Today’s Home Buyers Are Better Prepared

A home with text in front of it talking about being preapproved for a mortgage
The good folks at BMO Harris Bank recently commissioned a company called Pollara to conduct a study of projected home-buying habits for potential buyers.  Here are just a few of their findings – interesting stuff!
  • Among likely first-time buyers, 80% plan to get pre-approved before making an offer and 10% are already pre-approved
  • Approximately four out of five will set a budget BEFORE looking for a home
  • More than a majority (65%) of those looking to buy a new home will consult a real estate agent, while 61% said they will visit online real estate websites and 38% will seek recommendations from friends and family
  • Among those surveyed, they are willing to pay an average of $277,000 for a home
  • Over half (54%) of Americans say they are likely to buy a home in the next five years
If the numbers above reflect ACTUAL behaviors, today’s home buyers ARE far better prepared as they’ll be getting pre-approved in record numbers and setting a budget BEFORE they even start looking for a home.
News like that is DEFINITELY worth celebrating.  Just don’t get carried away and blow your budget – eyes on the prize!

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