Community more than important than ever to home buyers

Community more than important than ever to home buyers

Community more than important than ever to home buyers
When it comes to selecting the right home, a growing number of buyers are finding that the neighborhood is as important as the property itself. According to Bank of American’s 2021 Homebuyer Insights Report, 51 percent of home buyers between the ages of 18 and 43 say that community has become more important to them over the past year.

The survey of 2,000 adults who currently own a home or plan to in the future shows that it is important to them that they have neighbors with similar interests and are active in the community.

Knowing your neighbors and surroundings also creates a sense of safety for home buyers, according to the report.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.