Veterans United Quarterly survey finds that
38% of shoppers are hitting the pause button on their homebuying
plans until after Nov. 5.
COLUMBIA, Mo., Aug. 1, 2024
/PRNewswire/ -- With the 2024 presidential election less than four
months away, a majority of prospective homebuyers say the
election is influencing their purchasing timeline, according to the
Veteran Homebuying Report, a national survey of prospective
homebuyers, released today by Veteran United Home Loans, the
nation's largest VA lender. In addition, the survey found
that nearly four in 10 of respondents believe it's better to
wait until after the election to buy a home.
The quarterly online survey of more than 900 prospective
homebuyers, including Veterans, service members, and civilians,
found that 60% who plan to buy a home in the next three years say
the 2024 election is a factor in their purchasing timeline, while
38% plan to wait until after the race is final.
"The upcoming election is clearly weighing on the minds of
prospective homebuyers," said Chris
Birk, Vice President of Mortgage Insight at Veterans United
Home Loans. "Americans are considering the potential impacts of
political changes on the economy and housing market, leading many
to adjust their buying timelines accordingly."
Although the survey indicates that Veterans and civilians are in
lockstep when it comes to the key issues surrounding the election,
more civilians think it's better to wait until after the election
to buy a home (43%), while 24% of Veterans surveyed plan to buy
before Election Day.
Prospective homebuyers rank inflation and the prices of everyday
goods; housing affordability; taxes/government spending and
national debt; the job market, the overall health of the economy
and national security as the top most important election issues.
Both Veterans and civilians ranked inflation and housing
affordability as their top two election issues, with Veterans
ranking taxes slightly higher than civilians.
Top 5 Election Issues
Inflation/Prices of
everyday goods
|
77 %
|
Housing
Affordability
|
73 %
|
Job market/Overall
economy health
|
68 %
|
Taxes/Government
spending/National debt
|
68 %
|
National
security/Terrorism
|
65 %
|
Other key findings:
- Mortgage rates and home prices prompts buyers to push back
timelines – Higher mortgage rates and home prices remain the
primary barriers to homebuying. Half of those surveyed cited higher
rates and home prices as a reason they plan to push back their
homebuying plans. Veterans who plan to buy in the next six months
fell to 40% in the most recent quarter, down from 42% in the first
quarter. In comparison, 25% of civilians indicated they plan to buy
in the next six months, up slightly from 24% in the fourth quarter
of 2023, the last time civilians were surveyed.
- Boost in economic optimism - Nearly half (46%) of the
Veterans surveyed believe the economy will improve over the next
year, compared to 42% of civilians. Optimism among Veterans
increased four points from the first quarter and was the highest
optimism in the six-quarter history of the survey. Civilians'
optimism has increased by nearly 14 points since year-end.
- Prospective homebuyers are feeling better about their
finances – Survey respondents overall are feeling more positive
when it comes to their finances. When asked if they were feeling
better or worse about their finances, 49% of respondents indicated
they were feeling better than a year ago. Sixty-two percent of
Veterans were more positive, compared to 59% of civilians. This
compares to 58% and 53%, respectively, in the second quarter of
2023.
Methodology
On behalf of Veterans United, data and research firm Sparketing
conducted an online survey of 930 Veterans, service members and
civilians from June 3-18, 2024.
Veteran and service member results compare March 2024. Civilian results are a comparison to
December 2023.
To view the full report, including charts and a detailed
methodology, please visit:
https://www.veteransunited.com/education/veteran-homebuyer-report/
About Veterans United Home Loans
Based in Columbia, Missouri,
the full-service national lender financed more than $17 billion in loans in Fiscal Year 2023 and is
the country's largest VA lender, according to the Department
of Veterans Affairs Lender Statistics. The company's mission is to
help Veterans and service members take advantage of the home loan
benefits earned by their service.
VeteransUnited.com | 1-800-884-5560 | 550 Veterans United
Drive, Columbia, MO 65201 |
Veterans United Home Loans NMLS # 1907
(www.nmlsconsumeraccess.org). A VA approved lender; Not endorsed or
sponsored by the Dept. of Veterans Affairs or any government
agency. Licensed in all 50 states. For State Licensing information,
please visit https://www.veteransunited.com/licenses/. Equal
Opportunity Lender.
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SOURCE Veterans United Home Loans