Housing and HomeFinancing: 2017 Perspectives – Andrew Leff, Bank of America

Buying a home continues to be top of mind for people. According to our Bank of America Homebuyer Insights Report:

  • When shopping for a home, 64% of buyers say new construction is an important factor;
  • If they could go back to when they were buying their first home, 27% of experienced buyers would have told themselves to buy a home that is move-in ready, not a fixer upper.

We understand the natural concern among consumers, particularly those looking to buy a home soon, about higher interest rates, but it’s also important to keep perspective --many previous generations of home buyers purchased homes at significantly higher interest rates than what we enjoy today. And there are more options today to help with the obstacles – down payment assistance and low down payment loans.

Regardless of interest rates, the main challenge faced by most first-time homebuyers remains saving for a down payment. Homebuyers concerned about affordability can look into down payment assistance options. The Bank of America Down Payment Resource Center gives consumers access to a searchable database of over 1,000 local and national assistance programs.

According to our Bank of America Homebuyer Insights Report, younger homebuyers are planning to skip the starter home and buy a home for the long-term. Considering that millennials are increasingly conscious about their environmental footprint, we are hearing more customers seek homes that have energy-efficient features –which is also a consideration for homeowners renovating their homes and planning to sell at some point.

In every rate environment, people continue to have home financing needs. People will continue to buy homes, but history also shows us that as rates rise, more homeowners consider home equity lines of credit when they want to access the equity in their homes.

With improved home values, low mortgage rates and consumer confidence on the upswing, many homeowners are deciding that now is a good time to update their homes to be more energy efficient using a home equity line of credit.

Weare eager to help with a wide range of loans suitable for various types of homebuyers – whether they are buying a home for the first-time, moving up to a bigger home, downsizing, or purchasing a second home.

Andrew Leff is the National Accounts Executive for Bank of America.

Media Contacts:

Bank of America Media Hotline – (800) 796-8448, Kris Yamamoto –