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How could the election impact home sales?

Posted: 10:26 PM, Apr 11, 2016
Updated: 2016-04-12 08:35:12-04

Could the presidential election have an impact on your home sale?

Some studies  have shown a drop in home sales during election years, as people uncertain about the future are reluctant to take any chances.

"I've been a realtor for 25 years, and every four years during a presidential election cycle, I do see a very big slow down in the fall," said Kelly Moye, a spokeswoman for the Colorado Association of Realtors.

However, some Denver-area realtors and mortgage lenders have seen buyers rushing to purchase before the election.
 
In recent weeks, interest rates have dropped to near historic lows, while home values are projected to continue to rise.
 
"Therefore I think it's just a great time to be buying a home, and that's the biggest driving factor," said Tim Harder, the president of the Colorado Mortgage Lenders Association. "What goes down has to go up eventually."
 
Harder said it is too soon to know what impact the 2016 election will have on Denver metro home sales. 

"I do know things will have to change in the near future," said Harder. "Interest rates eventually will have to rise. But again that could be a year or two away -- who knows!"

Meanwhile, while some rush to lock in low rates, others are waiting in anticipation of a slowdown closer to the election.

"I have a few clients who are very frustrated, and they have time, and they've actually asked me should we just wait until the fall," said Moye. "And, you know, they may have a point."

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