Now that the presidential election polls have closed and as we near an inauguration, the thing on the minds of those looking to buy or sell property is whether or not now’s a good time to be in real estate.
There have been differing opinions as to whether or not the election season had an effect on the real estate market. Here’s a look at some of those views.
Buyers’ Market
Many have pointed to the fact that during election years, home prices are slow to rise, so it’s a good time for those looking to buy to make their move. On the other side of the picture are the sellers who are facing uncertainty about the state of the economy as a new president is seated. One side of the debate was also pitching new first-time homebuyer and down payment assistance programs to boost the market.
Investor Signals
For the 2020 election, investors were faced with the possibility of losing the ability to use real estate losses to reduce tax burdens depending which candidate was selected. Other options on the table included proposals to increase capital gains taxes.
Energy Efficiency Credits
To help reduce the overall carbon footprint in the U.S., incentives for those who are using more energy-efficient means and switching over to clean power could also see benefit in the form of credits for making the eco switch.
Overall, consumer confidence is key for the entire real estate economy to flourish. When buyers, sellers and investors feel good about the direction of affairs in the country, you can be sure that an uptick in buying and selling will ensue. It remains to be seen how things play out for 2021 but if you’re thinking about getting into the real estate market, then it makes sense to start the loan process now. Sachem Lending offers innovative financing solutions for challenging or non-traditional loans, and provides personal and responsive service to meet your financing requirements.