The midterm election is finally over. After enduring the seemingly endless political ads on TV, it’s probably the last thing you want to think about. But if you’re in the market to buy, sell or refinance a home, the outcome of this election may have a profound impact on your prospects. While things may be chaotic during the campaigns, the post-election period brings some much-needed clarity to the housing market. Here’s what to expect now that the election is over.
Elections are Always Disruptive
Elections naturally create volatility in the housing market because of the increased uncertainty surrounding so many issues. Home sales slow down as people wait to see what will happen. But following an election, home sales tend to spike again as the results become clear.
The same is expected to happen again this year. If you’re a buyer, as we make our way into 2019, expect to see a little more competition now that the votes have been tallied.
Split Congress Creates Stability
This midterm election, Democrats won back control of the House, while Republicans maintained control of the Senate and the executive branch. Because a divided Congress means there’s little chance for one party to push through sweeping legislative reforms, the housing market is expected to stay stable, which is good for both buyers and sellers. Historically, a split Congress has also strengthened U.S. economic stability overall, which should increase confidence for those looking to buy or sell a home.
What it Means for Heroes
All of our heroes — military, law enforcement, firefighters, EMS, healthcare professionals and teachers — work in professions directly affected by the government. During campaigns, politicians from both sides of the aisle make bold claims about how they’d use government funding. So, we know our heroes are in tune with what will happen once the ballots are counted.
The housing market is a large complex machine that will be impacted by the outcome of this election. To better understand the real estate market landscape of your community, you may want our Homes for Heroes specialist in your area to provide some clarity. Homes for Heroes specialists are your community experts. They can take some of the mystery out of the housing market in your local area and guide you through the process of buying, selling or refinancing your home. Sign up with Homes for Heroes and our specialists will work to save you money on your real estate transactions, lending fees, title fees, home inspection fees and more.
Homes for Heroes guarantees the most hero savings among all national programs, and it’s our promise to always get you the most savings possible when you buy, sell or refinance a home or mortgage with us.
Ready to move on from the election and your current home? Sign up with Homes for Heroes and see how we work to save you money.