New Homebuyer Insights from Bank of America found that nearly nine-in-ten (89%) buyers are motivated to purchase their first home, and four-in-five (85%) say saving for a home is a priority. In fact, 56% say they are either accelerating their home purchase timeline (14%) or are still on course with their original plans (42%). Of those remaining, 28% say they will buy later than planned and 16% plan to renovate or hold off on buying for now.
Future homebuyers can use the new homebuyer readiness quiz to get started
Many are actively looking at real estate listings (49%), touring homes virtually (29%) and researching financial advice online (24%). No matter what stage of homebuying you’re in, Bank of America has resources to help get you on the right path to owning a home of your own. The new Homebuyer Readiness quiz, which consists of just a few simple questions, can help determine how close you are to becoming a homeowner and provide resources to move forward with your homebuying goals.
Overcoming barriers through planning and assistance
While homeownership is a goal for many, first-time buyers often perceive barriers. Survey respondents say these include expensive home prices (62%), high rent costs (48%) and student debt (30%), which can impact their ability to save. Additionally, one-in-five (20%) hopeful buyers say they lack financial education, making it difficult to know how to move forward with a home purchase with confidence.
To address the most common barriers to homeownership, the bank offers low down payment mortgages, as well as grants to help cover upfront expenses like down payment and closing costs, through its Community Homeownership Commitment. To help consumers prepare for homeownership, the First-Time Homebuyer Online Edu-Series, available in English and Spanish, provides an easy-to-understand roadmap to buying and financing a home.
The survey found that eighty-six percent of prospective homebuyers wish they had more indoor space, and 64% want more outdoor space. Additionally, high-speed internet and strong cell service (56%) ranked as very important features to future homebuyers, as did proximity to essential businesses (51%) and recreational activities (44%).
Clearly, the desire to own a home remains strong as many take steps on the path to homeownership. With Bank of America’s affordable homeownership resources, more people will be able to purchase a home of their own.