How Will This Year’s Election Affect The Real Estate Market?

Q: How will this year’s election affect the real estate market? Deanna, Philadelphia, PA

A: Hi Deanna, that’s a question I’ve been asked a lot this year.  First, I want to point out that there really is no such thing as “the real estate market” because every local real estate market is different and it’s a mistake to generalize across different real estate markets.

Local real estate market prices are driven by many factors, but the biggest factor is supply and demand.  The one factor we can look at that does affect people across local real estate markets is mortgage rates.

How will the election affect mortgage rates?  I unfortunately am not able to predict the future, so I don’t make predictions, nor do I base my own business planning on predictions, because I think that’s dangerous.  I think it’s smarter and safer to prepare yourself for whatever happens in your real estate market and then rather than preoccupying yourself with factors out of your control, focus your efforts on the things that you control like your real estate business’ marketing and operations–this is where you have the most leverage and where you can make the biggest impact on your bottom line.

Thanks for your question, Deanna.  Good luck!

For more real estate tips and information visit my blog at geraldlucas.com.