Bank survey: More prospective homeowners reentering market

The number of prospective homebuyers willing to wait until interest rates or home prices come down to purchase a home is shrinking, according to a new Bank of America survey. The poll found that 62% of prospective homebuyers said in October they were willing to wait compared to 85% in April. That decrease came even as home prices and interest rates rose during the seven months studied. The survey further noted that sales of new single-family houses were at a seasonally adjusted 759,000 in September, up from 679,000 in April.

The survey asked existing homeowners about their top motivations for selling their homes given current economic conditions. Fifty-four percent of respondents cited “finding a more affordable area” as one of their motivations, with 50% citing “availability of their dream home” and 40% citing “job opportunity and relocation.” Cost of living also was a top motivation for interstate moves, followed by career and job opportunities and family and relationships.