Nearly A Quarter of Prospective First-Time Homebuyers are Holding Off Until After the Election: Redfin Survey

• 23% of buyers who are likely to purchase their first home in the next year said they are waiting until after the election. 
• 26.1% said they are waiting to see if Harris’ housing affordability plan goes into effect; 15.9% are waiting to see if Trump’s housing affordability plan is enacted.
• Personal finances and timing are the most common reasons cited for delaying a home purchase, with other reasons including future interest rate cuts, immigration policies and affordable housing initiatives.

Nearly a quarter of soon-to-be first-time homebuyers are waiting until after the election before buying a home.

That’s according to a Redfin-commissioned survey conducted by Ipsos in September 2024. The survey was fielded to 1,802 U.S. homeowners and renters aged 18-65. This report focuses on 491 respondents who indicated they will purchase their first home in the next year. We asked: “Why not now or before then?” 

“Buying a home can be scary, especially if it’s your first time, you’re worried about the election and you’re not sure if the economy is going to get better or worse,” said Lindsay Garcia, a Redfin premier agent in Fort Lauderdale, FL. “Buyers are uncertain about what will happen in the election—especially first-time homebuyers. We have to remember, the market is cyclical. The economy will keep improving and when we get past the election, buyers will start to feel more confident again.”

Just 2.5% of U.S. homes changed hands in the first eight months of 2024, the lowest turnover rate in decades, with the market remaining sluggish, even as mortgage rates started falling over the summer.

The most-common reasons respondents gave for delaying a purchase simply had to do with timing, with 30.3% indicating that they are “on track in my financial savings to purchase a home in the next year, just not right now.” The next most-cited reason (28.9%) was that waiting longer “works better for me (and my partner/family).” 

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First-time house hunters waiting to see if candidates’ policies are enacted 

More than a quarter (26.1%) of soon-to-be first-time homebuyers are waiting to see if Kamala Harris’ housing plan—which includes $25,000 in downpayment assistance for some buyers—goes into effect before they purchase a home.

Nearly one in three respondents who said they are voting for Harris (32.7%) chose this option, compared to 21.6% of respondents who said they are voting for Donald Trump.

Nearly one in six (15.9%) first-time house hunters said they are waiting to see if Trump’s plans for tackling “issues with affordable housing” are enacted.” One in four (25%) Trump voters chose this option, compared to 11.5% of Harris voters.

Nearly one in eight (12.2%) respondents said they are immigrants or visa-holders who are worried “about being able to stay in the country long term if immigration policies become less favorable” after the election.

Interest rate cuts and government assistance also being weighed

Prospective first-time homebuyers are also considering affordability in their decision, with 18.3% “waiting for the Federal Reserve to cut interest rates in the next year, which in turn should lower mortgage rates.” 

The exact same share of respondents (18.3%) said they are “waiting to see if the federal government enacts affordable housing initiatives,” compared to 23.6% who said they are waiting to see if their “city/state will push for more affordable housing initiatives.”

Twelve percent of respondents said they are waiting to hear back about an application for government assistance, while 8.8% were waiting to hear about an application for assistance from a non-profit organization. 

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