While high mortgage rates might seem like a barrier to buying or selling a home, a recent survey by Bank of America reveals a surprising level of enthusiasm among both buyers and sellers. Matt Vernon, head of the Consumer Lending Division for Bank of America, says their survey across all age groups found a strong willingness to participate in the real estate market despite the challenging financial landscape.
“We surveyed all age brackets and found a willingness to buy and sell even with higher mortgage rates,” Vernon says. “The same sentiment can also be found with homeowners. More and more people are listing their homes for sale, indicating a potential shift in the market.”
Vernon believes consumers are losing patience with high mortgage rates and are eager to make a move. However, he acknowledges that if rates continue to fall at their current pace, we could see a significant boom in the real estate market as early as next spring.
Key Takeaways:
- A recent survey by Bank of America reveals strong enthusiasm among buyers and sellers in the real estate market, despite high mortgage rates.
- Homeowners are increasingly listing their homes for sale, indicating a potential shift in the market.
- Consumers are losing patience with high mortgage rates and may be willing to make a move sooner rather than later.
- If mortgage rates continue to fall, we could see a significant boom in the real estate market as early as next spring.
Additional Points:
- The Federal Reserve recently lowered interest rates by 75 basis points.
- This could lead to a decrease in mortgage rates over time.
- A decrease in mortgage rates could stimulate the real estate market.
