Kathy Cummings: June 1, 2016

FIRST-TIME HOMEBUYERS FOCUSED ON LONG-TERM GOALS, NOT STARTER HOMES

Inaugural Bank of America Survey Explores Homebuying Trends and Behaviors

Kathy-Cummings

KATHY CUMMINGS, SVP;

Affordable Housing Programs Executive at Bank of America

According to the recently released inaugural Bank of America Homebuyer Insights Report, first-time homebuyers are prioritizing their long-term residential needs this home buying season. Seventy-five percent of first-time buyers would prefer to bypass the starter home and purchase a place that will meet their future needs, even if that means waiting to save more. Furthermore, 35 percent of first-time buyers hope to retire in the home they’re planning to buy.

More than half (56 percent) of first-time buyers have not purchased a home yet because they don’t think they can afford a home or the type of home they would like to buy. Another common reason for putting off a first-time home purchase was the desire to pay down debt, with Gen Xers more likely than millennials to cite debt as a reason for waiting to buy a home (43 percent vs. 32 percent).

Bank of America’s Senior Vice President, Kathy Cummings, is available for live interviews to discuss the highlights of the survey results and to educate your listeners about their finances, specifically as it relates to buying and saving for a home.

Highlights from the report include:

·         More first-time buyers are motivated by emotional factors (76 percent) than financial factors (63 percent) when making the decision to buy a home.

·         The same number of homebuyers consider saving for or paying off a home (92 percent) as important as saving for retirement (91 percent).

·         Two-thirds (66 percent) of first-time millennial homebuyers expect some kind of assistance from their parents when buying a home, ranging from financial support to assistance moving in.

·         More than half (52 percent) of first-time buyers are looking for a home in the suburbs.

·         Eighty-five percent of first-time homebuyers would use a tool that automatically withdrew money from their paycheck to save up for a home purchase.

MORE ABOUT KATHY CUMMINGS:

Kathy Cummings is the Affordable Housing Programs Executive for Bank of America Home Loans Neighborhood Lending team. Upon joining the bank in 2003, Cummings served as Technology Service Delivery Manager, delivering technology solutions to the mortgage business. She has also served as National Pricing Manager, where she represented Bank of America during the Countrywide transition. She has held her current role since July 2008.

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