CENTRAL TEXAS (KXXV) — Inauguration Day is around the corner, and many people across the country and in Central Texas, are waiting to make some big purchases until after President-elect Donald Trump’s official first day in office.
For some, it’s a waiting game right now to see what interest rates will do.
"We were talking the other day with our son who’s thinking about maybe buying another vehicle and said, 'Well, interest rates are this right now — let’s wait until after the new president takes office and maybe the interest rates will drop a little bit'," said Project Manager and Salesman with Cen-Tex Roof Systems, John Ivy.
Ivy says they’ve seen this even in their line of work.
"We’ve heard that probably once a week this whole year — 'Well, we’re going to hold off — we don’t know what the interest rates are going to do' or 'We’re thinking of buying a home and we think maybe interest rates will drop next year after the election, but we’re going to hold off and see what it does'."
Experts say it’s not uncommon for people do this.
"When you look at the historical data of what’s happening like in election years in the past, you have about a 15 percent decline in new home sales," said Scott Mabile a sale manager with Flintrock Builders.
"Those people aren’t gone they’re just kind of on hold, they come back in on the year following, so 2025 we expect it to be a pretty huge year."
Chris Meza, realtor/managing partner with Carbajal Reality Inc. also expects the market to pick back up especially in the spring months, and says these concerns surrounding Inauguration Day make a small factor in the real estate market as a whole.
If you’re looking to buy a home, he says not to fret.
"I think you need to build a solid team around you with a realtor and a lender that’s going to game plan, and consider your interest with your personal situation in mind," Meza said.
Inauguration Day is January 20.
