As the peak home buying season begins, first-time homebuyers are prioritizing their long-term residential needs, in accordance with the inaugural Bank of America Homebuyer Insights Report. Seventy-five percent of first-time buyers would prefer to bypass the starter home and buy a bigger place which will meet their future needs, even if that means waiting in order to save more, and 35 percent intend to retire there.
First-time buyers save longer and buy bigger
In reality, three-quarters of experienced buyers said they sacrificed something the past time they bought a home, including travel (46 percent) or a new car (37 percent), and 32 percent said they sacrificed many of the features they would have liked in their dream home.
Additionally, buyers who have a plan in place for buying a home tend to be more willing to consider a starter home than “someday” buyers who know they want to buy a home down the road but do not have a plan for doing so (41 percent vs. 23 percent). Seventy-seven percent of “someday” buyers would prefer to wait and move into a bigger home in the foreseeable future.
“Every day, we talk to clients who are motivated to purchase a home for many reasons, including the pride of ownership and desire to establish roots in a community,” said D. Steve Boland, consumer lending executive for Bank of America. “Today’s aspiring homebuyers want to be selective and believe they should wait until they can afford to buy a home they’ll live in for years to come.
“They’re also realistic about the need to save for a downpayment. In the end, we look holistically at our clients’ life priorities so they can fully understand the personal ramifications of what is perhaps the most significant financial transaction they will ever make.”
The Bank of America Homebuyer Insights Report explores the attitudes, behaviors and preferences of the modern homebuyer. Based on a national survey of greater than 1,000 adults ages 18 and older who want to buy a home in the future, the report reveals what homebuyers want in the house, their catalysts for making the home purchase along with the unique preferences of first-time and millennial buyers, defined as those between ages 18 and 34.
If you are in need of a bigger home. Nick & Cindy Davis can assist you. We help buyers purchase their dream home in the Tampa Bay and surrounding areas. we can always be reached at 813-300-7116, or simply click here and we will be in touch and get started working to find your new bigger home for you!