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Home Purchase in Sight for Over Half of Americans Within Five Years

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Many Americans are gearing up to purchase a home in the coming years. According to a recent BMO Harris Bank 2015 Homebuyers Report, 52 percent of Americans say they are likely to buy a home in the next five years.

Additionally, those surveyed indicated that they are willing to pay an average of $296,000 for a home and will average a 21 percent down payment.

The report also found that among those who intend to buy, 78 percent plan to get preapproved before seriously searching for a home. Meanwhile, 75 percent of current home owners set a budget before looking for a home and 16 percent usually spend less while 13 percent go over budget.

"Getting preapproved helps buyers understand their budget as they start their home search. That means estimating monthly mortgage payments and how much you can borrow," said Alex Dousmanis-Curtis, group head, U.S. Retail and Business Banking, BMO Harris Bank.

BMO also reported that 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.

According to the report, 63 percent of American homeowners spent under six months looking for a new home before they made a purchase. In addition, 8 percent bought their home without conducting an active real estate search or even planning to buy because a specific property caught their attention.

The report also found that many likely homebuyers are interested in a real estate mobile app that would help in their home search. Over three-quarters of homebuyers said the biggest draw for a mobile app would be the ability to look at house listings in their specific desired area and 77 percent would like the ability to obtain information about these neighborhoods.

Click here to view BMO Harris Bank's 2015 Homebuyers Report.

About Author: Xhevrije West

Xhevrije West is a writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University.
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