Navigating a Competitive Homebuying Market
Between surging demand and low inventory, there’s no denying the housing market is fierce this Spring homebuying season. According to Redfin, homes spent an average of 25 days on the market in February 2022, less than half as long as two years ago (56 days), and Bank of America predicts U.S. home prices will finish the year up 10 percent. Despite the competitive market, our Homebuyer Insights Report found that 41 percent of prospective homebuyers intend to buy a home according to their original timeline, and 12 percent plan to buy even sooner than originally intended.
To make these homeownership dreams a reality, prospective homebuyers are willing to make financial trade-offs and compromises to put them closer to their goals. Whether it's turning a passion into moonlighting to save more money for a home purchase (56%) or buying a smaller home than originally intended (71%), prospective buyers are maneuvering around the tight market to do what’s necessary to buy their homes.
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, our free financial education platform, Better Money Habits, connects people to the information and tools they need to help take control of their finances.
