Bank of America's Homebuyer Insights Report indicates a shift in the preferences of prospective homebuyers. The report shows that 62% of individuals are currently willing to wait for prices and/or rates to fall before purchasing a home. This marks a decrease from the 85% reported just six months ago.
In collaboration with Parks Research, Bank of America conducted a national online survey from Sept. 25 to 28 involving 1,000 participants aged 18 or older, evenly distributed between homeowners and renters. Key findings from the survey indicate a significant shift in the mindset of potential homebuyers, with 62% expressing a willingness to wait for prices and interest rates to fall, down from 85% reported six months prior, according to the Homebuyer Insights Report provided by Bank of America.
“When it comes down to it, if buying a home is your goal and within your budget, the best time to buy is when you’re ready financially, and you can find a home that fits your needs,” said Matt Vernon, head of consumer lending at Bank of America, according to a press release by Bank of America. “Even in the current interest rate environment, there are clear benefits to purchasing a home and beginning to build equity.”
The report further explores generational differences in homebuying preferences, revealing that Gen Z is less likely to compromise on space (15%) but more willing to compromise on location (24%) compared to baby boomers. Additionally, the survey underscores the substantial impact of homeownership on individuals' well-being, ranking as the fifth most important priority (48%) among respondents, alongside factors such as physical and mental health, personal growth, and strong relationships. Overall, the Bank of America Homebuyer Insights Report offers valuable insights into evolving homebuyer sentiments and generational dynamics, providing a nuanced understanding of the housing market landscape, according to the Homebuyer Insights Report provided by Bank of America.
Sparks Research has delivered insights for its clientele for nearly five decades, encompassing Fortune 100 multinational corporations as well as national and regional companies, according to the Full Service webpage provided by Sparks Research.