Jennifer Mack column: Will a change in presidential administrations impact real estate?
With former Vice President Joe Biden set to become president, many people are curious how a Biden presidency will affect the housing market in our area.
So far, the fall market has been strong, though we’ve seen a decline in showings over the past 10 days as the distractions of Halloween and the presidential race kept would-be home buyers glued to their televisions and postponing major decisions until after the election.
I predict we will continue to see some of this hesitancy over the next several weeks, dependent on a couple factors. Should the election continue to be contested, that could extend the feeling of uneasiness for some home buyers and they may decide to postpone making decisions until there is finality. I also predict buyers and sellers will be watching the stock market and consumer confidence indices to gauge their comfort level with the economic outlook over the coming months and years.
I often get asked whether a change in presidential administrations has an impact on real estate at the local level. I honestly don't see it having a huge impact in the suburbs of Northern Virginia. With a potential Biden administration, there almost certainly will not be a major reduction in the federal workforce, but I don’t foresee a major influx, either. I see the Covid-19 pandemic as having a much larger continuing impact in line with what we have already been experiencing the last several months with people fleeing cities in favor of more space inside and outside.
I have confidence in our local market continuing to be robust for the majority of townhomes and single family homes in the Wakefield area, despite the huge amount of uncertainty we are all facing in so many areas.
Jennifer Mack has more than 15 years of experience in the real estate industry. Her team services Virginia, Maryland, and D.C., with the bulk of her business in the Woodson High School area. You can contact her with real estate questions at email@example.com or by calling 703-672-0038. She’s happy to answer specific questions privately or more general questions publicly in this column.