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Nearly a fourth of first-time homebuyers are delaying their plans due to election anxiety, according to Redfin’s latest market analysis published on Tuesday.
The Seattle-based portal teamed with market research company Ipsos to survey 1,802 homeowners and renters on their sentiments about the real estate market. Of the 491 respondents who said they plan to purchase their first home within the next 12 months, 23 percent said they’re pausing their plans until after Election Day.
Of the homebuying hopefuls who are waiting, 26.1 percent are looking forward to Vice President Kamala Harris enacting her housing plans, which include $25,000 in first-time homebuyer down payment assistance, $10,000 in mortgage relief tax credits, and lowering closing costs through a pilot program that would waive lender’s title insurance for refinance loans.
A smaller share of respondents — 15.9 percent — said they’re excited about Republican nominee Donald Trump’s housing policies. The former president has promised to eliminate various homebuilding regulations to quicken housing starts and ban undocumented immigrants from applying for mortgages to open inventory up for documented immigrants and U.S. citizens.
He’s also promised to offer tax incentives and support for homebuyers, according to his election website.
Between both candidates, Harris’ housing policies seem to have greater sway on homebuyers on both sides of the aisle.
Of the buyers who said they’re waiting on Harris’ policies to come to fruition, 32.7 percent said they’re voting for Harris and 21.6 percent said they’re voting for Trump. Of the buyers who said they’re waiting on Trump’s policies, 25 percent said they’re voting for Trump and 11.5 percent said they’re voting for Harris.
Florida-based Redfin premier agent Lindsay Garcia said first-time homebuyers’ election anxiety is normal as they grapple with how the election could potentially impact the economy and the housing market.
Lindsay Garcia | Credit: Redfin
“Buying a home can be scary, especially if it’s your first time; you’re worried about the election, and you’re not sure if the economy is going to get better or worse,” she said in a prepared statement. “Buyers are uncertain about what will happen in the election — especially first-time homebuyers.”
“We have to remember, the market is cyclical,” she added. “The economy will keep improving, and when we get past the election, buyers will start to feel more confident again.”
Beyond the election, Redfin’s survey revealed homebuyers are also concerned about interest rate cuts (18.3 percent), city- and state-level affordable housing initiatives (23.6 percent), and access to government (12 percent) and non-profit-based (8.8 percent) housing assistance.
