About 54 percent of Americans plan to buy a home in the next five years, according to a new report from BMO Harris Bank. That’s up 12 percent from 2016.
The information comes from the BMO Harris 2017 Home Buying Report, which was conducted by a third party between March 13 and 20. It included a random sample of 2,505 Americans ages 18 and older. If you're of these homebuyers, you may consider asking to visit a display home so you can personally inspect its features.
BMO also revealed more than 75 percent of those buying a home set a budget before beginning their search and stick to it.
Ninety percent of prospective first-time buyers plan to get preapproved for a mortgage before making an offer on a home.
About 65 percent of those seeking to buy a home plan to use a real estate agent. Sixty-one percent said they would search a real estate website for homes. And 38 percent said they would ask for advice from friends and family. Millennials are more likely to use a mobile device in their search, as well as seek recommendations from friends and family.
The majority of buyers find the home they will buy within six months, according to the survey.
"Future buyers are encouraged about their prospects for a home purchase in the near future, and they're keeping a healthy budget top of mind," said Steven Zandpour, senior vice president and head of retail banking for Chicago metro north at BMO Harris Bank. "Home ownership is a fulfilling goal for many and it doesn't have to be a cumbersome process. Our mortgage specialists aim to walk each of our customers through each step, helping them along the journey and understanding what matters to them the most."
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