TheMReport — News and strategies for the evolving mortgage marketplace.
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M R EP O RT | 11 MDWELL T he Spring homebuying season started off strong, and home purchases show little sign of slowing, due to surging demand and low inventory. According to the annual Bank of America's 2022 Homebuyer Insights Report, homes are being snatched off the market as 65% of prospective homebuyers re- ported they would make an offer within three days of viewing a home, and 20% saying they would make an offer immediately. Homes spent an average of 25 days on the market in February 2021, despite some 56% of prospective home- buyers surveyed reported they are willing to consider a second occupation to earn supplemental income to purchase a home, alongside being hesitant to buy due to high home prices—which are expected to increase 10% by the end of 2022. Millennials Represent Largest Share of Adults Buying Homes One-third of millennials say they feel pressured into buying a home at their age, while 43% are looking to buy to start building equity. Source: Bank of America's 2022 Homebuyer Insights Report Moving to an up-and- coming neighborhood Forgoing outdoor space Delaying their home purchase timeline to save more money Buying a home further from entertainment, restaurants, and shopping Increasing their initial budget Buying a smaller home Sacrificing their preferred location in favor of finding the perfect home Building their own home Sell some of their belongings to help save for a home To make their dreams of homeownership a reality, data shows prospective homebuyers are willing to compromise to reach this goal, such as: