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s the 2024 presidential election approaches, many first-time homebuyers are putting their plans on hold, waiting for the outcome to shape the housing market. A Redfin survey reveals that nearly one-quarter of prospective buyers (23%) are delaying their purchase until after the election, hoping for policies that will ease their path to homeownership.

    Younger buyers, particularly, are closely following the major candidates' housing proposals due to concerns about affordability. Trump supporters want to see how he'll address affordable housing, while others are drawn to Kamala Harris' proposal offering $25,000 in down payment assistance.

    However, critics argue that Harris' plan could be costly and exacerbate inflation. Meanwhile, some buyers are hesitant due to personal reasons, such as being in savings mode or waiting for better timing. Others (18%) are holding out for a possible interest rate cut by the Federal Reserve.

    Experts remain divided on whether the housing market will recover after the election. Some, like real estate guru Ryan Serhant, predict a rebound in 2025 due to rising inventory and lower interest rates. However, Fannie Mae's chief economist Mark Palim remains cautious, citing sluggish sales despite low interest rates.

    Buyer uncertainty is not solely driven by politics; many are also waiting for post-election confidence and economic improvement. As the election draws near, all eyes are on Washington, with the housing market hanging in the balance.