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By Kerry Smith<\/div><\/div>\n

Survey: Most would-be buyers (55%) know it\u2019s a really tough market right now, but a majority (54%) still plan to maintain current goals or speed up the buying process.<\/span><\/span><\/p>\n<\/div>\n

CHARLOTTE, N.C. \u2013 Many hopeful homebuyers \u2013 especially those in their 40s and younger \u2013 are forging ahead with plans to buy homes despite believing the market favors sellers, according to Bank of America\u2019s 2023 Homebuyer Insights Report<\/a>.<\/span><\/span><\/p>\n

More than half of prospective homebuyers surveyed (55%) believe the market is more competitive than last year \u2013 but just as many (54%) plan to either speed up their home purchases or buy when they originally planned.<\/span><\/span><\/p>\n

The percentage is even greater for younger generations: 62% of Gen Z and 55% of millennials.<\/span><\/span><\/p>\n

However, not all want-to-be buyers plan to stay in the market, at least not now. Two in five (39%) believe it\u2019s a seller\u2019s market, while 18% say it\u2019s a buyer\u2019s market and 31% say it\u2019s neither.<\/span><\/span><\/p>\n

Current challenges cited by buyers<\/span><\/span><\/h3>\n
\n
High prices and interest rates (51%)<\/span><\/span><\/li>\n
A lack of cash reserves for down payments (37%)<\/span><\/span><\/li>\n
A low credit score (37%)<\/span><\/span><\/li>\n<\/ul>\n
Still, nearly 40% of those prospective homebuyers said they feel more confident in their ability to buy a home today versus last year, compared to 26% who are less confident and 28% who feel about the same.<\/span><\/span><\/p>\n
\u201cThe market is less frenzied as rates have moderated, and that may be impacting perception,\u201d says Matt Vernon, head of retail lending at Bank of America. \u201cAnd low inventory is still creating a highly competitive environment. Homebuyers are doing the right thing by taking time to understand the market, weigh their priorities and determine what fits into their budgets.\u201d<\/span><\/span><\/p>\n
The motivation for many buyers? Financial security. Homeownership has historically helped families build long term-wealth.<\/span><\/span><\/p>\n
A majority (56%) of Gen Z and the same percentage of millennial homebuyers plan to purchase in the next two years \u2013 nearly on par with Gen X (58%).<\/span><\/span><\/p>\n
Nearly half (47%) of all prospective buyers say they\u2019d buy a home in the current housing market because they\u2019re tired of renting and of rent increases; 28% want to start building equity.<\/span><\/span><\/p>\n
Inactive homebuyers still curious<\/span><\/span><\/h3>\n
Even hopeful buyers waiting for the housing market to cool are forging ahead in their own way, according to the study: More than two-thirds (67%) still actively look at homes for sale, either scrolling through a real estate app (52%) and\/or visiting open houses (31%).<\/span><\/span><\/p>\n
Those scanning for homes find it to be an enjoyable pastime (41%), a way to dream about their future home (37%) and a window into how others have decorated their spaces (32%).<\/span><\/span><\/p>\n
Beyond simply looking for inspiration, two-thirds (65%) of those who scroll through listings are interested in what their current budget would get them if they were to buy today.<\/span><\/span><\/p>\n
\u00a9 2023 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n
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\n ADVERTISEMENT<\/span> <\/p>\n
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Go to Source<\/a>
\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"
By Kerry Smith Survey: Most would-be buyers (55%) know it\u2019s a really tough market right now, but a majority (54%) still plan to maintain current goals or speed up the buying process. CHARLOTTE, N.C. \u2013 Many hopeful homebuyers \u2013 especially those in their 40s and younger \u2013 are forging ahead with plans to buy homes despite believing the market favors sellers, according to Bank of America\u2019s 2023 Homebuyer Insights Report. More than half of prospective homebuyers surveyed (55%) believe the market is more competitive than last year \u2013 but just as many (54%) plan to either speed up their home purchases or buy when they originally planned. The percentage is even greater for younger generations: 62% of Gen Z and 55% of millennials. However, not all want-to-be buyers plan to stay in the market, at least not now. Two in five (39%) believe it\u2019s a seller\u2019s market, while 18% say it\u2019s a buyer\u2019s market and 31% say it\u2019s neither. Current challenges cited by buyers High prices and interest rates (51%) A lack of cash reserves for down payments (37%) A low credit score (37%) Still, nearly 40% of those prospective homebuyers said they feel more confident in their ability to buy a home today versus last year, compared to 26% who are less confident and 28% who feel about the same. \u201cThe market is less frenzied as rates have moderated, and that may be impacting perception,\u201d says Matt Vernon, head of retail lending at Bank of America. \u201cAnd low inventory is still creating a highly competitive environment. Homebuyers are doing the right thing by taking time to understand the market, weigh their priorities and determine what fits into their budgets.\u201d The motivation for many buyers? Financial security. Homeownership has historically helped families build long term-wealth. A majority (56%) of Gen Z and the same percentage of millennial homebuyers plan to purchase in the next two years \u2013 nearly on par with Gen X (58%). Nearly half (47%) of all prospective buyers say they\u2019d buy a home in the current housing market because they\u2019re tired of renting and of rent increases; 28% want to start building equity. Inactive homebuyers still curious Even hopeful buyers waiting for the housing market to cool are forging ahead in their own way, according to the study: More than two-thirds (67%) still actively look at homes for sale, either scrolling through a real estate app (52%) and\/or visiting open houses (31%). Those scanning for homes find it to be an enjoyable pastime (41%), a way to dream about their future home (37%) and a window into how others have decorated their spaces (32%). Beyond simply looking for inspiration, two-thirds (65%) of those who scroll through listings are interested in what their current budget would get them if they were to buy today. \u00a9 2023 Florida Realtors\u00ae \u2715 ADVERTISEMENT Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":8013,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/8012"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=8012"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/8012\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/8013"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=8012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=8012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=8012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Current challenges cited by buyers<\/span><\/span><\/h3>\n\nHigh prices and interest rates (51%)<\/span><\/span><\/li>\nA lack of cash reserves for down payments (37%)<\/span><\/span><\/li>\n