Local realtors expect the presidential election to impact the housing market

SAN DIEGO (KGTV) – Housing will be a key issue for voters during this election, but how will the next president-elect impact the housing market?

On the one hand, Vice President Kamala Harris’ plan calls for adding three million new housing units across the country over the next four years. This includes $25,000 down payment assistance and tax benefits for first-time homebuyers.

Former President Trump said he would create tax breaks for home buyers and get rid of “unnecessary” housing regulations.

“Lots of space, outlets,” Morgan Smario said, describing a model home similar to the one he just bought. “Everything will be amazing.”

Smario put down a deposit on the house with his partner Laura Day. With this new purchase they are expecting some things.

“Freedom. Space,” Day said.

“There are disagreements and arguments about what will go where,” Smario said.

With the election just around the corner, Kyle Whissel of Whissel Realty Group said whether it’s red or blue, the housing market will suffer.

“You can argue either way,” Wissel said. “I don’t think it matters which of the two gets elected. There’s just more uncertainty this year than in previous years.”

Whissell said that historically, mortgage rates have declined in eight of the last 11 election cycles.

He said San Diego County is seeing its slowest pace of home sales this year since 2007.

“If you’re thinking about buying, it makes a lot more sense to buy now when you have control rather than in the first or second quarter of next year when I think the sellers will have more control,” Wissel said.

As for Smario and Day, they are happy to buy now and are thrilled with their new home.

“When you walk into a home, you want to know that you see yourself in the home, and that’s the most important thing,” Smario said.

Wissell said his real estate group typically sells fewer homes during election years.