As primary season wraps up, many homebuyers are pessimistic about the presidential election’s effect on the market, according to a new survey by real estate broker Redfin.
Twenty-seven percent of respondents said the election would have a negative effect on the housing market, up from 15% in a February survey.
Sixty-three percent of homebuyers said the election would have no effect on the market, a 12 percentage point decline since February.
Redfin conducted its survey about Hillary Clinton, Donald Trump, Bernie Sanders and election-year politics in mid-May among 975 homebuyers in 36 states and Washington, D.C. Forty percent were millennials, and some 37% were first-time buyers.
Trump is the presumed GOP candidate for president, and The Associated Press reported Monday that Clinton had enough delegates in her column to win the Democratic nod.
Some 200 survey respondents elaborated on their answers about the housing market, with most saying its direction would depend on November’s winner. Others doubted that the next president would be able to accomplish much.
One first-time buyer told Redfin: “With all the political infighting 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.”
And many said the current candidates and political disharmony in Washington might give buyers second thoughts going into the November election.
What kind of thoughts?
Ten percent of respondents said they would consider leaving the country if their candidate lost the election. Among these, 2% said they would give serious thought to emigrating, and 1% said they would “absolutely” do so.
Another 30% said they might joke about leaving but would not actually do it.