Some prospective homebuyers in the U.S. are speeding up their plans for a purchase amid a pandemic-fueled push for single-family homes and property in the suburbs, a survey found.
The Bank of America Corp. poll of 1,800 people conducted mostly in June and July found that 14% of prospective buyers were accelerating plans while 42% are still on course with their original timelines.
While economic uncertainty is causing some to delay their search, almost half said they planned a purchase in the suburbs, according to the results released Tuesday.
“People are thinking really long-term — this is a goal, it is an aspiration,” D. Steve Boland, president of retail at Charlotte, North Carolina-based Bank of America, said in an interview. “I thought that was pretty bullish given the environment.”
Mortgage rates in the U.S. are at a record low, adding fuel to a housing market that’s been a key source of strength for the pandemic economy. Cheap mortgages have ignited a housing rebound, driving sales of both new and existing homes and putting money back into the pockets of borrowers who have been able to refinance. Still, the rally faces challenges from persistent job losses and an inventory shortage that’s pushing up prices, reducing the pool of people who can afford to buy.
Access to outdoor space was the No. 1 draw for potential homebuyers, followed by high-speed internet and strong cell service, the survey found.
But not everyone was bullish. The study showed that 28% of prospective homebuyers said they would buy later than planned, while 16% planned to renovate or hold off purchases.