Do Elections Impact the Housing Market?

As we approach the final quarter of 2024, the upcoming Presidential Election is on many people's minds, especially regarding its impact on the housing market. Is it a real concern or just noise?

Typically, homes for sale and home sales peak in mid to late summer, according to Pope Azeltine, NW real estate appraisers and consultants. During election years, there’s usually no significant change in the housing market, except in November. Buyer and seller activity tends to slow down then, but it picks up again in December. People often hesitate to make big decisions during an election month. Interestingly, after 9 of the last 11 Presidential elections, home sales increased, based on data from Housing and Urban Development (HUD) and National Association of Realtors (NAR). The exceptions were in 1981 and 1989.

Election years also don’t disrupt home price trends. In fact, home prices rose after 7 of the last 8 Presidential elections, according to NAR data. The exception was in 2009, during the Great Financial Crisis.

Additionally, interest rates often decline in election years, as shown by Freddie Mac data. This year, mortgage rates are at their lowest in 18 months and are expected to continue declining into 2025.

As the election approaches, there may be talk of the housing market being negatively impacted. However, history shows that any volatility is usually small and temporary.

Read on the latest statistics, home trends and listings here and in Lake Tahoe.

Trey, Valerie and Fallon

The Trey Danna Team

King County, Washington Market Statistics - Sep 2024

Market activity variance is evident, with King County showing an increase in pending sales compared to the same time last month, while Snohomish County has experienced a slight decline despite strong summer performance. Pierce County remains relatively stable. Active inventory reflects these variances, influenced by current workplace conditions.

Want to learn more about your neighborhood trends? Ask us.

Factors Shaping Mortgage Rates

 ​Rates are affected by many factors and the recent movement of the Fed Funds is only one componenet. Here are the main factors.

Overall, rate are affected by:

Inflation – If inflation goes up, the Fed will force rates up to reduce the demand for goods and services.

Employment – If employment is low it can lead to a recession, which will negatively affect rates.

Cost of Borrowing - The Fed Funds rate.

Bond Yield and Risks – As people move more money into the Stock market, rates go up.

Your personal rate is affected by:

Your credit score – You want the score to be above 780 = A+.

The loan-to-value ratio – The lower the loan to the value, the better the rate.

The property type – Single Family (better rates), puds, condos, multi-units.

The loan structure – Purchase, rate and term refinance and cash out refinance. Purchases have the best rates.

Your income – Your combined income sources and assets.

Questions on what this can mean for you?

Learn More From Origin Point

House Tips & Trends

20 Bedroom Rug Ideas to Turn Your Bedroom into a Plush Space

Rugs: We all purchase them, but how often do we really consider factors like placement, material, pile, and size?

Rugs take a backseat to centerpiece items, or they merely support window treatments, lighting fixtures, and wall colors. Below, Elle Decor has compiled some expert-approved bedroom rug ideas to spark your creativity. You and your bedroom deserve the very best.

Time to experiment!

Elle Decor

Everything You Need to Know About Hiring a General Contractor

Hiring a general contractor is essential for home improvement projects. They coordinate supplies and lead subcontractors like electricians and plumbers to keep the project on schedule and within budget.

However, hiring one for the first time can be daunting. Architectural Digest consulted experienced architects and designers who shared tips on choosing the right professional for your renovation and future upgrades like bathroom remodeling.

Architectural Digest

Luxury Listing of the Month

Trey and Valerie had the pleasure of visiting an extraordinary home while at the Compass Economic Summit in Lake Tahoe, CA recently. The listing agents, Clayton Humphries, and Eric Navarro provided a warm welcome to their current Tahoe-area listing which is featured in the California section of Curated below. This custom-built estate is located within Martis Camp, a collection of estates surrounded by first class amenities like a Tom Fazio golf course and private direct ski access to NorthStar California Resort.

Local Happenings

Best Pumpkin Patches in WA

Days Vary

The popularity of pumpkin spice has surged, signaling one thing: fall has arrived. Whether or not you're prepared for fall, it's the perfect time to put on your boots, grab a wheelbarrow, and get ready for a charming seasonal outing at the pumpkin patch.

Seattle Met

Seattle Restaurant Week

October 27th-November 7th

Seattle rejoices over this twice-yearly event, which gives diners the opportunity to try curated menus for $20, $35, $50, and $65 at dozens of restaurants. It’s an excellent opportunity to branch out of your usual rotation of tried-and-true favorites and cross some destinations off your culinary bucket list. Round up some friends to join you, and don't forget to tip your server generously.

Seattle Restaurant Week

Cosmic Carnival

October 1st-November 2nd

A new Halloween pop-up attraction has arrived in town: the Cosmic Carnival. By day, it offers a family-friendly neon paradise, and by night, it transforms into an enchanting playground for adults. Guests are encouraged to wear costumes as they explore the luminous wonderland, encounter extraterrestrials, and play games to save the galaxy from a "dark force."

Cosmic Carnival

Georgetown Morgue

October 3rd-November 2nd

According to urban legend, Georgetown Morgue housed eerie corpses and was the scene of a gruesome accident. Nowadays, it transforms into a spine-chilling walkthrough attraction every Halloween. The presence of emergency exits every 15 feet and the variable completion time—depending on whether you're walking or running—attests to its terrifying nature. Do you have the courage to investigate?

Georgetown Morgue

Trey & Valerie Danna

Real Estate Advisors

M: 425.652.7055

treydannateam@compass.com

treydanna.com