Industry News

Home buyers catch election jitters

Politics factor into some purchase decisions

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Eric and Lili Chang have been looking for about a year to buy a home in the San Francisco Bay Area, and Eric said he hopes they find a home before the election. "The election is compelling us to buy," he said. "Maybe after the election, interest rates will rise because (Federal Reserve Chairman Alan) Greenspan won't feel political pressure to keep them low." While industry statistics don't provide a clear link between presidential elections and housing market performance, consumers and experts are of different minds on whether the post-election political landscape will boost or burden the bullish real estate industry. Steve and Patricia Shaw, who moved to South Carolina about a year ago, are trying to sell their home. Steve said he's heard "both sides" of whether the election could impact the housing market. "Some people say with interest rates possibly going up, (the election) will affect the housing market and others say it won't," he said. "I think if Bush is elected, (rates) will ...