If past performance holds true, data analyzed by the Lisa Barton Team at Keller Williams Atlantic Partners show elections have little to no immediate effect on the local real estate market.
“The trend we noticed from looking at local housing market data from 2012 and 2016 suggests there was no instantaneous market shift due to the election itself,” said Lisa Barton, Broker Associate with the Lisa Barton Team at Keller Williams Atlantic Partners. “That’s not to say there isn’t potential for changes due to the policies of the new administration.”
Barton states mortgage rates and consumer attitude are more significant factors influencing the real estate market at any given time. Mortgage rates are at historic lows, under 3 percent, giving buyers much more purchasing power.
“The pandemic has created a real change in consumer attitude,” said Barton. “For example, here in Northeast Florida, we’ve noticed a migration of buyers coming from out of state who no longer want to live in big cities and are looking for single-family homes with more space inside and out.”
Barton said they’re coming to a sellers’ market with the lowest inventory of available properties she has seen in her 13 years as an agent in Ponte Vedra Beach. According to the Northeast Florida Multiple Listing Service, this September, home values were up 8.6 percent, the number of closed sales up 16.6 percent and inventory down 39.3 percent compared to the same time last year.
“Most of us are just looking forward to the election being over,” said Barton. “It will be another mile marker reached in what’s been a very challenging year.”