The Real Estate Market and the Election Year
Historically speaking, home sales typically slow down in the Fall after the spring and summer rush. However, 2020 has been anything but “typical” across all aspects of our lives. To make it more uncertain, 2020 has also been an election year.
Election years have caused disruptions to the economy in the past, but once again, this year has been significantly different-in a good way. Despite unprecedented fires, floods and a pandemic, real estate has been especially robust in California as well as across the rest of the nation. This phenomenon is expected to persist throughout 2021 according to a leading real estate research firm:
“…, the year after a presidential election is the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year as long as the economy stays on track.”
And, unlike other pre-election slowdowns, California certainly didn’t follow any historical trends when it came to the real estate market this year. We know our economy is tightly connected to politics, and real estate is tightly connected to the economy. But in spite of everything, the housing recovery has been nothing short of remarkable when viewing such counties as Sonoma County, Napa, San Francisco, Monterey, San Mateo and the list goes on.
A big piece of this recovery is due to consumer confidence. Buyers are concerned about missing out on the opportunity to expand their real estate investments. Keep in mind that low inventory and high buyer demand continues to put sellers in the driver’s seat, however.
If you want to profit from this opportunity to grow your family’s wealth and security, but do not qualify for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099.
We have served the entire communities of both Northern California and Southern California for over 32 years, offering private money loans to those who need a fast closing or find it difficult to prove their income. New Covid-19 regulations have made it even more difficult to obtain a loan these days. We are not hampered by these new restrictions and can get the job done for you in record time. Sometimes in less than a week! We look forward to aiding you in your investment pursuits or to buy your own home.
The content of this blog contains general advice only and does not consider individual financial circumstances, desired loan amounts or existing real estate or lending transactions. This information is intended for licensed Real Estate Agents and licensed Lenders/Mortgage Brokers and is posted on our company website and specific blog sites with the express purpose of reaching such licensed individuals.