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

Dated: 04/24/2016

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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.

Paul Snyder III

I am a specialist in the management and sale of bank owned AND investment properties throughout SE and Central Pennsylvania. Our team of (14) real estate agents and (3) support staff are here to e....

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