Almost 90 percent of prospective homebuyers remain motivated to purchase their first home, while more than half have continued as planned or sped up their timeline to buy a first home, according to a recent study from Bank of America.
The survey found that 89 percent of prospective homebuyers still want to buy their first home, while 11 percent said they’re not motivated.
Of those surveyed, 56 percent have decided to accelerate or maintain their home purchase timeline, while 28 percent have decided to delay and 16 percent have opted to renovate or no longer buy.
“Home is more important than ever before, and ownership has become a key priority for many, particularly those who have never bought a home before,” D. Steve Boland, president of Retail at Bank of America, said in a press release.
The housing market, driven by low interest rates and strong demand, has emerged as a bright spot amid the coronavirus pandemic that’s hit the economy and the jobs market.
Bank of America found that expensive home prices, high rent and student debt remain the strongest barriers to first-time homebuyers. What’s more, about 20 percent of respondents said they lack the financial education to move forward with a home purchase with confidence.
Interested homebuyers are increasingly turning to digital channels in their search for a home. The survey found that 49 percent are looking at real estate listings and 24 percent are researching financial advice online. As for looking at the home, 29 percent are taking virtual tours, while 18 percent said they’re touring in person.
When it comes to desired features for a home, 64 percent indicated that they want access to outdoor space, while 56 percent noted that high-speed internet and strong cell service is important. More than half, or 52 percent, said they preferred an updated kitchen. Other key features include access to essential businesses and recreational spaces.
The survey, conducted by Sparks Research between June 26 and July 29, sampled 1,000 adults who currently own a home or plan to own a home. The research also included a supplemental survey of 800 respondents across Nashville, Long Island, Sacramento, Denver, Phoenix, San Diego, Seattle and San Antonio.
Shares of Bank of America (BAC) were last trading down 6 cents near $25.29 on Friday.
