‘Fear of the unknown’: C.O. Realtors say now is good time to buy a home, despite election-related slowdowns

(Update: Adding video, comments from real estate group, homebuyer)

BEND, Ore (KTVZ) -- Between June and August of this year, Harcourts The Garner Group in Bend helped 79 families become homeowners. They have recorded 153 sales for the year to date, an increase from 144 during the same period last year.

However, real estate experts are predicting a slowdown as the 2024 election approaches.

"So this summer, as compared to last summer, we did see more sales, which is great. But currently, we are in a pause." said Shelley Griffin, co-owner of Harcourts The Garner Group.

However, real estate experts are predicting a slowdown as the 2024 election approaches. Historically, election cycles create a temporary pause in the market.

"I just think it's the fear of the unknown, you know? People just want to wait and see how this is all going to shake out." Griffin said.

Even though many people tend to hold back on big purchases, experts suggest that now could still be a great time to buy a home.

"The first week in October, there has been a 5% decrease in loan applications across the nation." said mortgage advisor, Jillian Koland. "So that means that as a mass exodus of people that are not trying to buy a house. So the competition is way less than what it was before."

Koland says buyers can take advantage of seller credits to lower their interest rates.

"Even though interest rates are high, you can use those seller credits to buy down your interest rate, cover your closing costs and make it an affordable payment. Even at a higher rate, you're 100% building equity in your home month, months with every payment that you have. And you're getting that savings at about 4% every year." Koland said.

Despite initial challenges, homebuyers feel the long-term benefits of homeownership will outweigh the short-term costs.

Homebuyer Jennifer Hinsley said, "We feel like the risk of taking on a bigger loan in a market like Bend is still a great decision for our family, because we hope to recoup that that payment and be able to refinance and have a smaller payment another time."

Despite uncertainties, history indicates that the market often rebounds, making it a favorable time for buyers to invest, before prices go up. According to the National Association of Realtors, home prices have increased after national elections in seven of the last eight election cycles.

Griffin said, "Being in the real estate market and in the mortgage market is not your full-time job. so, you know, it's hard to really sometimes I think, for buyers to totally understand everything. So it's really important to get with a professional that can really help walk you through the whole process and what all these different things mean, whether it's in regards to your loan or your mortgage or whether it's in regards to buying or selling."