Elections Are Near, But That’s Causing Chaos for the Housing Market

August 12, 2024 | [Read Online]( Buying a House? You Might Want to Wait Until AFTER the Elections Today’s Morning News Good Morning! So glad that you could wake up and click to read our morning newsletter. It’s packed with stuff, so be sure to read all the way through! Your Daily Cartoon The Housing Market is Chaos Because of the Anticipation of November Elections Amidst a backdrop of economic uncertainty and political anticipation, the U.S. real estate market is experiencing a significant slowdown, according to insights from Redfin CEO Glenn Kelman. Speaking on "Cavuto: Coast to Coast," Kelman provided a candid analysis of the factors currently influencing potential homebuyers' decisions. "Housing is just in a funk. Even though interest rates have dropped 20 to 30 basis points over the past few weeks, we've seen homebuyers still on the sidelines," Kelman stated, highlighting the perplexing state of the market despite seemingly favorable conditions. One of the most pressing concerns, as Kelman pointed out, is the looming U.S. presidential election, which appears to be causing significant hesitation among buyers. "The real issue might just be the election. We've talked to so many homebuyers who say they're going to wait to see what happens in this election. It is gripping the national psyche, as you may have heard," he explained. This sentiment underscores the broader impact of political events on economic sectors, particularly housing. The challenges don't stop there. Kelman also touched on issues of inventory and affordability that are exacerbating the situation. "Inventory is going to remain very low for a long time, just because people who got a 3% rate aren't going to give up that loan, as you suggested. So we know that is the state of play. But even within that context, I think affordability is really a problem," he remarked. 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