A huge element contributing to an individual’s financial situation is the current housing market in their area. This year’s general election has been pretty unavoidable. On almost every television channel, radio station or internet advertisement, the presidential candidates have spent endless hours campaigning on the state and national level.
Swing states, like North Carolina, have seen a significant amount of attention from these politicians whether they are eating barbeque in Plaza Midwood or holding charity events at golf courses in Mooresville. The winner-take- all electoral votes in the swing states are extremely influential when determining who will be the next President of the United States. For those still deciding which candidate they will vote for, one factor might be how they feel about their overall financial situation.
The housing market and economic conditions are an important aspect to consider before any presidential election, especially following a two-term presidency like the situation our nation is currently facing. With North Carolina being a swing state, our opinions matter. So let’s examine the economy in North Carolina, a key swing state.
Since the previous President of the United States held office, home prices crashed significantly and are now finally recovering and almost back to the prior peak set nearly a decade ago, on a national level.
When comparing data in North Carolina from the time of President Obama’s inauguration to now, home prices are just starting to retouch the prior peak and are continuing to rise, according to Forbes.
The average home price is the same now compared to the first quarter in 2009 and the peak price several years earlier. The homeownership rate has fallen from 69.3 percent to 67 percent. But, existing homeowners are feeling less stress.
Seriously delinquent mortgages fell from 4.4 percent to 2.6 percent. The total number of payroll jobs has grown by 9 percent, converting into 342,000 additional jobs in the market. So with more jobs being added into the work force and a higher demand of rental properties, North Carolina’s economy is looking to rise.
Aside from outside factors, whether social or cultural, the housing market and economic conditions of each specific state can influence voters when they are turning in their ballots in November. In swing states, like North Carolina, voter’s opinions are valued at a significantly higher level. Learning more about the North Carolina housing market and economy can educate voters before they go to the ballots.
Showcase Realty’s top real estate agents are knowledgeable in the Charlotte housing market along with its surrounding areas. For assistance with your housing or rental needs, Showcase Realty’s Charlotte real estate agents can help you learn more about the housing market before assisting you in buying, selling or renting your home.
Call us at 704.997.3794 or get in touch through sending us a message here!
Has this real estate topic made you think more about the upcoming election? To get a better understanding of why each and every person’s vote is important not only for North Carolina but across the United States, don’t miss How is the Housing Market Affected by the Presidential Election?