Real Estate Realities Newsletter
November 2024
November is National Gratitude Month

11/01 All Saints Day
11/02 All Souls Day
11/03 Daylight Saving Time Ends
11/05 Election Day
11/11 Veterans Day
11/28 Thanksgiving Day

Waiting for the Winner !?!

Nearly one-quarter of prospective first-time homebuyers say they are waiting until after the election to purchase a home. Additionally, homeowners are more likely to believe Trump is the best candidate for keeping home values high versus Harris, according to a Redfin survey fielded last month.

Redfin published three separate reports about the intersection of housing and the upcoming presidential election, all based on a Redfin-commissioned survey conducted by Ipsos in September 2024, which was fielded to 1,802 people aged 18-65: The first report focuses on which issues are important to renters and homeowners when it comes to which candidate they’ll support in the election.

31.6% of renters said housing affordability is a top-three issue, as stated above; that’s compared to 17.1% of homeowners. Kamala Harris voters were slightly more likely than Donald Trump voters to rank housing affordability as a top issue. One-quarter (25.1%) of all respondents who plan to vote for Kamala Harris ranked housing affordability as a top-three issue, compared with 20.4% of respondents who plan to vote for Donald Trump.

Over half (52.1%) of surveyed homeowners reported feeling better off financially than four years ago, compared to less than half (44.2%) of renters. That discrepancy is partly because soaring housing prices have helped homeowners build home equity. The second report focuses on the share of house hunters who are waiting until after the election to buy a home.

Nearly one-quarter (23%) of prospective first-time buyers who are likely to purchase their first home in the next year said they are waiting until after the election. Over a quarter (26.1%) of prospective first-time homebuyers are waiting to see if Harris’ housing plan—which includes $25,000 in downpayment assistance for some buyers—goes into effect before they purchase a home.

Nearly one in six (15.9%) are waiting to see if Trump’s plans for tackling “issues with affordable housing” are enacted. The third report focuses on which candidate homeowners believe would be best for keeping home values high. 41.6% of homeowners believe Donald Trump would be best for keeping home values high, while 35.3% believe Kamala Harris would be best.

Courtesy Redfin