AOver Half Of Americans Planning On Buying In The Next 5 Years

AOver Half Of Americans Planning On Buying In The Next 5 Years

According to the BMO Harris Bank Home Buying Report, 52% of Americans say they are likely to buy a home in the next five years. Americans surveyed for the report said that they would be willing to pay an average of $296,000 for a home and would average a 21% down payment. The report also included other interesting revelations.Those Looking to Buy74% of those looking to buy a new home will consult with a real estate agent59% said they will visit online real estate websites37% will seek recommendations from friends and family78% plan to get pre-approved before seriously searching for a home Those Who Already Own75% of current homeowners set a budget before looking for a home, and 16% ended up spending less while 13% went over their budget.63% of American homeowners spent under six months looking for a new home before they made a purchase.8% bought their home without participating in an active real estate search - or even any plan to buy at all - because a specific property caught their attention.The last point is very interesting: Of those who purchased a home, 8% bought “without any plan to buy at all”. A property caught their attention and they acted on it.Why Are More People Not Planning Their Next Move?Why are people that are considering a move not putting their home search to a plan, and instead, buying only when a property catches their attention? An article by Fannie Mae reveals evidence that a large number of homeowners are dramatically underestimating the equity they have in their current home. The report explains that:“Homeowners may be underestimating their home equity. In particular, if homeowners believe that large down payments are now required to purchase a home, then widespread, large underestimates of their home equity could be deterring them from applying for mortgages, selling their homes, and buying different homes.”Bottom LinePerhaps it is time to sit with a real estate professional to determine the actual equity you have in your house and to take a look at the opportunities that currently exist in the real estate market. This may be the perfect time to move-up, move-down or buy that vacation home your family has always wanted.


Ann Marie Cancro Headshot
Author:
Phone: 717-468-1301
Dated: April 24th 2016
Views: 47
About Ann Marie: LICENSED: Licensed Real Estate Professional since October 1990. AFFFILIATIONS: Lancaster Assoc. o...

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