The housing market is out of whack. Mortgage rates and housing unaffordability have hit multi-decade highs, and low inventory has also made it more difficult to buy a home.
More than half of prospective homebuyers planned to speed up their home purchases, or buy when they originally planned, the bank found in a survey of homeowners and renters in May. They cited high home prices, lack of savings for down payment, among other factors. But they had not given up entirely on their dream of owning a home.
More more than half of BofA’s respondents cited high rates and home prices as a challenge when it came to buying a home, and 37% cited low credit scores and a lack of cash. But not having a down payment may be a blessing in disguise: only 18% of consumers said it’s a “good time to buy a home,” according to a recent Fannie Mae survey,