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How the 2024 Presidential Election Could Influence the Housing Market

August 13, 2024

Policies, Rates and Housing Affordability

As the 2024 presidential election approaches, many Americans are closely watching how the outcome could impact various aspects of their lives, including the housing market. The intersection of politics and real estate is a complex and often unpredictable one, but certain key factors tend to come into play whenever a new administration is elected or when existing policies are poised for change. Here’s a look at how the 2024 presidential election might influence the housing market.

1. Economic Policy and Interest Rates

The economic policies proposed by presidential candidates often have a direct impact on interest rates, which in turn influence the housing market. If the new administration prioritizes fiscal policies that lead to economic growth, we might see a rise in interest rates as the Federal Reserve seeks to control inflation. Higher interest rates generally mean higher mortgage rates, which can slow down home buying activity.

On the other hand, if economic policies are geared toward stimulating growth through lower interest rates, the housing market could see a boost, as lower mortgage rates make buying a home more affordable. The candidates' stances on economic issues, including tax policies and government spending, will be key indicators of how the housing market might respond.

2. Housing Affordability and Availability

Housing affordability has been a growing concern in many parts of the country, and it’s likely to be a significant issue in the 2024 election. Candidates may propose different approaches to address the housing crisis, from increasing the supply of affordable housing to offering tax incentives for first-time homebuyers.

If the elected administration prioritizes policies that increase housing affordability, such as expanding federal housing programs or providing subsidies, this could make homeownership more accessible to a broader segment of the population. Conversely, if housing policies favor deregulation and reduce government intervention, the market might see increased activity in the luxury home segment while affordable housing remains scarce.

3. Tax Policy Changes

Tax policies, particularly those related to property taxes and deductions for mortgage interest, can have a profound impact on the housing market. Changes in the tax code can alter the financial incentives for buying or selling a home.

For example, if the mortgage interest deduction is expanded, homeownership could become more attractive, driving demand in the housing market. However, if property taxes are increased or certain deductions are eliminated, the cost of homeownership could rise, potentially cooling the market.

4. Regulatory Environment

The regulatory environment surrounding real estate is another area where the 2024 election could have significant implications. Policies related to zoning, land use, and environmental regulations can either ease or complicate the process of building new homes, which in turn affects housing supply and prices.

An administration that favors deregulation might streamline the approval process for new developments, potentially leading to an increase in housing supply. On the other hand, stricter regulations could slow down new construction, leading to higher prices in areas where demand outstrips supply.

5. Consumer Confidence

Elections often influence consumer confidence, which can affect the housing market. Uncertainty about the future direction of the country can lead to hesitation among potential homebuyers, while a clear and favorable economic outlook can boost consumer confidence and, consequently, home buying activity.

If the election results in a stable and predictable economic environment, we might see an increase in home sales as buyers feel more secure in making long-term financial commitments. However, if the election results in significant economic uncertainty, the housing market could experience a slowdown as buyers take a wait-and-see approach.

Conclusion

While it’s impossible to predict exactly how the 2024 presidential election will impact the housing market, the policies and priorities of the new administration will undoubtedly play a crucial role. Homebuyers, sellers, and real estate professionals should stay informed about the candidates’ platforms and be prepared for potential shifts in the market as the election unfolds. Regardless of the outcome, understanding the connection between politics and real estate will be key to navigating the housing market in the coming years.

Cindy Coggins, REALTOR® - Team Lead

Cindy Coggins Realty Group, KW Allen

469-499-7452

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Expert Tips On How To Sell Your Luxury Home in Frisco, Texas

January 5, 2025

Selling a luxury home in Frisco, Texas is a whole different ball game than selling a regular home. The luxury market has its own set of challenges and opportunities and understanding those is key to a successful sale. Here’s expert advice on how to navigate the complexities of selling your luxury home in Frisco. Conduct A Market Analysis Start the house-selling process with a Comparative Market Analysis (CMA) to determine the value of your home. This means comparing your home to other luxury homes that have recently sold in the area. Look at square footage, location, unique features and recent renovations to get more of an idea of how much you should sell your luxury home. You will also want to determine how long luxury homes take to sell in Frisco, as this will help you set realistic expectations. Pricing for the Luxury Market Pricing your luxury home correctly is key. Overpricing will scare off buyers and underpricing will leave value on the table. Use the data from your market analysis to set a competitive price. Besides that, you should be willing to negotiate with serious buyers. A flexible approach will get you to the closing table faster, especially in a fast-paced market like Frisco, Texas. Know your bottom line and be prepared to make some concessions if needed. Remember, be objective and don’t let personal attachment influence your pricing strategy or negotiation process. Staging Luxury Homes Staging is key to selling a luxury home. It’s more than just decluttering and cleaning; it’s about creating an aspirational lifestyle that buyers can see themselves living in. As such, consider hiring a professional staging company that specializes in luxury properties. Professional stagers can highlight the architectural details of your home and use high end furniture to create a beautiful look. Besides that, they can also show off unique features, such as wine cellars, gourmet kitchens, or home theaters. All this will increase the perceived value of your home. Marketing for Maximum Exposure Marketing is key to getting your luxury home in front of the right people. Here are some ways to make your property stand out: High quality images and videos are a must to show off the grandeur of a luxury home. Consider hiring a professional photographer and videographer who specializes in luxury real estate. Aerial drone footage will give you stunning views of the property and surrounding area. Use both online and offline marketing. Online marketing refers to using luxury real estate websites, social media and targeted digital ads to reach buyers. Offline marketing is more focused on hosting exclusive open houses and networking with local luxury agents to get more exposure. When listing your luxury home online, write detailed property descriptions that showcase your home’s unique features and benefits. Use words to paint a picture of the lifestyle that comes with living in your luxury home. Selling a luxury home in Frisco, Texas takes strategy and knowledge. By understanding the market, staging and pricing your home and using all the marketing tools, you’ll get the right buyers and a successful sale. If you’re thinking of selling your luxury home, partner with an experienced real estate team like Cindy Coggins Realty Group and they’ll guide you through the process. They know the Frisco luxury market and will show your home in its best light to get you the most out of the market.

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Simple Strategies To Increase Your Property's Value

October 15, 2024

The cost of home renovation projects can reach almost hundreds of thousands. According to Forbes , complex projects can reach $62,000, even for smaller homes. Given these numbers, it's smart to be strategic about your spending to get the best return. That said, boosting your property's value doesn't have to break the bank. Small, affordable upgrades can make a noticeable impact. If you're looking to sell or rent out your property, we can walk you through simple, budget-friendly improvements that will increase its appeal without emptying your wallet. Ditch The Mess And Clutter The first step we recommend is decluttering. It’s simple and practically free. A tidy, organized space makes your home feel larger and more inviting. Moreover, small, low-cost projects like this often offer an impressive return on investment. This is no surprise, as buyers are usually after more square footage. Start by tackling one room at a time, focusing on high-traffic areas like the living room, kitchen, bathroom, and bedrooms. Sort through your belongings, then donate or sell anything you don’t need. Make sure you don’t miss your closets and cabinets. Buyers often peek inside, so keeping them organized is a plus. Aside from that, you might want to bring in some affordable organization solutions to your home. These could include: Buying cheap storage bins or baskets to help keep more items out of sight. Placing closet organizers, such as hanging shelves or shoe racks, to make them more functional. Adding hooks, shoe racks, or a storage bench to your entryway. Installing more shelving to organize your spaces without using up more floor space. Refresh Your Curb Appeal When a potential buyer or their agent checks out your home, the first thing they notice is the exterior. The front yard, entryway, and overall appearance set the tone for what’s inside. If the outside looks neglected, it signals that the inside might need work, too. A worn-out exterior can quickly turn people away before they even step through the door, making them miss out on your home's full potential. Taking care of these issues doesn’t have to be expensive, and many tasks you can tackle yourself. In fact, an easy way to increase your curbside charm is by simply tidying up your exterior. This can include mowing the lawn, trimming bushes, pulling weeds, or even placing some potted plants. A report from the National Association of Realtors shows that simple lawn care and basic landscaping can offer big returns. Standard lawn care can recover up to 217% of the cost, while general landscape maintenance can recover 104%. This means you’re not only improving your home's appeal but also potentially getting back more than what you spend when you sell. Besides freshening up your garden, you can also consider the following: Repainting your front door, shutters, or fences Cleaning your driveway and walkway Adding solar-powered garden lights Make Purposeful Interior Upgrades You might think that interior refurbishments are costly, but there’s no need to overhaul everything. You can focus on key areas to get the best bang for your buck. Plus, these upgrades can improve your quality of life while you wait for your house to sell. Most homeowners consider the kitchen the heart of a home and small kitchen upgrades can significantly up your property’s value. Simple modifications can create a fresh, modern feel, attracting more buyers. Consider the following: Repainting or refacing your cabinets Giving your walls a fresh coat of paint Replacing outdated cabinet hardware Installing sleek faucets Installing a new backsplash If you have the budget for it, you can also add new countertops or more functional elements like a pull-out pantry or a kitchen island. Another area you can work on is the bathroom. Simply swapping out fixtures, such as the faucets and showerheads, can modernize the space. Additionally, you can upgrade your mirrors and vanity, as well as regrout or refinish your tiles. Most prospective buyers pay close attention to these two areas as they are often high-traffic zones and can reflect how well you maintain your home. Stage Your Home The above strategies all culminate in home staging. A well-staged home transforms your property into a dream home that people would actually want to buy. This goes beyond aesthetics and is a wise investment with significant gains. According to the Real Estate Staging Association (RESA) , on average, sellers spend about 1% of their home’s price on staging, and 75% of them see a return of 5% to 15% over the asking price. Aside from increasing your sale price, it also speeds up the process. A survey from the International Association of Home Staging Professionals (IAHSP) shows that staged homes can have up to a 20% higher selling price and can sell three to 30 times faster than non-staged ones. On the flip side, unstaged homes end up with price cuts that are five to twenty times higher than what staging would have cost. You might be wondering, “How do you stage your home on a budget?” The key is to focus on high-impact areas. These include your bedroom, kitchen, and living room. Then, follow these tips: Clear out unnecessary items, personal photos, and anything too specific to your style. Rearrange existing furniture instead of buying new ones. Open blinds, pull back curtains and clean your windows to let natural light in. Use simple, affordable décor like throw pillows or fresh flowers. Conclusion Property renovations can be a big undertaking, especially when figuring out what will actually increase its value. While not every revamp guarantees a return, the simple tips we listed above can already level up your property’s worth and grab buyers’ interest. Partnering with a professional real estate agent can help you maximize your property’s potential even further. At Cindy Coggins Realty Group, we help you spot important upgrades and repairs, give staging tips, and use our local market expertise to make your home stand out. Reach out today to schedule a consultation and make selling your home easier.