By Peter Ricci
Who says the political process doesn’t effect homebuying? According to a new survey from MortgageMarvel.com, 25 percent of Americans are taking the upcoming presidential election into consideration in their homebuying decisions.
Conducted online by Harris Interactive, the survey sampled 2,570 adults ages 18 and older, and asked those respondents a simple question: “Assuming you were considering purchasing a home, would the upcoming presidential election cause you to delay your purchase?”
Homebuying and the Presidential Election
In answering that question, the survey’s respondents revealed some interesting nuance to the American electorate and its relationship to the real estate markets:
- Thirteen percent said that if they were looking into purchasing a home, they would delay the purchase until after the election, because of the economic uncertainty it creates.
- Twelve percent said the election might cause them to delay a their homebuying decision.
- On the opposite end of the spectrum, 17 percent said they were not sure if the election would affect their search for a home, 53 percent said it would not affect their decision at all, and 4 percent said it would prompt them to buy a home before the election.
- There was also some difference in respondents’ answers based on age, gender and region.
- As men aged, they became less concerned with the election, with 42 percent aged 18 to 34 saying the election had no effects, compared to 57 percent of men aged 55 and older; such a trend, though, was not seen with women.
- Regionally, respondents in the South were the most affected by the election, with 29 percent saying they’d consider the election, compared with 26 percent in the Northeast, 21 percent in the West and just 15 in the Midwest.
Mortgage Marvel CEO Rick Allen – Survey “Understandable”
In comments accompanying the survey, Rick Allen, the CEO of Mortgage Marvel, said he can understand why the presidential election would affecting the homebuying choices of some consumers.
“It’s understandable that a considerable number of people say the upcoming election would give them pause for thought,” Allen said. “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 … In such an environment, I can see that cautious people would take a wait-and-see attitude before making a home purchase.”
For more on the relationship between real estate the election, be sure to check out our latest cover story.