On November 5th, local and national elections take place, and the outcomes may change lots of policies, but it's doubtful it will change either interest rates or home prices by more than a tiny bit. The bigger changes may come from referendums passed in states where medical laws and voting systems are being challenged with new proposals. In our state, one relates to the " Right to Die" with proposals to alter how Hospice and medical services for terminal patients are handled. See the article below about a bill which failed to proceed in the state legislature.
Interest rates seem to be in the 6-7% range for the foreseeable future; this range was considered excellent when looking back on the 1980's, 90's and 00's. Is it only the strange period around Covid-19 when 30 year mortgage rates dropped below 4% and then even below 3% for some lucky folks who refinanced or purchased during that period in 2020-22. IF you were one, then you may be hesitant to sell your home to move up or move out to another area, since you'll be paying more per month for any borrowed funds involved. In today's rates, it will cost you about $ 650 per month, per one hundred thousand dollars of mortgage ( principal and interest) to which you must add your insurance and property tax costs. This interest is almost $200 more, or almost half again as much as you paid in the 2-3% mortgage period a few years ago. For many people it won't change where they want to live, but for some it might. Be sure to examine all costs involved with moving and finding a home in the ideal area for your commute, schools and other life concerns. Remember, also, that by paying a fee up front, it is possible to " buy down the rate" which could put your mortgage in the 5% range and reduce the bite of going to a new higher interest rate mortgage. So, back to the question of whether the election will effect rates, it is hard to tell but one election result may create overall market expectations of a more robust business future, while another may point toward higher deficits and future inflation. It's hard to tell, and like many in the real estate field, we'll be watching and advising our clients to look at all the costs involved and then to shop for the best rates, and best opportunities to buy down the rate if you know you'll be in the home for more than a few years.
On the medical front and efforts to change people's basic rights to medical care and medical decision making in the final days, here's a summary and an opinion on what happened in the Maryland legislature this year:
https://www.thebaltimorebanner.com/opinion/letters/medical-aid-in-dying-terminally-ill-marylanders-QIYSJSZTNFB5RE2P7HM7SUAOQQ/?schk=NO&rchk=YES&utm_source=The+Baltimore+Banner&utm_campaign=f3ce76ebba-NL_PMSC_20241028_1652&utm_medium=email&utm_term=0_fed75856d2-f3ce76ebba-%5BLIST_EMAIL_ID%5D&mc_cid=f3ce76ebba&mc_eid=6a3bb1d5a2