Over Half of Americans Planning on Buying in the Next 5 Years
Those Looking to Buy
59% said they will visit online real estate websites
37% will seek recommendations from friends and family
78% plan to get pre-approved before seriously searching for a home
63% of American homeowners spent under six months looking for a
new home before they made a purchase.
8% bought their home without participating in an active real
estate search - or even any plan to buy at all - because a specific property
caught their attention.
The last point is very interesting: Of those who purchased a home, 8% bought “without any plan to buy at all”. A property caught their attention and they acted on it.
Why Are More People Not Planning Their Next Move?
Why are people that are considering a move not putting their home search to a plan, and instead, buying only when a property catches their attention? An article by Fannie Mae reveals evidence that a large number of homeowners are dramatically underestimating the equity they have in their current home. The report explains that:
“Homeowners may be underestimating their home equity. In particular, if homeowners believe that large down payments are now required to purchase a home, then widespread, large underestimates of their home equity could be deterring them from applying for mortgages, selling their homes, and buying different homes.”
Bottom Line
Let's meet up to determine the actual equity you have in your house and to take a look at the opportunities that currently exist in the real estate market. This may be the perfect time to move-up, move-down or buy that vacation home your family has always wanted.
