The housing market is one of the most profound indicators of economic health. Real estate agents often get a sense of conditions on the ground long before the financial news hits the headlines. A myriad of complex societal and governmental factors influence housing, and housing, in turn, influences the great economic engines.
Redfin recently commissioned two studies which looked at questions surrounding current events and the housing market. The studies are two parts of a three-part series on how major current events have impacted or may impact the housing market. The reports have looked at worry over immigration policies and the possibility of mortgage rates surpassing 5%.
We definitely think you should check out these detailed reports. Here are some of the headline findings:
Regarding immigration:
- 15% of respondents sold their home or did not buy because of worry over immigration policies.
- 18% of millennials who bought a home in the last year now live in the political minority in their new community.
- 37% of people of color felt they may have been discriminated against when trying to buy a home, down from 43% in May.
Regarding mortgage rates:
- Only 6% of homebuyers said they would cancel their plans if mortgage rates surpassed 5%.
- The tax reform debate may have fueled anxiety as high taxes were the most common economic concern, cited by 38% of respondents.
- 77% said they expect home prices in their area to rise in the next year.
We think these are worth a few minutes of your time, if only to broaden your perspective on macro trends. Stay turned for the third report!
