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

By
Real Estate Agent with Keller Williams Alabama Gulf Coast 100276

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

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.

 

Related articles When is it a Good Time to Rent? Definitely NOT Now!

 

Get to know Hank Ewing                                

Hank Ewing

 

Hank Ewing is a team leader for the Ewing Group. He joined the team of experienced REALTOR® at Bellator Real Estate & Development in 2014, and he and his team specialize in selling residential properties fast and for the most money. He is also skilled in hunting down the best prices in the area to match buyers with their ideal homes.

Hank has Louisiana roots but has lived in Daphne, Ala. for seven years. Prior to beginning his career in real estate, he worked for 20 years as an engineer in communication technologies. Videos have been ranked one of the top-rated tools for successfully selling homes, and Hank is experienced in virtual tours and other visual technology to help you make a great impression on the market.

Hank has been married to his lovely wife Amy for 22 years, and has two children – Dylan, 20 and Anna Claire, 14. When he’s not marketing homes or finding great deals for buyers, Hank enjoys hunting and spending time with family and friends.

 

Hank Ewing Expertise

Specialties

 Land 

 New Construction

 Relocation 

 Residential

 Short Sales 

 Vacation/Resort Properties

 Condos/Townhomes 

 Luxury Homes

 Sellers 

 Buyers

 Investment Properties 

 Military Relocation

 REO/Bank Owned

 

Awards

Gold Club member Bellator Real Estate and Development

Presidents Club Bellator Real Estate and Development

 

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Posted by

Hank Ewing

The Ewing Group
Bellator Real Estate & Development

7300 Dolphin Street

Daphne, AL 36526

251-689-9765

www.findhomeseasternshoreal.com

 

 

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Rainmaker
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

These are some pretty interesting stats, lots to look forward to over the next few years. Thanks for sharing the info.

Oct 01, 2015 10:46 AM #1
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Rainer
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