BOA report shows housing market uncertainty hits 3-year high

CHARLOTTE, NC — Just when we thought the housing market couldn’t look any worse, Bank of America drops its national Homebuyers Insights Report.

According to the report, 60% of potential homebuyers and owners around the country don’t know if they should buy a home. A 12% change from 2023.

“It makes total sense. If you look at the last three years, we’ve had extremely high interest rates that have been really, really sticky and stubborn,” said realtor Matthew Means.

Means says potential buyers who decide to pause their home search, tell him they are waiting on interest rates to go down.

The Bank of America report also shows 75% of buyers are willing to wait for lower home prices and interest rates. Means tells his client not to bank on it.

“In 2020, we thought, wow, pricing cannot go any higher. We look now we’re at 2025, the pricing is higher,” explained Means.

Maybe the most surprising number is 92. That’s the percentage of Gen Z and Millennial homeowners who say they don’t live in their ideal area. Presumably because they can’t afford to live where they want.

“People are having to have more and more difficult conversations than they ever have because to live in some of these neighborhoods it’s just so expensive and that’s not changing,” Means said.