Voting is in Season

With the conclusion of early voting on October 31, we are now readying for tomorrow’s Election Day. The midterm election is held every two years into the four-year Presidential term, with the ballot including the following seats: one U.S. Senate, 14 U.S. House, one N.C. Supreme Court Associate Justice, 3 N.C. Court of Appeals Judge, 50 N.C. Senate, 120 N.C. House, local judges, district attorneys and county offices. The full candidate list is available online. 

In this election, there are no restrictions for voter party affiliations, as the ballot will include candidates from multiple parties. More than your civic duty, voting means voicing what matters to you as a citizen of Chatham County, of the United States. And, if you’re anything like us and have an eye on the housing market, you’ll have a reason to show up for the candidates who represent your interests.

The polls are open from 6:30 a.m. to 7:30 p.m. on Election Day, November 3. Find your polling place online! For our two cents on midterm result implications on real estate, keep reading …

With topics like housing affordability fixes, homebuyer assistance, mortgage portability, property tax freezes, zoning reform and construction incentives on the table, nominees from all sides are voicing their proposed solutions. An obvious bipartisan priority, there are 37 competitive House races and a 4.7 million home supply gap.

Proposals led by Congressional and gubernatorial candidates affect real estate and housing professionals, potentially influencing home sales, inventory and development costs. Both sides have outlined their respective approaches, but with control of Congress in the hands of voters, the outcome could determine which proposals direct the future of the real estate market.

Historically speaking, prospective homebuyers avoid making moves during election season. While home sales slow around this time, 2024 data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) indicates that home sales have increased the year after nine of the last 11 presidential elections.

Though some elections have had more impact on the housing market than others, typically, the impact is less than significant, and does not last long. It is shown that the housing market tends to thrive when public confidence is high, that a high employment rate means more people shopping for homes and that home inventory has the most sway in the health of a market. 

As Chatham County residents, we have an opportunity to help shape the future of our communities, our neighborhoods and our local housing market. Every vote is a chance to make your voice heard on the issues that matter most.

Whether you’re focused on housing affordability, economic growth, property taxes or the future of local development, the decisions made by elected officials can have a lasting impact. Don’t sit this one out! Make a plan to vote, learn about the candidates and show up for your community.

For Chatham County residents, Election Day is Tuesday, November 3, from 6:30 a.m. to 7:30 p.m. Be sure to check your assigned polling location, review your sample ballot and bring an acceptable photo ID.

Sources: HousingWire and Motley Fool Money