What Buyers Say They Want Most (and How the Market Is Shifting)

A new survey from Bank of America asked aspiring homebuyers what would make them more confident about moving forward—and the answers revealed a common theme. Buyers are looking for greater affordability, specifically when it comes to home prices and mortgage rates (see below).

The encouraging news? While the broader economy still feels a bit uncertain, the housing market is beginning to show positive shifts in both of those areas. Let’s break it down.

Home Prices Are Stabilizing

Over the last several years, housing costs rose rapidly—sometimes so quickly that many buyers felt priced out. But today, that pace has slowed. For example, from 2020 to 2021, prices surged about 20% in just one year. Now, experts predict national price growth to stay in the single digits this year—a much healthier and more typical rate.

This is a big contrast compared to the rapid increases we saw not long ago. Of course, market conditions differ by location. Some areas will continue to see gradual increases, while others may experience modest declines.

While this doesn’t mean prices are falling dramatically, the moderation does make buying less overwhelming. With slower growth, it’s easier for buyers to budget and plan with more confidence.

Mortgage Rates Are Cooling Off

At the same time, mortgage rates have dipped from their recent peaks—giving some relief to those considering a purchase. Lisa Sturtevant, Chief Economist at Bright MLS, explains:

“Slower price growth coupled with a slight drop in mortgage rates will improve affordability and create a window for some buyers to get into the market.”

Even a small reduction in rates can make a noticeable difference in a monthly mortgage payment. Just keep in mind that rates may continue to fluctuate, so it’s best not to get caught up in every small change.

Looking ahead, most experts expect rates to remain in the low to mid-6% range through the year—which is a significant improvement compared to just a few months ago. Depending on how the economy performs, they could even move lower.

Why This Matters

Although overall economic confidence may feel shaky, the housing market is gradually adjusting. Prices are stabilizing, and mortgage rates have eased back from recent highs.

This doesn’t erase affordability challenges completely, but it does mean the landscape looks different than it did earlier this year. These changes could open up opportunities for buyers as we move closer to next year.

Final Thoughts

The two biggest concerns for today’s buyers—prices and rates—are showing signs of improvement. Home values are moderating, and borrowing costs are easing. Both shifts could continue into 2026.

If you’re thinking about making a move, let’s connect so we can walk through what these changes mean for you and your local market.