The potential impact of elections on the property market
In the year 2023 property sales were down over 25% and it was a very difficult year financially in the property market. The next question is what will 2024 bring? Will the elections slow down sales even further than last year and can semi-gration help with this problem.
According to a survey on Lightstone the majority of agents are expecting to have better sales in 2024 and 3 out of 4 agents are optimistic they will reach their targets for 2024.
Another question posted was, are agents concerned about the elections and interest rate?
2021 and 2022 were great years in the property market whilst 2023 was atrocious as there was a huge drop in transactions. The overall impression is that there will be a more positive outcome after the elections and the market will improve seeing an increase in activity after the outcome of the elections and particularly if the correct party make the correct decisions, it will have a massive positive impact.
How bad was 2023 - overall the volume had decreased by 25% after the massive surge of sales in 2021 and 2022 the market had to readjust after covid as there were many changes required.
Accordingly, there are less buyers than sellers and the younger generations are opting to rather rent than buy. It is very interesting worldwide as there is a definite increase in the trend for renters rather than buyers especially amount the younger generation as they want more freedom.
What are the main reasons people that are selling. The answer is definitely semi-gration to other more attractive well-run provinces, emigration, downscaling and financial problems experienced after covid. Families are also co-inhabiting one larger property to cut costs due to the economy.
What helps to sell a property. The key to this is being priced correctly so that they property does not remain on the market too long, added extras such as a home office, cottage for additional family and solar are very sought after.
The interest rate that remained unchanged has already had a positive effect and hopefully after the elections property booms again !!