I’m tired of being surveyed. I suspect a lot of people are already tired of hearing about the election–that’s unfortunate because we do, in fact, have some important choices to make.
One choice that’s been impacted by the pending election is whether or not to buy a home! According to Real Estate Economy Watch, some 25% of Americans would like to know who the next president will be before they put their money down to buy a house.
I do not think that means the real estate market will dramatically improve immediately following the election. In working with buyers, I’ve learned that there are always “good” reasons to delay buying a home. The question is whether or not those “good” reasons to delay outweigh the good reasons to do something now. After the election, many of those buyers will find a different reason to delay a decision.
Should you buy or wait? There is not one answer to that question. While there are certainly some factors (like low mortgage interest rates) implying a home purchase now is a good decision, the answer needs to be specific to your circumstances. You won’t hear me shouting “It’s a great time to buy!” You also won’t hear me shouting “It’s a great time to delay!” If anything, it’s a great time to give thoughtful consideration to your individual situation.
Partly because of the technology explosion, we are prone to remain uncertain in the hope (or fear) that new information is on the way. While that has validity, we ought to balance that hesitation with the knowledge that many times it’s less about making the right decision and more about making a decision, then making the decision right by adapting and adjusting.
In election terms, it’s the “undecideds” that give the candidates fits… and I find it somewhat amazing there are still a number of people who haven’t decided who they will vote for… I’m told some do not until they enter the voting booth. Given the stark differences in the presidential race, a decision shouldn’t be that difficult. It’s a matter of looking at fundamental differences between the candidates and the “big picture.” There’s not much to gain by waiting to discover one more thing you do or do not like about the candidates.
The same logic applies to the home buying decision.