Navigating the Real Estate Market During an Election Year: A National vs. Berkshire County Perspective
The real estate market is often a reflection of the overall economic health of our country, but it can also be significantly influenced by political events. Here at home in the United States, election years come with their own set of uncertainties, and these can cause both buyers and sellers to act unpredictably. Here we compare how the national landscape reacts to an election year versus the more localized effects in Berkshire County, Massachusetts.
The National Scene: Uncertainty and Speculation
During an election year, the entire nation watches closely as different political platforms propose changes that could affect the real estate market. Candidates may promise tax reforms, changes in mortgage interest rates, and housing policies that create speculation and, at times, uncertainty among investors and consumers.
Buyers: On one hand, some potential homebuyers may decide to wait it out, anticipating policy changes that could make homes more affordable or offer better financing options.
Sellers: On the other hand, sellers might rush to close deals before any possible unfavorable legislation comes into effect that could reduce their profits or increase their costs.
Such behavior often leads to a temporary slowdown in the market as stakeholders take a "wait and see" approach. However, the long-term effects rarely last beyond the immediate aftermath of the elections, when people have a clearer picture of the future government's policy direction.
Berkshire County: Local Trends Amidst National Politics
In Berkshire County the story may play out differently. While national trends and policies have an impact, local factors play a crucial role in determining market behavior.
Market Stability: Historically, Berkshire County has maintained a relatively stable market due to its strong local economy and consistent demand for its unique properties, ranging from rustic retreats to upscale homes.
Local Economy: Since our local economy may not hinge on national policies, the election year frenzy tends not to disrupt the regular buying and selling cycle as much. Sellers remain confident because of the perennial attractiveness of Berkshire County, and buyers often proceed because they're driven by the desire to live in this desirable location, rather than speculative financial benefits. The Berkshires unique and highly desirable location - less than 2.5 hours from New York City and 2 hours from Boston with fantastic access to both trains and planes consistently makes the Berkshires a consistently attractive place to settle, whether part or full-time.
It's still important to keep in mind that no area is entirely immune to the broader national climate. For instance, if an election leads to significant interest rate hikes, even Berkshire County residents must adapt to the new conditions that affect mortgage affordability.
Advice for Both Buyers and Sellers
If you're considering purchasing or selling real estate during an election year, whether nationally or here in Berkshire County, consulting with a local real estate expert is critical. They can provide tailored advice based on current market conditions and educated perspective about potential impacts of election outcomes.
For Buyers: If you choose to buy, be informed about the economic indicators and proposed housing policies from the candidates. Locking in an interest rate before any potential post-election increases could be a beneficial move.
For Sellers: For sellers, understanding the local demand and inventory levels is key. Even during an election year, if inventory is low, it remains a seller's market, and there may be no reason to delay listing your property.
While national trends during an election year can influence the real estate market in the Berkshires, local factors typically carry more weight. Whether dealing with the uncertainty on a national scale or navigating through the specific nuances of Berkshire County, staying well-informed and seeking professional guidance are the best strategies to mitigate risks associated with buying or selling real estate during an election year.
CHOOSE BIRCH Properties
We are a modern real estate firm that synthesizes the warmth of a small-town brokerage with the agility of a startup and the heart of its founder, Selina Lamb. Though we’re tech-forward in temperament, we’re connectors at heart who work tirelessly to ensure that you can start the next growing season of your life on fertile soil. You’ll find in equal measure our unparalleled follow-through and attention to every detail, win-win negotiations, and deep analysis and perspective — all punctuated by a fun, relaxed style.
Buying or selling, you’ll benefit from our comprehensive knowledge of the Berkshires, expansive international network, and fierce dedication to your bottom line. As buyer’s agents, we’re caring, sensitive advisers who guide you to the people and places that will help you make this region yours. As seller’s agents, we’re expert marketers who get your property more views, visits, and offers.
BIRCH Properties’ roots, however, go far deeper than the tools and techniques we use to achieve our clients’ goals. Real estate, to us, is about the well-being of others. We understand the challenges of transitioning from one home to another and assist you with compassion and experience through every aspect of your move. From start to finish and long after, we stand ready to serve, always with a positive, upbeat attitude and an in-depth consideration of your needs.
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ABOUT SELINA
Selina Lamb is a study in contrasts — analytical yet creative, fun yet serious-minded, easygoing yet a fierce marketer and negotiator. She synthesizes years of experience in Berkshires' real estate; a liberal arts education from Williams College; a successful career at top U.S. fashion houses; and experience founding a nationally recognized landscape design firm into a real estate consultancy that centers around client well-being. Repeats and referrals comprise 98% of her business, and review after review mentions her market knowledge, vast network, warm sense of humor, and presence in her clients’ lives long after the deal has closed.
As a real estate partner, Selina aims to make people feel at home during each moment of the transaction, whether they’re seeking residential, commercial, or land development opportunities. A longtime Berkshires resident, she works tirelessly to plug her buyers into the community, ensuring they have every professional and resource they need to create fulfilling lives here. In addition, she leverages her expansive global network and marketing expertise to get her sellers’ properties maximum views, visits, and offers. Her future-forward service features tech, design, analysis, and humanity in equal measure — making it highly personalized and undeniably modern.
Selina’s unique approach comes from the circuitous path that brought her to real estate and back to the Berkshires. After graduating from Williams, Selina held executive roles for the likes of Tommy Hilfiger, J. Crew, and Polo Ralph Lauren. During that time, she would escape to her Berkshire house on weekends to find delight in her garden, which inspired her to earn a graduate degree in site planning and landscape design. She eventually let go of her New York City address permanently and founded her acclaimed landscape design firm, which has been featured by Architectural Digest, Elle Decor, and HGTV.
Selina’s design experience makes her an expert in envisioning clear and practicable solutions for presenting properties to their very best advantage, from staging to photography and beyond. For buyers and sellers, her wide breadth of knowledge of local regulations and permitting processes make her an invaluable resource.
Beyond real estate, Selina serves on the Williams College Parents Fund Committee and co-chaired the Emma Willard School Parents Fund Committee. In addition to gardening, she enjoys painting, skiing, and playing tennis.
