http://stacyp.cbvegas.com/blog/archive_202409/sort_entrydatetime-desc/  96sup, sub { font-size: 100% !important; } sup { mso-text-raise:10% } sub { mso-text-raise:-10% } Curious how the 2024 election could impact your home sale? Learn what history shows and what experts are saying.With the Presidential election approaching, the economy and housing affordability are hot topics on voters’ minds. If you plan to sell your home, you might wonder how the upcoming election will influence the housing market. While elections can create uncertainty, historical data shows that the housing market remains resilient, and any impacts are typically brief. Let’s take a closer look at the potential effects of the election, particularly here in Southern Nevada. ?Home Sales: Temporary Slowdown, Quick Recovery It’s common to see a slight slowdown in home sales leading up to an election, as some buyers may wait to see how the results will impact the economy. Data from the Department of Housing and Urban Development (HUD) shows that this slowdown is temporary. After 9 of the last 11 Presidential elections, home sales rebounded, and activity picked up the following year.?The Market and US Presidential ElectionsHypothetical growth of $1 invested in the S&P 500 IndexSource: Dimensional?For Southern Nevada, where the median sales price of a single-family home in August 2024 reached $476,875, near pandemic-era highs, this is particularly relevant. The local market has remained strong, and any election-related lull is likely to be short-lived. ?Home Prices Stay SteadyA key concern for home sellers is whether election years will lead to declining home prices. Home prices generally rise over time regardless of an election year. After 7 of the last 8 Presidential elections, home prices have shown to increase. Southern Nevada’s market is driven by local factors, and with demand for homes still high, prices are expected to hold steady, regardless of the election outcome.?Mortgage Rates: Likely to DeclineMortgage rates are often a focal point during elections, as they impact buyers’ purchasing power. Freddie Mac data shows that mortgage rates declined between July and November in 8 of the last 11 election years. For sellers, lower rates mean more buyers may enter the market, increasing demand for homes. ?With mortgage rates on the decline and further decreases forecasted, now might be the perfect time to begin your home-buying journey. If you're ready to explore your options and find the ideal rate for your needs, don’t hesitate to reach out. As your dedicated real estate expert, I’m here to guide you every step of the way and work closely with Evergreen Home Loans to ensure you get the best rate possible. By acting when rates align with your goals, you'll be well-positioned to secure a great deal.?Candidate Housing PlansThe housing policies of Vice President Kamala Harris and former President Donald Trump both include proposals that could impact the housing market. Trump’s plan focuses on reducing mortgage rates by tackling inflation, opening federal land for development, and providing tax incentives for first-time buyers. Harris’s plan emphasizes cutting red tape to accelerate housing construction and offering first-time buyers up to $25,000 in down payment assistance. ?Election years can create uncertainty, but the housing market has consistently shown resilience. In Southern Nevada, both home prices and mortgage rates are likely to remain favorable, regardless of the election outcome. If you’re ready to sell, there’s no need to delay. Reach out to your trusted Coldwell Banker Premier Realty real estate advisor to help you navigate the market confidently and take advantage of ongoing demand.? http://stacyp.cbvegas.com/blog/21313/election-year-impact-on-housing:-what-sellers-should-know/ Thu, 26 Sep 2024 09:45:24 -0800 ?Rising mortgage rates have made home buying a challenge over the past few years, but there's good news—rates are starting to drop in 2024. According to Freddie Mac (Federal Home Loan Mortgage Corporation), rates recently hit their lowest point this year, offering hope for potential buyers. So, what can you expect moving forward? ?Mortgage Rate Forecasts for 2024 Experts predict that mortgage rates will continue to trend downward as long as inflation and the economy remain stable. While there may be some fluctuations, the general outlook is positive. Rates are already down nearly a full percentage point from their peak in 2023, Realtor.com is forecasting a year-end rate of around 6.3%.   ?How Lower Rates Impact Your Buying Power  Declining mortgage rates can increase your purchasing power, making homes more affordable. If you’ve been waiting for a more favorable rate to buy a home, now is the time to determine your target rate. Whether it’s 6.25%, 6.0%, or even lower, knowing your ideal rate can help guide your decision-making. My trusted lender, Evergreen Home Loans, is ready to help you achieve your target rate. They offer strategic financial planning and will assist you in getting pre-approved so you can lock in the best rate possible. ?2025 Mortgage Rate Outlook  Looking ahead, Fannie Mae (Federal National Mortgage Association), Mortgage Bankers Association, National Association of Realtors, and Wells Fargo predict a gradual decline in rates through 2025, driven by easing inflation and economic shifts. Morgan Stanley also expects the Federal Reserve to lower interest rates, which could further reduce mortgage rates ?With mortgage rates on the decline and further decreases forecasted, now might be the perfect time to begin your home-buying journey. If you're ready to explore your options and find the ideal rate for your needs, don’t hesitate to reach out. As your dedicated real estate expert, I’m here to guide you every step of the way and work closely with Evergreen Home Loans to ensure you get the best rate possible. By acting when rates align with your goals, you'll be well-positioned to secure a great deal.? http://stacyp.cbvegas.com/blog/21312/mortgage-rates-forecast:-here’s-what-to-expect/ Fri, 13 Sep 2024 04:13:58 -0800