What 52% of Americans are Planning For (And you should plan for too!)

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What 52% of Americans are Planning For (And you should plan for too!)

Home buying still sets the most important investment of an american buyer. A survey done by BMO Harris Bank Home Buying Report found that that 52% of Americans foresee themselves home buying within the next five years. The report also stated that Americans are willing to pay an average price of $296,000 for the home, and a 21% down payment.

Home Buyer Details

  • 74% will likely to consult a real estate agent’s help
  • 59% will visit online real estate sites
  • 37% will ask for friend and family recommendations
  • 78% will seek pre-approval before seriously considering buying a home

Current Homeowners

  • 75% of homeowners set a budget before home searching; 16% will spend less and 13% will go over budget
  • 63% spent 6 months or less searching before they bought a home
  • 8% of homeowners either didn’t participate in a real estate search or had no plans of buying before a property caught their attention

Why do some homeowner’s buy without a plan?

There are some home buyers that wait for a home to catch their eye, as opposed to putting a home search plan in motion. Fannie Mae explains in her article that evidence shows a number of homeowners are underestimating the equity of their current home. Large underestimates of their property may be causing them to refrain from applying for mortgages and selling their current home to find another.

Bottom Line

Appropriate planning and research is best for most thinking of home buying, and a professional real estate agent can surely steer you in the right direction while the market continues to see a lot of activity. Are you looking to purchase in the near future? We have a great selection of Ballantyne homes for sale!

If you think you’ve already found the house of your dreams, consider these 7 Strategies to prevail in a Bidding War to help you win that perfect property. Give us a call today to learn about more home ownership opportunities in your area! Call us at 704.997.3794.

If you decide you don’t like your home we will sell it for free. *some conditions apply*

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