How Will the Election Impact the Real Estate Market?

Sarah: Hey everyone, Sarah Onofryton here with Jeff Sibbach. I’m putting you in the hot spot today, Jeff. You guys have been coming to me asking this question time and time again, “How is the 2020 presidential election going to affect our home value?”

Jeff: Sarah, great question. So, I think the best way to start to begin to answer that question is to look at the previous presidential elections to determine what’s going to happen in this presidential election. In 2016 the market went up 5% from August 2016 until December 2016. The market did slow as inventory rose a little bit and demand eased. But at that point we had three months of supply, there were approximately 20,000 homes on the market. In 2012 we went from $98 a square foot in August to a hundred and $109 a square foot. A 10% increase during that presidential election, but because we only had one month of supply heading into that election. So, what’s your question?

Sarah: My question is have you not been listening to the news, to the radio? 2020 has been off to a rough start. We have had the COVID pandemic, job losses, protesting, looting, rioting, sports games will not be like they used to be.

Jeff: So, are you asking if the market has topped?

Sarah: My question to you, to sum it up, what is my home value going to be after the election this year?

Jeff: Well, the good news is we have the “Trump Card”. Supply is at 7943 homes on the market. In the month of July, we had the most demand ever, we sold 10,552 homes. Actually, the Sibbach Team celebrated our best month ever selling over $30 million in a month! This market is on fire, that’s why I’m calling the “Trump Card”! Right now we have 7/10 of a month of supply. In 2008 we had 52 months of supply. In 2016 we had 3 months supply. Right now we don’t even have 1 month of supply. So, what do I think is going to happen? I’m just going to watch what is happening currently. This month we were up 12% according to the Cromford Report. We are the hottest market in the country and we’ve been overall up 9% this year. I’m predicting between now and December, I think we could be touching double-digit gains for your house value and even in the next year getting close to 20% appreciation! If you got a house, hold onto it tight, and let’s enjoy the ride!

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