Redfin Survey Reveals 26.1% Of Homebuyers Are Holding Off For Harris' $25K Downpayment Assistance

More than a quarter of prospective first-time homebuyers are postponing their purchases until they see whether Vice President Kamala Harris’ proposed $25,000 down payment assistance program materializes, according to new survey data from Redfin.

The September survey, conducted by Ipsos among 491 likely first-time homebuyers, found that 26.1% of respondents are specifically waiting on Harris’ housing affordability initiative. The number jumps to 32.7% among Harris supporters, while 21.6% of Trump supporters expressed interest in the program.

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The housing market has remained stagnant, Redfin said, with about 2.5% of U.S. homes changing ownership from January to August of this year – marking the lowest turnover rate in decades, despite recent drops in mortgage rates spurred by the Federal Reserve's rate cut.

Financial preparedness was the primary factor in timing home purchases, with 30.3% of respondents indicating they’re still building their savings. Another 28.9% cited personal or family timing considerations as their reason for delay.

“Buying a home can be scary, especially if it’s your first time, you’re worried about the election and you’re not sure if the economy is going to get better or worse,” Lindsay Garcia, a Redfin agent, was quoted in the report. “Buyers are uncertain about what will happen in the election – especially first-time homebuyers.”

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The survey also highlighted broader election-related concerns, with 23% of respondents planning to wait until after the presidential contest to gauge economic conditions. Trump’s housing proposals have caught the attention of 15.9% of potential buyers, including 25% of his supporters and 11.5% of Harris voters.

Immigration policy emerged as an important factor for some buyers, with 12.2% of respondents – many identifying as immigrants or visa holders – expressing concerns about long-term residency rights based on potential policy changes.

Beyond campaign promises, buyers watch for various assistance and market shifts. Equal portions of respondents (18.3%) are waiting for either Fed interest rate cuts or federal affordable housing initiatives. Meanwhile, 23.6% monitor potential affordable housing programs at state and local levels.

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The survey found 12% of potential buyers have pending government assistance applications, while 8.8% await responses from nonprofit organizations.

The data points to a housing market in suspended animation, with potential buyers navigating multiple factors – from personal finances to policy proposals – before making their move. The upcoming election and its potential impact on housing affordability stand out as key considerations for many first-time buyers, particularly those eyeing government assistance programs.

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