Over Half of Americans Planning on Buying in the Next 5 Years

JOHN RICE ASSOCIATE BROKER | REALTOR

Over Half of Americans Planning on Buying in the Next 5 Years
Over Half of Americans Planning on Buying in the Next 5 Years | Simplifying The Market

According to the BMO Harris Bank Home Buying Report, 52% of Americans say they are likely to buy a home in the next five years. Americans surveyed for the report said that they would be willing to pay an average of $296,000 for a home and would average a 21% down payment. The report also included other interesting revelations.

Those Looking to Buy

  • 74% of those looking to buy a new home will consult with a real estate agent
  • 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

 Those Who Already Own

  • 75% of current homeowners set a budget before looking for a home, and 16% ended up spending less while 13% went over their budget.
  • 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.


Source: Michigan Real Estate News, John Rice Realtor Latest Real Estate News

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A few words from our clients:
It was a wonderful experience working with John. His professionalism, honesty, experience, and knowledge of the Grand Rapids market, helped us in multiple ways. John sold our home in one day, was honest about what we could expect from offers, and was spot on. As we progressed toward finding our new home, again, he was extremely knowledgeable about the neighborhoods, home values, and history of the homes. We are more than happy to say, that he helped us find our dream home within our budget! Anything I needed, he was there through emails, texts, or phone calls. He definitely put in a lot of work for us. Without a doubt, I will ask for his assistance again when the time comes. Thank you John!
T&A Lascari
We have worked with John multiple times now, both buying and selling homes. We 100% recommend him and he’ll always be our go-to realtor for any future real estate needs. John is experienced in the industry and well-known and respected. He is extremely professional and knowledgeable, on top of being an all-around nice guy. He is responsive and answered all of our questions along the way. We asked John for several referrals for other services (lender, cleaner, etc.) and we were very happy with all his suggestions. John is honest and will listen to your concerns/opinions. He is never pushy, but gives great advice based on his years of experience. We are so thankful for the guidance we received from John to make our recent home buying and selling experience successful and quick! If you need a realtor, call John.
G&E Webb
Purchased and sold with John, he is: Professional, an extremely good communicator, precise, and acted on our behalf 24/7. He kept us up to date on listings for purchase and preparation advice for selling our home. He was knowledgeable about neighborhoods. Photography for sale of our house was impressive. We were appreciative of the guidance regarding making offers, inspections, when to list our home, writing contracts, detailed review and presentation of offers on our home and being realistic about our purchase of new home. Great experience, Great Realtor.
J&G Junod
We have worked with John to sell 1 home and buy 2 homes and he is an incredible realtor! He is professional, prompt with communication, honest and patient. We had quite the list for what we were looking for and John was always available to answer questions and get us in to look at a home. His knowledge and connections in the industry made both the buying and selling process go smoothly. We simply cannot recommend John enough!
Chase and Nicole O
We can’t say enough good things about John. He is an awesome realtor! We bought our home with his help and just recently sold it with his help. He is highly knowledgeable about the Grand Rapids area market and his expertise and professionalism has shown through both times we worked with him...John is a wonderful communicator and a genuine person. His sincerity has been evident in his commitment to making the purchase and sale experience as seamless and informed as possible. We consider ourselves incredibly fortunate to have worked with John and strongly recommend him without reservation!
E&T VanBuskirk
John helped us sell our house when we moved out of Grand Rapids 3 years ago and recently helped us purchase a new house when we moved back. He is very professional and knowledgeable of the area and market. I would recommend him to anyone looking to buy or sell.
S&K Weber
We moved to the Grand Rapids area 11 years ago and John was very patient as we found our first home and made the experience absolutely seamless! When we were ready to sell and buy again we knew to reach out to John. As we remembered and appreciated, John is an absolute professional and was and advocate for our best interests at all times during this wild market. We found great value in our new home and he helped us get top dollar for our sale. Grateful to have him on our side though the whole process. You won’t be disappointed!
Lance W
John Rice is hands down one of the best realtors in the Grand Rapids and surrounding areas. We have utilized him as our realtor on two separate occasions, once over 10 years ago, and again over the last several months to buy/sell. He is incredibly knowledgeable and uses his expertise to help guide you in your choices throughout the realty process. He is professional, kind, has impeccable attention to detail, responsive, and clearly loves what he does. Choose John for your realty needs…he is the best of the best!
Amanda W