Written by Chase Majerus

Do Elections Slow Down Home Sales

Welcome to This Week Today! Where we bring you the latest insights and trends in the world of real estate and finance. In this issue, we debunk the myth that elections slow down home sales, explore how recent changes in mortgage rates are impacting affordability, and look ahead to potential Federal Reserve rate cuts and their implications for homebuyers and refinancers. Stay informed and make smart decisions with our expert analysis and up-to-date information!

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Keychain: Political (Un)certainty?

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Keychain: Can We Afford More?

Vlog: The Moment We’ve All Been Waiting For…

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Keychain: Political (Un)certainty?

Social Space: Celine Dion: Singer/Secret Loan Officer

Keychain: Can We Afford More?

Vlog: The Moment We’ve All Been Waiting For…

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Political (Un)certainty?

Real estate agents often say the housing market slows down because of elections, but a new report says that’s just a myth.

John Burns Research and Consulting looked at 35 years of data and found that home sales actually drop more in non-election years. Sure, some people pause their home search due to election jitters, but they’re in the minority. The report shows that people buy homes due to life changes, not politics, and the drop in sales is worse in non-election years.

So, the next time someone blames the election for a slow housing market, tell them to blame it on the season instead!

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Can We Afford More?

Not exactly, but things are headed in the right direction!

Home affordability is getting a little better thanks to lower mortgage rates (and future rate cuts), but it’s still expensive compared to pre-Covid times. More homes are on the market, so buyers have more options, and sellers are cutting prices to attract them. Let’s break down some stats:

Mortgage rates have dropped a bit, with the 30-year fixed rate down from 7.22% in May to 6.78% in July
Median mortgage payments have lightly improved, falling from $2,219 in May to $2,167 in June
Thank goodness for that inventory increase! More homes available, with a 4.1-month supply, up from 3.7 months in May
Sellers are beginning to cut prices. In fact, about one in five homes for sale had a price cut in June, the highest level ever for that month

Vlog

The Moment We’ve All Been Waiting For…

The Federal Reserve is expected to make its first interest rate cut since 2020 this fall (likely starting in September) which could lead to lower mortgage rates for homebuyers. But don’t get too excited, mortgage rates are not expected to change significantly once the Fed begins cutting rates, as these cuts are already priced into financial markets, according to Redfin’s Chen Zhao.

So what can people do about this rate cut?

If you’re a homebuyer thinking about refinancing, we think it’s smart to look over your current mortgage rate, monthly payments, and closing costs. Lower rates might bring in more buyers and bump up home prices, but the overall effect on the housing market is still up in the air. So, don’t just wait for the perfect time—make decisions based on your own situation.

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Do Elections Slow Down Home Sales

Today's Agenda:

A quick link to the article of your choice

Today's Agenda:

A Quick Link to the article of your choice