Local realtors anticipate housing market impact from presidential election

SAN DIEGO (KGTV) – Housing will be a key issue for voters during this election, but how will the next elected president impact the housing market?
On the one hand, Vice President Kamala Harris’ plan claims to add three million new housing units nationwide over the next four years. That includes a $25,000 down payment assistance and tax incentives for first-time homebuyers.
Former President Trump said he’ll put together tax incentives for home buyers and get rid of “unnessessary” regulations on home construction.
“Plenty room, outlets,” said Morgan Smario, describing a model home that’s similar to the one he just purchased. “Everything is going to be delightful.”
Smario put down a deposit for a home with his partner, Laura Day. With this new purchase, there are some things they’re looking forward to.
“Freedom. Space,” said Day.
“Disagreements and arguments about what’s going to go where,” said Smario.
With the election just around the corner, Kyle Whissel of Whissel Realty Group said whether red or blue, the housing market will be impacted.
“You could argue either way,” said Whissel. “I don’t think it matters which of the two gets elected. It’s just there’s more uncertainty this year than in previous years.”
Whissel said historically, mortgage rates have decreased in eight of the last 11 election cycles.
He said San Diego County has also experienced the slowest home sale rate this year since 2007.
“If you’re thinking about buying, it makes way more sense to buy now when you have control, as opposed to Q1 or Q2 next year, when I think the sellers will have more control,” said Whissel.
As for Smario and Day, they’re happy to buy now, and they’re excited about their new home.
“When you walk into a house, you want to know that you can see yourself in that house, and that’s the biggest thing,” said Smario.
Whissel said during election years, his realty group typically sells fewer homes.