As Presidential Election Looms, First-Time Homebuyers Hold Off
Prospective homebuyers are waiting to see if housing policies will change following the November election
Oct. 15, 2024
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With the election right around the corner, many homebuyers say they would prefer to wait until after to continue searching for a home.
With the 2024 presidential election right around the corner, many would-be homebuyers are holding off. According to a September 2024 survey from housing market platform Redfin, nearly a quarter of soon-to-be first-time homebuyers are waiting until after the election to make their purchase. More than 26% say they’re waiting to see if Kamala Harris' proposed plan, which offers $25,000 in down payment assistance, becomes a reality. Additionally, 15.9% of buyers are waiting to see if Trump’s affordable housing policies take effect.
“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,” said Lindsay Garcia, a Redfin premier agent in Fort Lauderdale, FL. “Buyers are uncertain about what will happen in the election—especially first-time homebuyers. We have to remember, the market is cyclical. The economy will keep improving and when we get past the election, buyers will start to feel more confident again.”
