Are you waiting until after the election to buy a home in Sacramento?
For many potential homebuyers, there are a lot of factors that need to line up before they will consider purchasing a new property. For example, a person may want to wait until the kids are out of school, the market is stronger or until he or she gets a raise. However, those characteristics are not the only thing potential homebuyers are keeping in mind before purchasing one of the homes for sale in Sacramento.
According to a new study from market research firm Harris Interactive, more than 25 percent of Americans would like to know who the next president will be before they purchase a new home. In contrast, 53 percent of Americans claim the election would not have an impact on whether they bought a property or not.
"It's understandable that a considerable number of people say the upcoming election would give them pause for thought," says 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."
The survey also found that 4 percent of Americans would purposely buy a new home before the election, 13 percent would delay because of the uncertainty of the outcome of the election, 12 percent would take the election into consideration and 17 percent reported being unsure.
Voters in the west had the greatest number of people who claimed that the upcoming election would have no effect on their decision to buy a home.
According to Home Insight, the median home price in Sacramento is currently $278,724 and prices are expected to rise 27.07 percent within two to five years. Potential homebuyers delaying the purchase of a house due to an election may find themselves paying slightly more due to the improving market conditions. Home prices are on the rise in the California metro, which indicated a strengthening local economy.
The Sacramento real estate market promises to contain a wide variety of quality properties regardless of who wins the presidential election.