When it comes to buying a home, 25 percent of Americans would like to know who the next president will be before they would feel totally comfortable putting their money down, according to the survey conducted in early September. Some 13 percent said that if they were considering purchasing a home, they would delay their purchase until after the election because of the uncertainty it creates. Another 12 percent said they would take the election into consideration, and it might cause them to delay buying a home.
“It’s understandable that a considerable number of people say the upcoming election would give them pause for thought,” said Rick Allen, chief operating officer of Mortgage Marvel. “There has been speculation that tax policies could change depending upon who wins. Some have even indicated that the longstanding deduction for mortgage interest could be eliminated. It appears that mortgage interest rates will remain low for the foreseeable future, so there’s no pressure on people to act before rates rise. In such an environment, I can see that cautious people would take a wait-and-see attitude before making a home purchase.”