TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/81276
THE PULSE on Affordability and Investing M more consistency than expected. About the Survey: Bank of America's Mortgage Index Study typically surveys approximately 1,100 consumers across the nation. The survey runs on a quarterly basis and to be included in survey samples, respondents have to be 21 or older, a primary or joint financial decision- maker in their household, and either currently have a home loan or plan to obtain one in the next 12 months. The quarterly survey is conducted by global market research firm Socratic Technologies, Inc. (BofA) regarding their feelings and beliefs about today's housing industry, and findings from the bank indicate that many consum- ers remain interested in buying a home, thanks to strong afford- ability levels seen around the U.S. Evaluating borrowers' choice between renting and owning, the perceived investment value in owning property, and the chief factors that influence housing de- cisions, BofA's data demonstrated ore than 1,000 contemporary bor- rowers spoke to Bank of America Can We Afford It? Polling potential homebuyers about their beliefs when it comes to owning a home versus renting a property, BofA found that most consumers still feel that purchasing a home is within reach and may be more affordable than the current rental market. {31% What Are Today's Triggers? While the mortgage marketplace has experienced an enormous evolution, a few statistics remain unwavering, and BofA's data revealed that borrowers still cite traditional catalysts when asked what stimulates the motivation to buy a home. } Believe that renting is more affordable than owning. {45% } Believe that owning is more affordable than renting. {7% } View buying a home as a bad investment. Today's Borrower Bank of America's recent Mortgage Index Study revealed that consumer sentiment surrounding the nation's housing market may be more stable than predicted. Is Our Investment Valuable? BofA asked participants to rank purchasing a home as a "good" or "bad" investment in today's marketplace, and the bank's survey showed that most potential borrowers are positive when it comes to investing in property. Are We Safe? When questioned as to their top priorities in choosing a home for purchase, affordability ranked at the top of the list, but according to BofA's report, buying in a safe neighborhood was a close second. {65% } View buying a home as a good investment. {31% } Consider neighborhood safety a leading factor when choosing a home {22% } Family Growth 18 | THE M REPORT {20% } Change of Career {19% Marriage }