With low inventory, high home prices, and rising mortgage rates, there’s no denying that today’s market is a challenging one for buyers.
So how, exactly, are buyers navigating the process of finding and purchasing a home in today’s market?
Bank of America recently released their 2022 Homebuyer’s Insights Report, which explored how buyers are navigating today’s competitive real estate landscape. Some of the report’s findings include:
85 percent of buyers would be willing to make an offer in three days or less. Today’s buyers know that if you find a house you want to buy, you need to act—and you need to act fast. As such, 65 percent of buyers surveyed said they’d be willing to make an offer within three days of viewing a home—and 20 percent said they’d put in an offer immediately.
Many buyers are looking for ways to generate extra income to fund their home purchase. Between rising interest rates and prices, buying a home is becoming more expensive–and to keep up with rising costs, many potential buyers are exploring ways to make extra money. For example, 56 percent would consider getting a second job to save more money—while 31 percent would consider selling some of their belongings to pad their savings account.
Millennials are looking to plant roots and settle down. Millennials are eager to enter the home market—and when they do, they want to do so for the long term. 46 percent of millennial buyers said they were looking to buy their forever home—and 53 percent said their dreams of homeownership were fueled by their desire to plant roots for their growing families.