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Political Uncertainties Impact the Housing Market

In a recent interview on "Cavuto: Coast to Coast," Redfin CEO Glenn Kelman provided a sobering analysis of the current state of the U.S. real estate market, which appears to be in a significant downturn. Despite a slight decrease in interest rates, Kelman noted a persistent hesitancy among potential homebuyers. "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," he stated.

Kelman believes the upcoming presidential election is a major factor causing buyers to pause, suggesting that the political climate is having a profound impact on consumer confidence. "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.

"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. 

When questioned about the potential impact of the 2025 presidential outcome on the housing market, Kelman expressed that the economic policies of the next administration will be crucial. "I think that different people have different beliefs around which president will be best for the economy. Obviously, we have to get the deficit under control. Part of what's driving interest rates up is inflation. But mostly that's been tamed," he said.

Kelman also touched on the broader economic issues affecting the housing market, particularly the national debt. "The real issue is that the government is borrowing so much money. And so the Republicans want to cut spending, the Democrats want to raise taxes. We probably need to do a little bit of both. And that's going to be the biggest factor on the housing market. Can we get the deficit under control? Can we make sure we have a clamp on inflation? Can the Fed do its job without a lot of political pressure?" he concluded.

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