BuyingCommentaryReal Estate TipsSelling October 15, 2024

This is Your Reminder that Waiting Until the Election to Decide on Moving Should be Reconsidered

Everyone lives indoors. I share this with my team fairly frequently in our weekly training, and while it’s always good for a smile, the facts are that our shelter needs don’t change with election maps unless you yourself just got elected to something and have to relocate to Washington DC.

If you are expecting twins and need more bedrooms for your housing needs, that’s not going to change if Donald Trump is elected president.
If you are an empty nester and considering a 55 and over community, you aren’t going to wake up at age 39 if Kamala Harris is elected. Especially you, Mr Benny.

The real matter when people want to delay a decision until after an event like an election or a Federal Reserve announcement is that human being are not comfortable with making decisions, and that includes me. But the reason to move should be anchored to one thing: your housing needs.

I grew up in an idyllic post war neighborhood that was built in the 1950s. It was a no through traffic street, and we’d play in the road. We rode our bikes, hiked in the nearby woods, and pet strange cats. I had no earthly idea what interest rate my parents paid on the mortgage, and I didn’t care. I had a happy childhood. My dad was an accountant and had an MBA from New York University thanks to the GI Bill. I heard him many times in the 80s discuss the crazy double digit interest rates with my mother, and he never waivered from the view that rates didn’t matter, payments did.

I’ll restate again:
If FDR rose from the dead and was elected to a 5th term, you’d still need to live somewhere with the same bedroom count as you need now.
If the Federal reserve is making an announcement next week, know that financial institutions have already baked in the next 6 Fed announcements into current rates.

I’m all for clever. But don’t interfere in your own life by being an armchair economist. Move when your housing needs indicate it, and stay put when you are happy where you are.