Lake
October 2024 Edition
aThePresidentialElection ndourHousingMarket
Sun Canyon Park in Lake Hills
How Presidential Elections Affect Our Housing Market
With every presidential election comes talk about how the outcome might impact the economy -and the housing market is no exception. For homeowners, this can be a time of uncertainty, but understanding how election cycles typically influence market trends can help you decide whether now is the right time to sell
Mortgage Rates: A Waiting Game
Mortgage rates tend to stabilize before a presidential election as lenders and buyers wait to see how policies might change This "wait-and-see" approach can result in stable or slightly lower rates before November. After the election, rates can shift depending on the new administration's direction, which may prompt buyers to lock in lower rates. If you're thinking of selling, this could temporarily boost buyer interest, giving you an edge.
Housing Demand: Buyer Hesitation
Elections can influence buyer behavior, with some waiting for policy changes and others acting quickly to secure homes. In Lake Hills, demand typically stays steady but dips slightly. Data shows the market slows in the fall, as some buyers seek clarity. However, experts note that serious buyers are still active, ready to purchase well-priced, good-condition homes
Seller Confidence: When Timing is Everything
Seller confidence during election years is mixed, with some homeowners unsure whether to sell now or wait However, analysts say selling during an election year can be beneficial Inventory is usually low, which means less competition and increased buyer demand, especially with favorable mortgage rates. As a seller, this can give you more negotiating power and a better chance of securing a good deal.
My Opinion: Play the Long Game
I believe that while the election may cause a brief pause in the market, it won’t drastically alter long-term trends. Our housing market here on the hill remains strong, driven by all that Lake Hills has to offer. As Lawrence Yun, Chief Economist at the National Association of Realtors, recently noted, “Election years may bring short-term uncertainty, but home prices and demand are driven more by broader economic conditions like job growth and mortgage availability than by politics ”
Lastly, if you have considered selling, doing so during an election year may seem challenging, but remember that mortgage rates have improved and serious buyers are still active. While national and Riverside trends are important, our local market conditions here on the hill are what matter most.
18301
Lake Hills Sales - 3rd Quarter
$1,575,000 $880,000 $675,000 $800,000 $1,130,000 $900,000 $905,000 $863,500 $1,035,000 $625,000 $685,000 $920,000 $725,000 $700,000 $850,000 $1,400,000 $650,000 $970,000 $642,000
7/23 7/25 7/26 8/2 8/7 8/7 8/12 8/13 8/13 8/27 9/3 9/5 9/24
Avg. $/SqFt $338
While the Median List Price is up $60,490 from last quarter’s number ($744,500), the Price Per Square Foot is down $16 from last quarter’s number ($373).
That said, rates are trending in the right direction so we should see some improvement in the next quarter.
Need a GARDENER?
Roberto Lucio is a dedicated gardener who has been serving the Inland Empire for 19 years. With a passion for improving the look of people’s homes, Roberto offers a wide range of services including trimming, planting, fertilizing, sprinkler maintenance, lawn maintenance, and palm tree trimming. His friendly personality and strong work ethic have made him a trusted partner for us and our clients When Roberto isn’t creating beautiful landscapes, he enjoys hiking, bike riding, and spending time with his wife and three children. He’s also excited to be planning his first trip back to Mexico in 20 years.
Need a REALTOR?
EXPERIENCE MATTERS And when it comes to real estate in Lake Hills I’d argue that experience here on the hill matters even more. In 2023, homes up here sold for a little as $580K and as much as $1.6M -- that is a HUGE difference and if you were selling your home, wouldn’t you want someone representing you that knows why?
Athoroughreviewandfullunderstanding ofYOURneedsandwants Roberto Lucio -- 818.967.3903
For the past 21 years I’ve been doing what I do because I truly enjoy helping people with what is one of the biggest financial and emotional decisions of their lives -- their home.
TopProducerinLakeHills/LHRsince2012 Represented3ofthe5highestsalestodate Unparalleledmarketknowledge Unparalleledmarketingstrategy
Pre-listhomeimprovementswithnothing outofpocket(Payatclose)
CurrentValueAnalysisofyourhome
