52% of Americans plan home purchase within 5 years
CHICAGO – Aug. 12, 2015 – Just over half (52 percent) of Americans say they are likely to buy a home in the next five years, according to the 2015 BMO Harris Bank Homebuyers Report.
Americans surveyed are willing to pay an average of $296,000 for a home and an average 21 percent downpayment.
The report, conducted by Pollara for BMO Harris, also found that:
- Among likely buyers, 78 percent plan to get preapproved before seriously searching for a home.
- Three quarters of current homeowners set a budget before looking for a home. Sixteen percent ended up spending less while 13 percent went over their budget.
- 74 percent of those looking to buy a new home will consult a real estate agent, while 59 percent said they will visit online real estate websites and 37 percent will seek recommendations from friends and family.
- 63 percent of American homeowners spent under six months looking for a new home before they made a purchase.
- 8 percent bought a home without participating in an active real estate search – or even any plan to buy at all – because a specific property caught their attention.
- Many likely homebuyers are interested in a real estate mobile app to help their home search: 78 percent said the biggest draw for a mobile app would be the ability to look at house listings in their specific desired area, and the ability to obtain information about neighborhoods (77 percent).
The survey results cited in the BMO Harris 2015 Home Buying Report, conducted by Pollara, are compiled from a random sample of 2500 Americans 18 years of age and over between Jan. 23 and Feb. 9, 2015.