Whether your next step is to build your savings or apply for a mortgage pre-approval, the more informed you are about the market + purchasing process, the more able you’ll be to put your best foot forward when pursuing homeownership.
Bank of America’s recent Homebuyer Insights Report: Navigating the Competitive Homebuying Market
uncovers just how motivated homebuyers are to achieve the Seattleite’s dream of homeownership, exploring:
- What they’re willing to do, and
- the trade-offs they’re willing to make to accomplish their goals.
86% of prospective homebuyers say they’d move to an up-and-coming neighborhood to achieve homeownership, compared to 82% of their national respondents. | Photo via Unsplash
What does that mean for Seattleites? Alternative income streams + side hustles are common motivators for prospective homebuyers, and some are turning to cryptocurrency.
Seattle by the numbers
- 13% of buyers said they have used crypto for their home or put it toward a down payment
- 38% said they would consider it
- 30% are willing to start an online store to sell handcrafted pieces in order to earn additional income toward a home purchase
- 48% are even willing to sell some of their belongings to save for a home
Millennial Seattleites + home ownership
Millennials represent the largest group purchasing homes, with:
- 53% citing the desire to set down roots for their growing family
- 62% wanting to start building equity in a home
Less than 30% of prospective millennial homebuyers in Seattle would seek financial help from their family to buy a home.
However, they would consider:
- Delaying their home purchase timeline to save money (72%)
- Increasing their initial budget (49%)
- Sacrificing their preferred location in favor of finding the perfect home (53%)
- Building their own home (45%)
- Making an offer over asking price (53%)
In anticipation of having to pay above asking price, 36% of prospective homebuyers in Seattle would search for homes between $10,000 + $25,000 below their intended price. And 16% of prospective homebuyers would lower their range between $25,000 and $50,000.
To address the challenges many Seattleite buyers face, Bank of America’s $15 billion Community Homeownership Commitment
provides a variety of solutions to make homeownership affordable + sustainable, including:
- Innovative low down payment mortgages
- Significant down payment grants
- Closing cost grants
- Wide-ranging financial education tools*