IS THE BOSTON CONDO MARKET AFFECTED BY A PRESIDENTIAL ELECTION?
According to an economic study, elections cause a decline in the number of national home sales as well as a slight price decrease. The decline is greater in tighter elections where there is increased uncertainty. Other market factors, such as growth per capita income play an influence.
WHY DO ELECTIONS AFFECT BOSTON CONDO PRICES?
How does a Presidential election affect your Boston condo value? One potential explanation according to a study states: “Election years can be stressful and uneasy for many Americans.” And people are less likely to make large purchases, such as a Boston condo for sale, in uncertain times. The results of the election can potentially affect our finances, so fewer people are willing to invest in a Boston condo purchase when their financial future appears to be uncertain or influenced by a president. I can see this, I’m not trying to be funny here, but in the upcoming 2020 election our choices might be between a wanna be Billionaire or a Socialist. Oh how I yearn for days of Reagan vs Mondale.
REALTY TODAY STUDY
Realtytoday.com conducted a survey during the 2008 election and found that “the election was really weighing on the minds of the would-be buyers.” Different presidents in their respective parties may have different housing and mortgage policies that may affect buyers in various ways (some Presidents may not even have a housing policy). These risks can be concerning to potential Boston downtown condo buyers, and as a result, may choose to wait and buy during a time that appears to be more “politically stable”. I encourage my Boston condo buyers not to wait for a “politically stable time” otherwise I might be out of business or dead (I’m closer to 60 than 40)
WHAT DOES THIS MEAN FOR BUYERS AND SELLERS TODAY?
Although some Boston condo buyers may be skeptical of purchasing a home with an election year not far away, this could be a good time to buy a Boston condo for sale for anyone willing to take on additional uncertainty and risk. One positive, interest rate cuts may be on the horizon. (See the video below)
BOSTON CONDO SELLERS
Realtytoday.com states that it is generally harder to sell homes during election years; therefore, it may take longer to find a buyer, and the sales price may be slightly lower than anticipated. for sellers, it may be more beneficial to list your Boston condo in 2019 (NOW) before the 2020 election, if possible. Selling now could mean that the value of your home would be slightly higher, creating a larger return on your investment. If interested, call me and lets discuss the marketing of your Boston condo for sale
If I were a Boston condo Seller on the fence of whether to list my property now or in 2020, I would do it NOW
Perhaps Boston condo buyers and sellers should pay closer attention to the upcoming election if considering a real estate transaction.
Oh, I almost forgot to tell you……… we might be going into a Recession. (see the video below)
Have a great day.