No one can really see into the future, but there are some smart people out there who can give us some pretty safe predictions. According to a recent report issued by BMO Harris Bank, many Americans are gearing up to purchase a home in the coming years.
• 52% of Americans say they are likely to buy a home in the next five years
• These same folks are willing to pay an average of $296,000 for a home with a 21% down payment
• Among those who intend to buy, 78% plan to get preapproved before seriously searching for a home
• Meanwhile, 75% of current home owners set a budget before looking for a home; 16% usually spend less while 13% go over budget
• 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 Do these statistics fit with your mindset? If so, what are you doing to prepare for your next purchase of a house? If not, what do you think you need to do?
As an experienced buyers agent the best advice I can give potential buyers is get pre-approved. Meet with local lender(s) to see what type of loan, rate, money down required, etc that works best for you and you qualify for. Many do not understand, with the new Arizona Purchase contract a signed pre-qualification letter must accompany the offer. Next? Start a relationship with a Realtor. Dont wait until you have found the house to pick your agent, start a relationship today.