Homebuyers Planning to Purchase in 2023 View Now as a Good Time to Buy
April 23, 2023
First-Time Homebuyers Maintain Optimistic Outlook Despite Uncertain Economy
Recent stydy from TD Bank
Among those looking to purchase a home for the first time in 2023, 39% believe now is a good time to buy. Many who have begun their process are also showing signs of preparedness with 48% starting to save for a downpayment. Additionally 85% of respondents indicated buying a home was a good long-term investment.
Rising Rent Costs Push Homebuying Interest
Nearly two in five (38%) renters have considered delaying their home purchase and continuing to rent in 2023. Among them, 30% said the top reason for potentially delaying their homebuying plans is an inability to afford the home they want due to rising interest rates.
Many have had the opposite reaction, seeing rising rent costs as a stimulus to forge ahead with purchasing a home. Of those survey participants who have not considered delaying their home purchase, 40% cited rising rent prices as the top reason prompting them to move forward with buying a home. 59% of those looking to purchase a home this year indicate they want to pursue a fixer-upper or starter home.
Homebuyers aren't just getting creative with the type of home they’re looking to purchase. They're also coming up with long-term solutions to combat the current rate environment. More than one-fourth (27%) plan to refinance when interest rates come down.
