Over Half of Americans, Buying Retirement Home Next 5 Years

By
Real Estate Agent with Keller Williams Realty of Fort Myers & The Islands Broker BK3099912
https://activerain.com/droplet/4QSG

 

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.

The 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, and 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 who 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?

Today, many home owners do not understand their homes current value!

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? An article by Fannie Mae reveals evidence that a large number of homeowners are dramatically underestimating the equity they have in their current home.

The report explains that: “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.”

 Southwest Florida home values have greatly appreciated  over the  last 3 years. 

Perhaps it's time we  sit down together  to determine the actual equity you have in your house and to 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.

Posted by

 

 Listing and Selling Southwest Florida Homes, Condos Waterfront & Luxury Homes!

 

 

Joe Kendall BROKER "Broker Joe"

Keller Williams Realty Fort Myers & The Islands,

16 years of experience to offer You!

Fort Myers / Fort Myers Beach / Cape Coral / Bonita Springs / Naples/ Sanibel Island 

Search all the homes for sale located in Southwest Florida here

Phone 239-560-0726

Email BrokerJoe@Me.com  

 

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