Traditionally, election years tend to be ones with flat appreciation and slightly lower demand, which makes sense—there’s plenty of uncertainty and fear to go around, especially if the race for the White House is more contentious than usual. People pause on making major life decisions like selling their current home or buying a new one. Imagine if an election had been our only preoccupation in 2020…
We know that COVID-19 has completely changed the way people value their homes. With companies shutting down their offices and forcing employees to work from home, and with school closures forcing parents to facilitate their child’s virtual learning, families have needed a lot more space this year. These unforeseen pressures have pushed many potential buyers off of the fence and into the marketplace, while our historically low interest rates have made it worth their hassle.
Based on the statistics, the demand in our market remains very high with lots of in-migration, and supply remains incredibly low. I believe that the market will continue to grow at a strong rate, regardless of this year’s election result.
As always, reach out to us here at BTG Real Estate by phone or email if we can help you with any real estate needs or market-related questions. We look forward to hearing from you!