Analysis Finds Past Presidential Elections Had Little Impact on Home Sales

Redfin Forecasts $6.2M Homes Sales in 2020, the Most Since 2006

SEATTLE, Oct. 6, 2020 /PRNewswire/ — (NASDAQ: RDFN) — Twenty-two percent of homebuyers and sellers said the upcoming presidential election is impacting their plans to buy or sell a home, according to an August survey from Redfin (www.redfin.com), the technology-powered real estate brokerage. That’s down from 32% in November 2019, per a similar Redfin survey. The drop from last year is likely due to the pandemic, which seems to be outweighing the election as a factor for homebuyers and sellers.


Redfin Logo (PRNewsfoto/Redfin)

Thirteen percent of respondents said the election is making them more hesitant to buy or sell a home, down from 20% in November 2019. Nine percent of respondents said the election is making them less hesitant to buy or sell a home, down from 12% in November. Election concerns are unlikely to have a major impact on the housing market, partly because a portion of those people will move forward with their plans to buy and/or sell once the election has passed. The survey included more than 1,400 U.S. residents who plan to buy or sell a home in the next 12 months.

Alisha Pruitt, a Redfin agent in Silicon Valley, said she doesn’t expect this year’s upcoming presidential election to impact real estate activity.

“Almost all the buyers I work with ask how the election could impact their home purchase,” Pruitt said. “I don’t have a crystal ball, but presidential elections have never seemed to affect the housing market much in the six election cycles I’ve been a real estate agent. The pandemic is having a much bigger impact, with low mortgage rates motivating buyers who want more space to work from

Cineworld, the world’s second-biggest cinema operator, said it will temporarily close all its screens in the United States and Britain after studios pulled major releases such as the latest James Bond film.

The Regal cinema owner, which began reopening in July after Covid-19 lockdown restrictions started to ease, employs 37,482 people across 787 venues in the U.S., Britain and central Europe, with 546 sites in America.

The chief executive of Cineworld said he had no choice but to close UK and U.S. sites because the cinema chain was bleeding too much cash to keep them open, and that the operations might resume in “two months, or a bit longer.”

“We had reached the stage where we had no alternative, it was a very, very difficult decision for us, mainly in view of the move we will have to take towards the employees,” CEO Mooky Greidinger told Sky News on Monday.

“From a liquidity point of view, we were bleeding much bigger amounts when we are open than when we were closed.”

The release of the new James Bond movie, “No Time To Die,” was pushed into next year on Friday, crushing hopes for a 2020 industry rebound as rising rates of the coronavirus prompt new restrictions and keep viewers away.

Cineworld’s statement on Monday, confirming leaks over the weekend, spelled out the scale of job losses from its move, which affects thousands of ancillary staff including cleaners and security as well as its own employees.

The entertainment industry has been among the heaviest hit by social distancing and other restrictions, with Walt Disney last week announcing plans to lay off roughly 28,000 employees, mostly at its U.S. theme parks.

Cineworld began reopening in July after virus-related restrictions started to ease, but the further postponement of the Bond film and others