It’s an election year, and November is just months away. If you are thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market. It’s a great question and it’s natural to wonder how such a major event might impact your plans.
Home prices are pretty resilient. They generally rise year-over-year, regardless of elections. In fact, the latest data from NAR shows after seven of the last eight Presidential elections, home prices increased the following year. The only year when prices declined after an election was during the housing market crash, which was far from a typical year. In addition, most forecasts expect mortgage rates to ease slightly throughout the remainder of the year. If they’re right, this year will follow the trend of declining rates leading up to most previous elections. And if you’re looking to buy a home in the coming months, this could be an opportunity.
For the first time, our state’s population has topped 23 million, hitting a record high. Florida is now the third most populous state in the U.S., trailing only California and Texas. Over the next five years, population growth over the previous year is expected to average about 319,000 new residents each year — that’s 874 people a day. The Sarasota area is in a major growth cycle, and we see it all around us.
With a long-standing reputation in Sarasota and her island's real estate market for innovative marketing and record-breaking sales, we are dedicated to helping you buy, sell, or invest.
