The US housing market is experiencing uncertainty, leading most potential homebuyers to hold off. According to Bank of America’s latest Insights Report, 60% of Americans are unsure if it’s the right time to buy a home. The majority expect house prices and mortgage rates to fall in the coming months.
Concerns about local weather conditions and extreme events also play a significant role in holding people back from buying. Almost two-thirds of current owners and would-be buyers worry about severe weather and natural disasters, with nearly three-quarters preferring to buy in areas with low risk of such events.
Younger generations are not immune to these concerns, but they remain motivated to achieve homeownership despite financial hurdles. Three out of every four GenZ and Millennial owners view buying a house as a significant milestone achievement.
To overcome challenges, some have taken bold steps, including taking on second jobs or using loans from family members. For renters, living with family or friends while waiting to buy is becoming more common, and one in five plan to use such assistance to cover up-front costs.
Source: https://nationalmortgageprofessional.com/news/uncertainty-leads-wait-and-see