{"id":50403,"date":"2016-06-07T04:00:43","date_gmt":"2016-06-07T11:00:43","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=50403"},"modified":"2020-10-06T19:35:15","modified_gmt":"2020-10-07T02:35:15","slug":"presidential-candidates-and-housing-weighs-on-homebuyers","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/presidential-candidates-and-housing-weighs-on-homebuyers\/","title":{"rendered":"Election-Year Gloom Weighs On Homebuyers"},"content":{"rendered":"

Redfin has been asking homebuyers and sellers about the presidential campaign this year, with <\/span>interesting results<\/span><\/a>. <\/span>
\nAs voters go to the polls and caucus in <\/span>California<\/span><\/a>, <\/span>New Mexico<\/span><\/a>, <\/span>New Jersey<\/span><\/a> and five other states today, nearly a thousand homebuyers <\/span>provided their opinions on Hillary Clinton, Donald Trump, Bernie Sanders and election-year politics in a new Redfin survey<\/a>. <\/span>
\nThe\u00a0respondents skewed young. Forty percent were millennials and more than 37 percent were first-time buyers. Here\u2019s what they said.<\/span><\/p>\n

Buyers Are More Pessimistic About the Election<\/h3>\n

Homebuyers hit a gloomy note last month when we asked about the presidential election, with nearly 27 percent saying it will make the housing market worse. <\/span>
\nThat doesn\u2019t sound like much, but it\u2019s almost double the negative response we got in February. Far fewer buyers said the election would have no effect on housing and the share who think it will make the market better inched down.<\/span><\/p>\n

\"presidential<\/figure>\n
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What\u2019s going on?<\/b> More than 200 survey respondents elaborated on their answer. Most said the direction of the housing market will depend on who wins in November. No surprise there. <\/span>
\nRegardless of who does move into the White House, though, he or she might be unable to accomplish much, others said.<\/span>
\n\u201cWith 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 to the market,\u201d a first-time buyer in Virginia<\/a> wrote.<\/span>
\nAnd many said our current crop of candidates and the political discord in Washington might give buyers second thoughts going into Election Day. <\/span>
\n\u201cThis election is a true embarrassment and a circus,\u201d said a buyer in Atlanta<\/a> who said she\u2019d seriously consider leaving the country if her candidate loses.<\/span><\/p>\n

Emotions Are Running High, but Not That High<\/h3>\n

Ten\u00a0percent of buyers surveyed last month said they\u2019d consider leaving the country if their candidate lost the election. Two percent said they\u2019d give it serious thought but only a handful vowed to actually do it.<\/span>
\nSo to the <\/span>Chicago<\/span><\/a> buyer who told us prices will fall when everyone moves to Canada or Australia after Election Day — good luck with that.<\/span>
\n\"if-your-candidate-loses\"
\nHere\u2019s an interesting wrinkle. Buyers who named Sanders the best candidate for housing were far more likely to consider leaving the country if their candidate lost. Six times more likely, in fact, than buyers who gave Trump a thumbs up on housing policy.<\/span>
\n \u201cOne of my clients explicitly told me they\u2019re selling their home and moving to Canada regardless of who is elected. He thinks any of the current choices will send the U.S. into a downward spiral,\u201d Redfin <\/span>real estate agent<\/span><\/a> Alin Glogovicean said. \u201cThe election is definitely weighing on some of my clients.\u201d<\/span><\/p>\n

Which Candidate Is Best for Housing?<\/h3>\n

When Redfin\u00a0asked buyers in March to tell us which candidate would be best for the housing market, 10 contenders were still in the race. Back then, Sanders got the most support from homebuyers, followed by \u201csomeone else.\u201d (Sellers picked <\/span>someone else<\/span><\/a> over everyone else.)<\/span>
\nLast month, with only three candidates left, a plurality of buyers — nearly 28 percent — said the housing market would be better served having someone other than Sanders, Clinton or Trump as our commander-in-chief. <\/span>
\n\u201c<\/span>I\u2019m not sure any of them will do much to improve the housing market<\/span>,\u201d one Boston<\/a> homebuyer said.<\/span>
\n\u201cWho knows? I haven’t heard clear plans from candidates about housing issues,\u201d said a millennial house hunter. <\/span>She\u2019s right<\/span><\/a> – the campaigns have had almost nothing to say about homeownership, mortgage credit or housing affordability.<\/span>
\n\"which-candidate-helps-housing-most\"
\nAmong White House hopefuls, Sanders continued to command an edge, with 26.5 percent of buyers in our survey endorsing him as the best candidate for housing. Those respondents also were more likely to be first-time buyers worried about affordability and high rents.<\/span>
\n<\/span>
\n\u201cI truly think Bernie Sanders has the best interests of the middle class and low-income people at heart,\u201d said a first-time buyer in Sacramento. \u201cHe has ideas that will bring the classes to a more equal playing field.\u201d<\/span>
\nBuyers cited Trump for his financial experience — \u201ca businessman may be what we need to look at political issues from a different perspective, including housing,\u201d said a buyer in <\/span>Maryland<\/span><\/a>. Clinton got hat tips for her \u201cpragmatism.\u201d<\/span><\/p>\n

The Upshot<\/h3>\n

\u201cWhile homeowner anxiety over the election is clearly mounting, the likelihood of an immediate shock to the market is slim,\u201d Redfin<\/a> chief economist Nela Richardson said. \u201cIt will take considerable time for our next commander-in-chief to implement policies that have any impact on housing.\u201d
\nWhile our survey respondents might have little faith in the current crop of candidates when it comes to housing, politics can determine who can afford homeownership and how and where people live. It\u2019s important. Here are six pressing <\/span>housing questions<\/span><\/a> the presidential candidates should be answering.<\/span>
\n\u201cThe 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 to boost people\u2019s chances of becoming homeowners,\u201d Richardson said. \u201cCandidates need to start discussing housing on the campaign trail now.\u201d<\/span>
\nAbout the Survey:\u00a0<\/b>Redfin\u2019s survey was conducted May 17-23, with responses from 975 homebuyers in 36 states and Washington, D.C.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

As primary voters go to the polls today, homebuyers aren’t thrilled with their choice of presidential candidates.<\/p>\n","protected":false},"author":13355,"featured_media":50421,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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