This year brings unique circumstances with the election year. Agent April Womack, notes that “election years are notoriously slower in real estate as buyers and sellers both prefer to see what a new guard may bring in.” Ben Morton, agrees that “real estate seems to be holding out for the election.” With this in mind, Spring may bring more activity than we’ve seen in the past several months.
In spite of election year hesitancies, “activity does seem to be picking up in pendings and solds although we still are experiencing a record number of listings” according to Julia Mistler. Property is still moving with buyers and sellers still leaving the closing table feeling satisfied. Being that the market has stabilized from the past several years of tumultuous change, the name of the game will be finding “where our homes and their values fit into the current market, rather than the previous one” (April Womack).
Looking forward, there is optimism; at the September 2024 Fed meeting, interest rates were cut by 50 basis points. While this isn’t a significant drop, it is the first rate decline since 2020 - giving buyers and sellers alike some welcome relief.
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