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It Happens Every
Election Year!
The benefit of being in the real estate business for two decades is that you have the opportunity to live through many ups and downs of the market. Over the past 20 years we've certainly had our ups and downs, including the largest real estate and stock market crash in my lifetime.
The one consistent truth has been that the stock market will likely take a hit leading up to an election and real estate buyers of secondary properties will likely sit on the sidelines until they know what happens next. This year has proven to be no different. In the month of October the stock market lost all of the substantial gains it had made to that point in 2018. Every news outlet is speculating on which party will control which house of Congress and what the dire impacts of either result will be.
With the crash of 2009 in not-too-distant memory, many buyers are rightfully cautious about making a large investment in anything that's not essential, like a cottage up north. Plenty of buyers are still searching online and touring properties but many are simply not going to take the plunge until they know whether or not the side they're rooting for wins the upcoming elections.
For sellers this means being patient if you can. This influence on the market is a relatively short lived phenomenon that usually shifts once the results are in and people realize that there will likely not be a catastrophic effect either way in the immediate future. Investors will settle in most likely and the stock market will find it's way back to more consistent footing. As a result, people will begin making offers on properties that they just weren't comfortable making prior.
For buyers, this means opportunity. Combine the fact that we're coming into winter and there are fewer active buyers and you're in a position to get a really great buying opportunity. It's a big decision and one that shouldn't be taken lightly, but if you're in a financial position to comfortably make the purchase of the right property, now could be the best time you'll see to make the most of an otherwise very strong real estate market.
Either way, it should be interesting to watch on election night. We hope you're already registered and make the time to vote and have an impact on the direction things will go.
Helpful election research links (As objective as we could find!):
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The nearest neighbor is over a mile away. Access to the far side of the river is made easy with your own private bridge. With its massive size, this property would make a fantastic multi-family retreat. Enjoy nearly nonexistent river traffic with great trout, steelhead, and salmon fishing along with an abundance of wildlife. This is what people mean when they say they want to 'get away from it all', yet just 15 minutes from Scottville.
