How The Election Affected Baltimore Home Values
by Helene Kelbaugh of Keller Williams Legacy Metropolitan
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This is a hot topic right now. How will the election affect the value of my home in Baltimore? Truly, it doesn’t matter if you were Team Hillary or Team Trump, this election will be one for the history books!
The most common question I’m getting right now is with an election and events that have just happened in America, can it affect the prices of homes? After researching home values, following trends, my answer is maybe, but not major.
Researching the multiple list information in MRIS (Maryland Regional Information Systems), the data tells us that home prices can actually continue to increase during the election years. If it’s a non election year, the home prices may increase faster. So, if you currently own a home and are thinking about selling or decide to sell, you could see an increase in home prices during the election year, but not as fast if it’s a non election year.
You may be wondering why? A spokesperson for the, Walter Molony, National Association of Realtors has stated, “We’ve observed no correlation between levels of home sales and an election year. The market responds to a wide range of economic factors, including jobs, interest rates and consumer confidence.”
Now if the National Association of Realtors does not see a correlation between house prices and election years but data shows otherwise, what is going on? One thought could be is that during election years, Americans are stressed and uncertain about what can arise out of the election and their future. If there is uncertainty, some people are not as likely to take on a large ticket item like buying a home. The good news is for homeowners is that once the election is over and things return back to normal, the uncertainty goes away and home prices go back up and at an even faster pace.
So after reading this article, what does this exactly mean for you, if you are a homebuyer or home seller? If are considering buying a home let's meet right away. Uncertainty during this time is understandable with the election. However, the data shows home prices to rise even faster after the election. It’s possible interest rates could go up to. So your best plan of attack would be to take advantage of the lower home prices right now.
If you are unsure about selling your home, let’s meet now and discuss the possibility now. Most of my business is referral. I enjoying helping clients plan and execute their goals for selling. If it’s not the right time to list your home, I’ll make that recommendation and if it is the right time, I’ll make that recommendation as well. Your goals and best interest are my priority.