Homebuyers are growing concerned about the presidential election, and nearly 27 percent believe the outcome of the presidential election could make the housing market worse – nearly double the negative response level recorded in surveys conducted by Redfin.
A first-time buyer in the survey stated, “With all the political in-fighting the country has had in the past, it is unlikely the new president will be able to soothe both sides immediately, and that may cause instability in the market.” About 200 homebuyers elaborated on their responses in the survey to explain why they felt the presidential election outcome would be bad for housing.
For some respondents, the presidential election makes them feel like fleeing. Ten percent of buyers surveyed said they’d consider moving out of the country if their candidate lost the election – but only a handful vowed to actually do it.
Who would be the best candidate for housing? The highest number of respondents, at nearly 28 percent said the housing market would be better served having alternatives to candidates Hilary Clinton and Donald Trump.
Nevertheless, while homeowner anxiety over the election is clearly mounting, the likelihood of an immediate shock to the market is slim. It will take considerable time for our next commander-in-chief to implement policies that have any impact on housing. Regardless of who wins the election, the new president will have a lot on his or her plate when it comes to answering to homeowners.
The next president will inherit the lowest homeownership rate in 48 years, and so far the voters have heard little to nothing about what the candidates will do the boost people’s chances of being homeowners.
