A recent BMO Harris Bank 2015 Homebuyers Report says that 52 percent of Americans say they are likely to buy a home within the next five years. Among those surveyed, they can spend up to an average of $296,000 for their home and will place, on average, a 21 percent down payment.
Additionally, 78 percent said they intend to get pre-approved before seriously looking for a home. 75 percent of those currently owning a home set a budget before the searching process beings; 16 percent typically spend less while 13 percent go over budget.
The report also found that 74 percent looking for a new home will consult with a real estate agent; 59 percent responded that they will check out online real estate websites and 37 percent will seek recommendations from family and friends.
Finally, the report stated that 63 percent of homeowners spent less that six months looking for a new home before purchasing while 8 percent bought a home without actively searching or even planning to buy but made their purchase simply because a specific property was overly compelling.