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Home buyers realize they need to be quick with their offers in today’s competitive housing market, a new report says. Sixty-five percent of buyers recently surveyed said they’d make an offer within three days of viewing it if they’re interested. Twenty percent say they’d make an offer immediately, according to Bank of America’s new 2022 Homebuyer Insights Report, based on about 2,000 responses.
Homes spent an average of 17 days on the market in March. Eighty-seven percent of homes sold in March were on the market for less than a month, according to National Association of REALTORS® data.
Higher home prices and mortgage rates are straining buyers’ budgets. A home is often the most expensive purchase people make in their lifetime. Buyers are finding they have to budget wisely or increase the amount of money they can devote toward homeownership.
Some buyers say they’ve had to moonlight or take on freelance work to try to earn more money. Fifty-six percent of home buyers surveyed said they are willing to consider a second job to earn supplemental income for a home purchase, according to the Bank of America survey. One-third of prospective buyers said they’d consider starting an online store to sell handcrafted pieces or selling some of their belongings to increase the amount of money they have to purchase a home.
Home buyers also are showing some willingness to compromise to move toward homeownership, including by:
· Moving to an up-and-coming neighborhood (82%)
· Buying a home further from entertainment, restaurants, and shopping (79%)
· Buying a smaller home (71%)
· Forgoing outdoor space (70%)