WRE News December 6, 2023
Buyer
Prospective homebuyers may be running out of patience for home prices and interest rates to fall before buying property, according to new data from the Bank of America (NYSE:BAC) Homebuyer Insights Report.
According to the report, 62% of buyers are willing to wait for prices and/or rates to fall before buying a home – six months ago, that share was 85%. And it appears the lack of patience is being felt – sales of new single-family houses in September were a seasonally adjusted 759,000, up from 679,00 sales in April.
“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. “Even in the current interest rate environment, there are clear benefits to purchasing a home and beginning to build equity.”
As for prospective sellers, half of current homeowners said they would be encouraged to sell if their dream home became available (50%) and/or if they found a more affordable area (54%) – even if it meant paying a higher interest rate for a new mortgage. Additional motivations sellers include job opportunity or job relocation (40%), nicer neighborhood amenities (40%), the need for a larger home or more rooms (38%) and moving to a home with rental potential (21%).
Nearly two-thirds (63%) of these homeowners said owning a home is one of their greatest personal achievements – more than raising a family (50%), being in a committed relationship (32%) and/or overcoming a significant challenge (25%).
Stay up to date on the latest real estate trends.
October 23, 2024
October 22, 2024
From war to terrorism to civil unrest, the world is facing turmoil on many fronts.
October 22, 2024
Americans are still renovating up a storm—although not as much as they did during the COVID-19 pandemic.
October 22, 2024
Curious about where the housing market is headed in 2025?
October 21, 2024
No act is more intimate than eating.
October 21, 2024
You’ve probably heard of HIIT—high-intensity interval training.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today