- Donald Trump and Kamala Harris are campaigning on a range of issues including housing
- Both candidates put together a plan they feel will mitigate a housing crisis
- Video shows real estate broker explaining how recent low-interest home rates will impact Trump & Harris' plans
American home buyers are seeing low-interest rates this month but one real estate broker says it's not enough to entice more people to buy.
Brock Fletcher, a real estate broker with Keller Williams, says real estate values have skyrocketed by 70% since 2020.
The problem, according to Fletcher, is that more people are waiting longer to buy a home.
The average age in American is 35 years of age to buy your first home," Fletcher said. "Owning a home is critical to the achievement of financial freedom.
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Right now Fletcher says home interest rates are significantly lower than they were in the summer of 2023.
"If you have a credit score that's an excess of 700 and you're getting a 30-year fixed mortgage then you're going to be at around 6.1%," Fletcher said. "If you do a 15-year, you're more like 5.65% or 5.7%."
Vice President Kamala Harris, the Democratic nominee for president, pledged to build three million homes in four years and offer first-time home-buyers $25,000 in financial assistance.
Former president Donald Trump, the Republican nominee, promised to reduce regulations in the housing industry and open federal land to build more homes.
"If rates are higher when the election occurs, it benefits Trump," Fletcher said. "I think if rates continue to go down before the election, that benefits Harris."
Though Fletcher doesn't feel Harris home-building plan is doable.
Fletcher says he doesn't like either plan. It's why he thinks it'll take time for the housing crisis to subside.
"It really doesn't matter who's elected. It's not going to substantially change the reality of real estate," Fletcher said.
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