How Will the Election Affect the Market?

Phoenix Real Estate Video Blog with Curtis Johnson

The election will likely not have too dramatic of an impact on the real estate market. However, certain trends are easy to see coming.

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With the election coming up fast, one question I’m getting asked a lot is, “How do we see the election affecting the real estate market?”
Obviously, each candidate would bring about their own intricacies, but our country is very resilient. I think we would be able to survive either one of them, no matter what they do. The president can affect the marketplace, but Congress has a far greater impact on how it functions. Unfortunately, Congress has a 90% re-election rate, so most of the problems that we have aren’t going away anytime soon, and any profound change is unlikely to happen.

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Real estate moves pretty slowly.

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Over the next few years, I do think you will see financing ease up a little bit. Interest rates are currently sitting at an all-time low, so those will have to creep up over the next four to eight years, probably pretty dramatically. This will cause people to not be able to afford as much. Couple that with the fact that homeownership is low right now compared to where it’s been over the past 50 years, and you will see pressure to reverse that trend no matter who gets elected.
Real estate moves pretty slowly, so telling you what’s going to happen within a six-month time frame is much easier than predicting what’s going to transpire over the next six years. What I can tell you right now is that interest rates are at great levels, so if you’re looking to get into the market from a buying perspective or you’re looking to move up, now is a pretty great time to do so.
Remember, if you have any crazy neighbors that are threatening to leave if their candidate doesn’t get elected, be sure to send them my way. If you have any other questions, please feel free to call me or shoot me an email. I look forward to hearing from you!