Bank of America’s 2023 Homebuyer Insights Report Explores How Hopeful Buyers are Forging Ahead

Every year, Bank of America’s Homebuyer Insights Report explores consumer preferences and behaviors to better understand the goals and challenges facing homebuyers and homeowners. This year, we uncover consumer sentiment amidst today’s fluctuating market – hopeful homebuyers’ purchase timelines and confidence in their financial position as well as their homebuying budgets and motivating forces. Our goal is to provide the best resources available for homebuyers, whether they are first-time buyers or planning to buy a second home. Here are the topics we looked at:

Forging Ahead in Today’s Homebuying Market

The Spring 2023 homebuying season has been marked by mixed signals. Many prospective homebuyers, especially those in their 40s and younger, are forging ahead with plans to buy homes despite believing the market favors sellers. Although 55% of surveyed homebuyers believe the market is more competitive than last year, 54% plan to either speed up their home purchases or buy when they originally planned – including 62% of Gen Z and 55% of Millennial homebuyers.

Even those who may be waiting for the housing market to cool are still forging ahead in their own way. Over two-thirds of buyers are browsing real estate marketplace apps with a budget in mind or attending open house events. For many, the search for a home is an enjoyable pastime, a way to envision their future, and a chance to get design inspiration.

For hopeful homebuyers, financial security is a motivating force as 47% say they would buy a home in the current housing market because they are tired of renting and rent increases, and 28% want to start building equity. However, high prices and interest rates, lack of cash reserves for down payments, and low credit scores pose challenges.

To help modest income buyers compete in tight markets, Bank of America offers low down payment mortgages and down payment and closing cost grants through the Community Homeownership Commitment. Additionally, Bank of America's Home Resource Center provides tools and resources for all stages of the homebuying journey, whether you’re saving for a down payment or searching homes near you.

This material is provided for your convenience and information only. Bank of America assumes no liability for loss or damage as a result of your reliance on information in this publication. Our goal is for the content of this publication to be accurate as of the date this issue was printed. However, due to rapid changes occurring in the programs, products, and services offered within the home financing industry, we do not guarantee the accuracy or completeness of the information presented.


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