How Will 2016 Elections Impact Washington Area Home Sales?
In 2015, homeowners in the Washington area enjoyed a steady real estate market. Home prices were stable, and as a result homes sold quickly and the number of homes on the market increased. So how will the upcoming election affect the Washington area homeowners that waited to buy or sell in 2016?
Some experts are predicting that the area’s housing market will follow the typical pattern seen in previous election years. Hans Wydler, a broker with Wydler Brothers Real Estate in the District, was quoted in the Washington Post as saying, “Elections usually put a bit of a chill in the market in the late summer and early fall because buyers don’t like the lack of clarity around what will happen over the next four years.” Hans went on to say, “I think that will accelerate buying earlier in the spring and summer this year, and then we’ll see an acceleration again after the election.”
And indeed, pending home sales rose markedly in February as homeowners prepared for the spring market. According to The National Association of REALTORS (NAR) home sales in most of the country were actually the highest they have been in the past seven months, and higher than they were in 2015.
If the housing market continues to behave as it has in previous election years homeowners should expect to see a slowing in home sales by the summer’s end. To date, NAR’s statistics indicate that the market seems to be following previous election year patterns with a significant uptick in sales as we move into spring.