Many people are wary of making big decisions during periods of uncertainty — like the lead-up to a presidential election. And that’s playing out in the housing market, with a significant number of first-time homebuyers waiting to see how the presidential election turns out before moving forward with a purchase, a new Redfin survey found.
In a poll of nearly 500 first-time buyers who plan to buy in the next 12 months, 23% said they are waiting to do so until after the election — an event that could determine the shape of new housing policies in 2025 and affect overall confidence in the economy.
Keeping an eye on policy proposals: First-time buyers are younger than repeat buyers — around age 35 vs. age 58 — and may be more concerned about housing affordability, which is a top election issue for young voters.
Redfin found that some buyers want to see how the candidates’ housing proposals pan out before making a home purchase.
More than a quarter of the respondents (26.1%) said they are waiting to see if Kamala Harris’ housing plan goes into effect — a plan that includes $25,000 in down payment assistance for some first-time buyers.
Nearly 16% said they are waiting to see how Donald Trump will tackle affordable housing issues if he is elected.
Post-election, confidence could improve: The findings are a sign of buyer uncertainty about the election, said Lindsay Garcia, a Redfin agent in Fort Lauderdale, Florida — something borne out by other reports, including a survey by Veterans United Home Loans which found that roughly 38% of respondents were pausing their home search until after the election.
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Author: Dave Gallagher
