Majority of Americans Plan on Buying Homes in Near Future

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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. Looking at current mortgage rates, a 21% down payment could be grossly overpaying! Make sure to reach out to your Wisconsin Mortgage Corporation representative to find out the options that you have for putting down less!shutterstock_1973722The report also included other interesting revelations.

Those Looking to Buy

  • 74% of those looking to buy a new home will consult with a real estate agent
  • 59% said they will visit online real estate websites
  • 37% will seek recommendations from friends and family
  • 78% plan to get pre-approved before seriously searching for a home

 Those Who Already Own

  • 75% of current homeowners set a budget before looking for a home, 16% spent less than planned, 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.

All of these statistics are very uplifting! The spring market is busy right now and is only getting busier! The numbers surrounding the real estate market are rising and haven’t looked this good since 2006. However with limited home inventory, make sure to talk to your Shorewest, REALTOR® so they can get you the best deal and find the best home before it is scooped up.

Source Credit: Keeping Current Matters

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Categories: First Time Home Buyers, Home Buying, Real Estate News

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