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.
