Americans Likely To Buy A Home In Next Five Years

Americans Likely To Buy A Home In Next Five Years

The article, Survey: 52% of Americans likely to buy a home in next five years, from www.housingwire.com, reports that just over half of Americans — 52% — say they are likely to buy a home in the next five years, according to the 2015 BMO Harris Bank Homebuyers Report. In addition, Americans surveyed are willing to pay an average of $296,000 for a home and will average a 21% down payment. The report, conducted by Pollara, also found that:

  • Among likely buyers, 78% plan to get preapproved before seriously searching for a home.

  • Three quarters of current homeowners set a budget before looking for a home. Sixteen% ended up spending less while 13% went over their budget.

  • The majority (74%) of those looking to buy a new home will consult a real estate agent, while 59% said they will visit online real estate websites and 37% will seek recommendations from friends and family.

According to the report, 63% of American homeowners spent under six months looking for a new home before they made a purchase. In addition, 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 report also found that many likely homebuyers are interested in a real estate mobile app that would help in their home search. Over three quarters (78%) of homebuyers said the biggest draw for a mobile app would be the ability to look at house listings in their specific desired area and the ability to obtain information about these neighborhoods (77%).  Here is the link to the entire article: http://www.housingwire.com/articles/34749-survey-52-of-americans-likely-to-buy-a-home-in-next-five-years


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Dated: September 15th 2015
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