52 Percent Are Likely To Buy In The Next Five Years

Dated: 05/05/2016

Views: 680

52% Likely to Buy in the Next 5 Years!! Are You? | Simplifying The Market

52% Likely to Buy in the Next 5 Years!! Are You?


According to the recently released 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 they would be willing to pay an average of $296,000 for a home and would average a 21% down payment. The report also had other interesting revelations.


Those Looking to Buy


  • 74% of those looking to buy a new home will consult 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 home owners set a budget before looking for a home. 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 that 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? A recent article by Fannie Mae may give us that answer, there is evidence that a large numbers of homeowners are dramatically underestimating the equity they have in their current home. The report explains:


“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 Line - Perhaps it is time to sit with a real estate professional to determine the actual equity you have in your house and 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.

Julie Baldino - Owner-Managing Broker

Julie Baldino is a seasoned veteran of the Pacific Northwest real estate industry, and has consistently been in the top 10% in sales for over a decade in 2 states. In order to accommodate a rapidly ex....

Want to Advertise on this Site?

Latest Blog Posts

What The Pending Homes Sales Index Means In The Current Market Conditions

The Pending Homes Sales Index (PHSI) is an index created by the National Association for Realtors (NAR) that tracks sales in which a contract has been signed, but the sale hasn’t closed yet

Read More

What You Want Versus What You Need

It is easy to get caught up in all the frills and decorations of a home because those accessories are what TV, Pinterest, and Google are filled with, those are what make your home a home. These

Read More

Lack Of Homes Means Best Time To Sell

As the housing market races towards recovery with a steady stream of buyers, the amount of homes for sale is seeming to fall behind. According to the National Association of Realtors (NAR),

Read More

Gorgeous Updated Home Near Downtown Vancouver

Remodeled Four Bedroom Home with Updated Kitchen OverviewMapsPhotos $489,900 Single Family

Read More