Will the election affect the housing market?


WASHINGTON – (RealEstateRama) — With the recent coverage of the political conventions, the buzz about our presidential election has intensified in everyone’s minds, including home buyers in Palm Beach and St. Lucie Counties. Curiosity has been piqued about whether to invest in homeownership now or wait until after the November 8th election.

The National Association of Realtors® responded to these concerns in their recent article on realtor.com® stating that buyer hesitancy during an election year is hardly a new phenomenon. The article reads, “Realtors® have long noticed that home buyers and sellers cool their heels during presidential election years… People are uncertain about what a new president will mean for the real estate market, and the U.S. economy as a whole. So, they figure it’s wise to maintain a holding pattern until the next president is locked in place.”

Kurt Westfield, a real estate expert with WCE Equity Group, summed it up well in his interview with realtor.com®, “Housing markets are very localized, subject to microeconomic shifts. The election takes place on a much larger macroeconomic scale.”

“At a local level, real estate professionals in Palm Beach and St. Lucie Counties have not seen significant buyer hesitancy, just mere curiosity. Median sale prices are rising, and median percent of original list prices received are above 93 percent. Home buyer confidence is high in both markets,” said Judy Ramella, President of the Realtors® Association of the Palm Beaches (RAPB).

It’s back to the old adage, location, location, location. Real estate is local, and Palm Beach and St. Lucie Counties have both proven to be resilient and sustainable housing markets.

by RAPB Communications


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