How Will the Next President Impact the Housing Market?

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Yes, people are stressed. Home prices rise slower during election years than non-election years on average, by about -0.25% less per Freddie Mac.

One of my Realtor friends has been in the business for 9 years, and so far, this has been her worst year ever.

Honestly, this person didn't have to respond to you, but he did. He thanked you and appreciated the hard work.

Everyone will probably say that you should drop him, and that may not be wrong — but generally, if someone doesn't want to work with you, they just ignore you or tell you to F off. So I don't see the harm in keeping them on the drip and checking in every so often.

This is a classic case of overcoming one of real estate’s “no” or “not right now” client responses.

Unless you’re living in one of the southern states experiencing actual housing price declines, which I don’t recall if FL is included, there’s no guaranteed “bottom” on the horizon.

Here is how to handle this:

Buyer…. I totally get the uncertainty now in the macro environment, but if I were able to find you the perfect home that met all your family needs, isn’t that more important than trying to time the market which in reality none of us know or can predict what’s next?

I mean, what can the President really do to make a change in the housing market?

• ⁠we have a housing shortage now.

• ⁠interest rates go down and prices will go up.

• ⁠interest rates go up and people don’t want to move so fewer houses are on the market.

There’s no short-term way out.

A majority of consumers don’t actually care about the price of what they are buying. All that matters in the end is the monthly payment.

So whether this is the election, concern they are having about their own job stability, general market conditions, interest rates, etc., it doesn’t really matter.

Just respect their wishes, and it’s a pretty low effort to keep them on the back burner and send them properties here and there. This is probably the biggest financial decision they will have made up until this point, or ever in their lives.

We speak to hundreds of people who are super smart, and they are all waiting to buy homes when rates drop — rates will drop, and they all get off the sidelines at the same time.

Then they will realize that they weren’t being smart at all, but instead doing what everyone else is doing, and they get into bidding wars to buy homes.

It’s the old Warren Buffett quote:

“Be greedy when others are fearful.”

But no one does that.

So how would you handle this objection? Let us know in the comments.

Best,

Alexa

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