The year 2020 has brought with it an unpresented number of surprises – and there are still more than two months to go! During the remainder of the year, a U.S. presidential election will take place, the likes of which will be remembered for many years to come – regardless of which candidate wins.
While an upcoming election can have an impact on the stock market, it can also affect home sales. According to the research company BTIG, new home sales have traditionally decreased in the month of November. However, this could be due – at least in part – to the normal seasonality of the market, which typically slows down during the fall and winter months.
That being said, though, during election years, the drop in home sales tends to fall even more than it does in non-election years. One reason for this could be that potential home buyers are being cautious during a time of uncertainty.
It is also noted, though, that almost immediately following a presidential election, home sales will begin to rise again. In this particular year, mortgage rates are still hovering at a historical low – which has kept the housing market humming for several months now.
If you own one or more rental properties, this could be a good time to sell. However, if you plan to hang on to these investments and let the equity accumulate, hiring an experienced property manager can allow you to do that, yet without having to spend your own time maintaining the property and managing tenants.
For real estate investors with property in the Orlando and/or Central Florida locale, Central Florida Property Management offers additional services, too, including financial reporting, and an online access portal so you can create and access a wide array of financial statements and reports.