Some homeowners are selling because of fears they won’t be able to stay or work in the US much longer
Potential reforms to immigration policy are now influencing home buying and selling decisions, a 2017 housing market sentiment survey commissioned by Redfin has found.
The survey revealed that 15% of respondents were influenced by fears about how they could be affected by stricter immigration rules in their decision to sell their home or not to buy one last year. Eight percent of the respondents said they sold their home because of concerns that they would not be able to remain in the US much longer, while 7% did not buy a home for the same reason.
“I’ve seen buyers finally get offers accepted, only to cancel the contracts,” Redfin agent Gabriella Stewart said. “We’re having conversations with professionals working at large companies who are eager to sell or not buying because their visas are expiring or close to it and might not be extended.”
Redfin’s survey also found that certain housing markets are more likely to be influenced by changes to immigration policy. In the Los Angeles area, 32.7% of respondents said their decision to sell or not buy a home was due to worries they cannot remain in the US much longer. The percentage drops to 18.5% in Baltimore and even lower to 16.8% in San Francisco.
The survey commissioned by Redfin was conducted from Nov. 1 to Dec. 6, 2017 across 14 metro areas and covered 4,270 US residents who bought or sold a home in 2017, attempted to do so, or planned to do so soon.
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The survey revealed that 15% of respondents were influenced by fears about how they could be affected by stricter immigration rules in their decision to sell their home or not to buy one last year. Eight percent of the respondents said they sold their home because of concerns that they would not be able to remain in the US much longer, while 7% did not buy a home for the same reason.
“I’ve seen buyers finally get offers accepted, only to cancel the contracts,” Redfin agent Gabriella Stewart said. “We’re having conversations with professionals working at large companies who are eager to sell or not buying because their visas are expiring or close to it and might not be extended.”
Redfin’s survey also found that certain housing markets are more likely to be influenced by changes to immigration policy. In the Los Angeles area, 32.7% of respondents said their decision to sell or not buy a home was due to worries they cannot remain in the US much longer. The percentage drops to 18.5% in Baltimore and even lower to 16.8% in San Francisco.
The survey commissioned by Redfin was conducted from Nov. 1 to Dec. 6, 2017 across 14 metro areas and covered 4,270 US residents who bought or sold a home in 2017, attempted to do so, or planned to do so soon.
Related stories:
Texas sees influx of international homebuyers
Political views an important factor in moving – survey
