As the 2024 presidential election draws near, many are considering the potential impact of a Kamala Harris victory on the U.S. housing market. Last week, we discussed what could happen if Donald Trump wins. This week, we focus on what might occur if Kamala Harris secures the presidency. Known for advocating affordable housing and economic equity, Harris is expected to continue the current administration’s policies, potentially leading to significant shifts in the real estate market.
Expert Predictions on a Harris Victory
Real estate and economic experts have shared their views on how a Kamala Harris presidency could affect the U.S. housing market. Vincent Favorito, a financial planner and managing partner at Landmark Wealth Management, remarked, “I think the presidential election is likely to have little impact on the housing market and markets in general.” Meanwhile, Rick Kuci, COO of FundKite, believes that “If Kamala Harris wins the election, the housing market might see more affordable housing projects and increased opportunities for first-time homeownership.”
What to Expect if Harris Wins
Housing Policies: Kamala Harris has strongly advocated for affordable housing policies. She has supported capping rent increases and announced significant funding for affordable housing and economic growth. If elected, her administration would likely continue to focus on these initiatives, which could stabilize housing prices and make homeownership more accessible to the broader population.
Economic Stimulus: Democrats, including Harris, often advocate for increased government spending on social programs and infrastructure. Such stimulus measures could boost economic growth and indirectly support the housing market by creating jobs and improving consumer confidence. This could lead to a gradual increase in housing demand as more people are able to afford homes. A Harris administration might also implement more comprehensive housing policies involving tighter regulations on rent increases and increased funding for affordable housing projects.
Market Reaction: A Harris victory could bring a more balanced and stable housing market in the long term. The emphasis on sustainable development and eco-friendly homes could also create new investment opportunities in green housing projects. However, in contrast to Trump’s presidency, which saw relatively low interest rates, the Biden administration has seen higher rates aimed at combating runaway spending and inflation. If Harris continues this trend, the higher borrowing costs could temper the housing market somewhat, potentially slowing the pace of home price increases.
Recent interest rates under the Biden administration include:
- 2021: 2.96%
- 2022: 5.34%
- 2023: 6.50%
- 2024: 6.89% (as of July 2024)
America Mortgages: Supporting Foreign Nationals and U.S. Expats
Regardless of the election outcome, America Mortgages remains committed to supporting non-resident investors, including foreign nationals and U.S. expats, in their U.S. real estate ventures. Our comprehensive loan programs are designed to cater to the unique needs of international investors, ensuring that you have the financial tools necessary to capitalize on market opportunities.
Featured Loan Program for Foreign Nationals and U.S. Expats:
AM Investor +
- Property Type: Single-family homes, Multifamily, Condo, apartments, second/holiday homes, investment properties
- Minimum Loan Amount: US$150,000
- Loan-to-Value: Up to 75% for purchase & 70% for cash-out
- Underwriting: Based on an income letter, not personal tax returns
- Credit Requirements: No U.S. credit required
- Tax Requirements: No tax returns required
- Closing Time: 30-45 days
As the U.S. presidential election looms, its outcome will undoubtedly shape the future of the residential housing market. Whether Kamala Harris or Donald Trump takes office, America Mortgages remains your dedicated partner in navigating these changes and achieving your investment goals.
For more information about our loan programs and how we can assist you, visit America Mortgages. Contact our experienced loan officers today via our 24/7 link to start your U.S. real estate investment journey. Alternatively, you can reach us at +1 (845) 583.0830 24 hours a day/7 days a week.
