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Activity from Homebuyers Picks Up in Aftermath of Shutdown
Homebuyers shook off their fears and returned to the market in force following the re-opening of the government in October, according to data presented by Redfin’s Research Center. The Seattle-based online brokerage reported a 58 percent annual increase in the number of interested buyers reaching out to its agents in the week immediately following the resolution of the partial federal government shutdown, up from a 41 percent year-over-year increase recorded the prior week. “In the aftermath of the shutdown and debt ceiling debacle, a storm of news media and economists tallied the damage done to consumer confidence and predicted that anxious Americans would spend less through the New Year. In the housing market, however, these predictions aren’t panning out,” said Redfin analyst Ellen Haberle. Meanwhile, year-over-year growth in the number of clients touring homes increased from an average of 21 percent to 33 percent, with growth in clients making offers increasing from 15 percent to 24 percent. Despite reports of consumer confidence waning, Redfin customers seemed relatively unfazed by Washington’s affairs. “My clients think the ugly showdown we saw in October is unlikely to happen again,” reported Philip Gvinter, a Redfin agent based in Washington, D.C. “After putting their home search on hold during the shutdown, they are ready to get back out there.” Of course, with the government funded only through mid-January and the debt ceiling lifted until the first week of February, it remains to be seen whether the nation will have to sit through a rerun of October’s political drama. Full Article