BMO Harris Bank Home Buying Report

Just over half (54 percent) of Americans say they are likely to buy a home in the next five years – up 12 percent from last year – according to the 2017 BMO Harris Bank Homebuyers Report. In addition, Americans surveyed are willing to pay an average of $277,000 for a home and will average a 32 percent down payment.
The report, conducted by Pollara, also found that: Among likely first-time buyers, 80 percent plan to get pre-approved before making an offer and 10 percent are already pre-approved. Around four-in five will set a budget before looking for a home. The majority (65 percent) of those looking to buy a new home will consult a real estate agent, while 61 percent said they will visit online real estate websites and 38 percent will seek recommendations from friends and family.
“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, 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.”