and to leverage the record low rates we have, it’s been an incredible time to make your move now, Be aware if the economy does get better as an aggregate, we may see increases in interest rates which lowers the buying power of individuals. While the home price is important, the key metric is what is your monthly expense. Are you able to afford that monthly amount while having reserves if rates go up? This is why mortgage rates are so critical to the housing market and how it affects the dynamics whether people choose to rent vs buy.
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My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money!
Spencer Hsu, MBA, Realtor
408-547-4590
EXP Realty DRE #02077253
https://www.homesbyspencerhsu.com/
#BayAreaRealEstate
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