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Survey: Fewer Buyers Are Willing To Wait To Home Price And Mortgage Rate Declines

WRE News December 6, 2023


Survey: Fewer Buyers Are Willing To Wait To Home Price And Mortgage Rate Declines

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%).

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