Hi, I’m Doron Weisbarth with Weisbarth & Associates, and welcome to my November 2024 Market Update! Today, we’re tackling a question I’ve been hearing a lot lately: Did the election affect buyer activity? Let’s dive in.
October was an odd month—there’s no other way to put it. At the end of September and the beginning of October, we saw a flurry of market activity. Homes were being listed, going pending, and closing at a pace that lined up with the seasonal trends we’ve seen in years past around the start of the fourth quarter.
In fact, when we look at the numbers, October ended with more closed sales than the previous month, which is pretty typical for this time of year.
But then something strange happened. During the second half of October, the market seemed to screech to a halt. Buyers, who were so active just weeks earlier, suddenly disappeared. And this wasn’t just a local phenomenon—it was happening in many parts of the country. There wasn’t any major economic or employment shift that could explain it. The only explanation that seems to fit is the anxiety and uncertainty people felt around the election.
As the saying goes, a confused mind does nothing. When people feel uncertain, they tend to freeze. They wait for clarity before moving forward, and that’s exactly what seemed to be happening in the market.
By the way, if you want to look at this data and read my report at your pace and leisure, you’ll find all this information in my November newsletter, available online and for download, for free, at Weisbarth.com/Newsletter, that’s Weisbarth.com/Newsletter.
Now, it didn’t help that mortgage interest rates that had been dropping for most of August and September, reversed course in late September and started climbing again, settling around the 7%. But we had this level of interest rate this year, and the market activity didn’t seem to be affected. So, as I said, while I’m sure that the higher rates didn’t help, it’s hard to put all the blame on them.
Now here’s the good news: whether you liked or disliked the outcome, the election is now behind us. One major source of uncertainty has been resolved, and that should help restore some confidence to buyers who were sitting on the sidelines.
In addition, the fed dropped it’s prime rate by a quarter point, which, eventually will help bring mortgage interest rates down a bit.
By the time this update reaches you, I hope we’ll see normal buyer activity for this season resuming. If your home is on the market but hasn’t been getting much attention, or if you’ve been holding back on buying or selling because of election uncertainty, the market will soon give us clearer signals about how we’ll end this unusual year.
So, if you or someone you know is still considering selling a home this year, you still have time, but you need to act soon! If you’re not sure whether you should sell this year still, or wait for next year, we can analyze your options to help you make a clear decision that is best for you. My team and I famously offer a no-obligation consultation to help you put together a strategic
plan on how to accomplish your real estate goals. Referring someone to us is easy—you can send them our way through our website, this newsletter, an email, or even better, just give me a call and let’s talk directly.
And remember that you business and referrals help the kids and families at Akin. Thanks to everyone who participated in their big gala fundraising even last month, where Weisbarth & Associates was the key sponsor – it was truly magical!
Thanks for tuning in! Don’t forget to like, subscribe, and follow for more updates. And if you’d like to read my newsletter or share it with a friend, you can find it at Weisbarth.com/newsletter, that’s Weisbarth.com/newsletter. I’m Doron Weisbarth with Weisbarth & Associates, and I’ll see you next month!