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.
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