75% Of Homebuyers Are Waiting For Lower Rates, Report Finds

If you’re feeling unsure about the housing market right now, you’re not alone. Between high prices, rising interest rates, and economic uncertainty, many people are wondering whether now is the right time to buy a home. And while some are holding off, plenty of prospective buyers are using this time to prepare — saving more, paying down debt, and watching the market closely.

A new report from Bank of America confirms this mixed sentiment. The 2025 Homebuyer Insights Report found that 60% of current homeowners and prospective buyers say they're not sure if it's a good time to buy — the highest level of uncertainty in three years. That's up from 48% in 2023. Despite this, more than half (52%) of potential buyers feel the market has improved since last year, and 75% say they're waiting for prices and interest rates to come down before making a move.

In the meantime, many are taking practical steps. Over half of those delaying a purchase are continuing to save for a down payment. Others are using the time to pay off debt or invest their money while they wait.

Younger generations, particularly Gen Z and Millennials, are finding creative ways to move closer to homeownership. In 2025, 30% of Gen Z homeowners said they took on an extra job to afford their down payment, and 22% bought their home with a sibling — a notable increase from previous years. Family support is also playing a bigger role, with more young buyers planning to rely on loans from relatives.

Another factor on buyers' minds? Severe weather. The report found that 62% of homeowners and prospective buyers are concerned about natural disasters, and many are adjusting their home search to avoid high-risk areas.

Overall, the housing market remains uncertain — but many buyers are staying optimistic and taking steps to be ready when the time feels right.

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