Everyone has an opinion about the 2020 presidential election — including real estate agents. HomeLight asked 1,157 of their top agents how they thought the election would affect the housing market.
Here are some of the findings:
• Real estate agents are optimistic about the housing market. 23% of agents say the housing market will stay strong regardless of who is elected, President Donald Trump or Vice President Joe Biden. 31% say election results will have no impact on the housing market.
• Agents believe one candidate is best for the housing market. 52% of agents say a second term for Trump in the 2020 presidential election would have been the best choice for housing; just 8% of agents say the housing market would benefit from a Biden presidency.
• Some legislative issues affect real estate more than others. 27% of agents say access to affordable housing is the top concern; 25% say homeownership tax breaks and incentives; 9.8% say diversity, fair housing and racial equality in real estate; 9.7% say mortgage and foreclosure relief; and 6.7% say financial and credit issues.
The market slowed down in many places across the country as America waited to hear the election results.
Uncertainty about the election led sellers to hold off on listing their homes and many buyers stopped closing on homes, according to Realtor.com.
This inactivity could push down mortgage interest rates and the impact could be seen for weeks or even months as recounts and lawsuits extend a contested election.
For now, buyers and sellers in many areas are taking a wait-and-see approach as they want to feel comfortable with the state of the economy before making big moves.
What do you think about the 2020 presidential election and its impact on the housing market? Let us know in the comments!