How will the 2024 Election affect the real estate Market.

 

 

 

As the 2024 election nears, homebuyers, sellers, and real estate professionals are watching closely. The outcome of this election could significantly shape the housing market, influencing everything from interest rates to affordable housing policies. Let’s explore how past elections have affected real estate, the potential impact of the 2024 race, and how Kamala Harris and Donald Trump’s housing plans might affect you.

 

 

 

Election years tend to bring a mix of uncertainty and opportunity. In the 2016 election, home sales slowed as many buyers adopted a “wait-and-see” approach. The uncertainty typically causes a temporary dip in market activity, but once the results are clear, the market stabilizes.

 

In the 2020 election, despite political unrest and the pandemic, low interest rates fueled a housing boom. This shows that while elections can cause short-term disruptions, economic policies and broader market conditions often hold more weight.

 

 

 

The 2024 election could bring different outcomes for the real estate market depending on whether Kamala Harris or Donald Trump wins. Both candidates have distinct visions for addressing housing affordability and the broader market.

 

 

Kamala Harris has made housing affordability a core part of her platform. She’s focused on increasing access to affordable housing and strengthening tenant protections. Here are some key points from her past speeches and proposals:

 

•Down Payment Assistance: Harris has repeatedly voiced support for providing down payment assistance to first-time homebuyers, particularly for low-income and minority households.

•Renters’ Tax Credit: One of Harris’s most notable proposals is a renters’ tax credit to help low-income families who spend more than 30% of their income on rent.

•Affordable Housing Development: Harris has emphasized the need to expand affordable housing by providing federal grants to local governments and developers to build more low- and middle-income housing units.

•Tenant Protections: She has also discussed stronger protections for renters, including limits on how much landlords can increase rent annually and addressing eviction practices.

 

 

 

Donald Trump, on the other hand, has focused more on deregulation and free-market approaches to real estate. His platform centers around reducing government intervention and stimulating private development. Key points from Trump’s rallies and past policies include:

 

•Deregulation for Development: Trump has been vocal about rolling back regulations that he believes hinder real estate development, arguing that fewer restrictions will spur private investment in housing construction.

•Lowering Property Taxes: Trump has also suggested lowering property taxes to make homeownership more affordable and encourage investment in the housing market.

•Private Sector Emphasis: He continues to advocate for the private sector to lead the way in housing development, suggesting that less government intervention will naturally lead to more housing options for Americans.

 

 

For buyers, election years can bring uncertainty, particularly regarding interest rates and housing policies.

 

•Harris’s Proposals: If Harris wins, policies such as down payment assistance and renters’ tax credits could make it easier for first-time buyers to afford a home.

•Trump’s Proposals: Under Trump, potential deregulation could result in more housing developments, but the focus would be on encouraging the private market to address housing shortages.

 

 

 

Sellers may experience slower buyer activity as the election approaches due to uncertainty in the market. However, fewer active listings could mean less competition. Here’s what to consider:

 

•Harris’s Proposals: A Harris victory could bring more buyers into the market with expanded first-time homebuyer programs, which may boost demand for lower-priced homes.

•Trump’s Proposals: If Trump wins, a focus on property tax cuts and a deregulated market may spur more investments in higher-end properties and real estate development, potentially creating more competition in certain sectors.

 

 

Election outcomes can influence everything from local housing markets to national interest rates. Staying informed on policy announcements and economic indicators will help you navigate the uncertainties of an election year.

 

Understanding Kamala Harris’s and Donald Trump’s housing policies can give you valuable insights into how the 2024 election might impact the real estate market. Whether you’re buying or selling, staying informed will help you make smart decisions as we head into the election season.