Red, White, and Mortgage Blues: Housing and the 2024 Vote

this Week in Real Estate

This week, we dive into the headlines dominating real estate and what they mean for agents, clients, and the market as a whole. Election anxiety is running high, and both agents and clients are feeling the tension as loose talk about housing policies impacts decision-making. A recent survey reveals that 38% of early voters say housing affordability influenced their presidential pick—what does this say about the intersection of housing and politics?

In legal news, objections are piling up against NAR and HomeServices settlement deals, while a judge has granted final approval to nine commission lawsuit settlements, potentially reshaping the industry. Meanwhile, real estate commissions have surprisingly held steady, even after new rules were implemented. Plus, Ryan Serhant scored a win in court against KW Black Label in a recruitment dispute.

On the market side, mortgage rates remain a hot topic. Despite a weak jobs report, they’re expected to fall slightly, but buyers are still reeling—mortgage demand has dropped 11% this week, and buyers have lost $33,000 in purchasing power in just six weeks. With the average age of first-time homebuyers hitting an all-time high of 38, what does this shift mean for the market?

We’ll also discuss the growth of renter households, now expanding three times faster than homeowners, and why more people are turning to cash-out refinances amid financial uncertainty. Plus, with 28% of houses for sale being newly built, the lowest share in three years, how will this affect inventory challenges?

Finally, we tackle the big question: What would a Trump presidency mean for housing? With policies likely to differ dramatically from the current administration, we explore the potential impacts on affordability, rates, and homeownership.

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