January 1, 2020 marked the beginning of a brand-new decade which many consider memorable. However, events that took place right at the early part of the year made this year remarkable. From coronavirus pandemic, public protests, natural disasters, and, of course, a historic presidential election. Now, everyone is at the edge of their seats as results of the 2020 US election slowly unfold.
Without a doubt, the election outcome will affect every industry in the country and the housing industry is not an exemption.
How exactly does the change of presidency affect the housing industry?
MReport and DS News not only provide real time coverage of the election results, but most importantly shared the election’s relationship with the housing industry regarding prices, inventory, migration trends, the candidates’ housing experience, and more.
Housing Prices and Decision-Making
Survey from Redfin shows that the majority of homebuyers and sellers’ decisions are NOT impacted by the US presidential elections. Although, buyer and seller hesitations are evident but it seems that the pandemic is outweighing the election as a factor for homebuyers and sellers.
Most insiders do not believe that, in the long term, it will significantly impact the market, although COVID-19-related issues could.
Presidential Candidate Stands on Housing
Tendayi Kapfidze, Chief Economist and VP at LendingTree published a detailed list of the presidential candidates’ stances and actions as they relate to housing issues. Below are the summary of the findings between the two presidential candidates:
President Donald Trump broadly believes that the government should have a limited role in housing regulation and finance. As such, his proposals generally reduce the involvement of the federal government in lending, by proposing to privatize Fannie Mae and Freddie Mac. Trump is also against various consumer protections, having reduced the enforcement powers of the CFPB. He has also worked to remove policies designed to protect consumers against housing discrimination.
Joe Biden’s plans are largely designed to assist those who face difficulty and discrimination in accessing the housing market. Broadly, his plans aim to make some progress addressing historical inequities in how housing finance and development has been conducted in the United States. Biden has released detailed plans covering access to housing finance, fighting the racial homeownership gap, increasing affordable housing, protecting renters, fighting homelessness and increasing the supply of homes through zoning changes.
While the election may not directly impact the buyer/seller decision, the future of the housing market may be greatly affected by the presidential candidate’s stances.
Whoever wins the election, Analytics Before Foreclosure stays committed to helping people keep their dream houses, a home that they have called their own.
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