LIVING IN IBADAN #NIGERIA – LAND & PROPERTY PRICES IN IBADAN (REAL ESTATE IN IBADAN)
- April 11, 2021
- Real Estate Business
Real estate in #Ibadan is the next thing. The land mass of the…
How will the 2020 Presidential Election impact the real estate market? Does it matter if Trump or Biden wins? Should you buy or sell now or wait until after the election?
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On today’s video we’re going to see what effect, if any, the presidential election has on the real estate market. Even though 2020 has been a really crazy year, most forecasts predict that there will be more homes sold in 2020 than last year.
Research company BTIG published a report earlier this year in which they noted that in non-presidential election years, there is a 9.8 percent slowdown in home sales in November compared to October, as a result of normal seasonality in the market. However, in presidential election years, the typical dropoff is 15 percent. They attribute this increased slowdown to uncertainty in the market. Now, with all financial markets, whether that’s real estate, the stock market or others, uncertainty always causes a slowdown because people don’t know what to expect.
The report does point out, though, that the slowdown is temporary and those sales are not lost forever, but are just deferred to the months that follow the election. Also, research points to the fact that the slowdown is only concentrated in the month of November.
Ultimately, as I’ve talked about on my monthly real estate market update videos, real estate is all about supply and demand. And on the demand side, those record low mortgage rates are driving plenty of demand for home purchases.
The bottom line is this… if the economy continues to recover from the pandemic and interest rates remain low, the real estate market should remain strong leading up to the election and well afterwards. We may see that slight slowdown in November (and maybe a bit longer if the results of the election take longer to work out), so if you’re a buyer and you’ve been sitting on the sidelines, that might just be the time where you can pick up a great deal on your next property. And if you’re a Seller, you may want to get your home sold now or wait until December when the market picks back up again. Enjoy the video! – Danny Batsalkin
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Products, links and items that are referenced in this video or in the description above may be affiliate links. If you purchase a product or service using these links, I may receive a small commission at no additional charge to you. Thank you for supporting my channel so that I can continue to provide you with awesome content each week! Danny Batsalkin is a licensed real estate broker in California and is affiliated with Compass. CA DRE # 01421366. All information provided in this video is for informational purposes only. I advise you to consult with your legal, real estate or tax professional prior to making any decisions in these areas.
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