According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017!
The survey also revealed 3 key takeaways:
- Those most likely to buy are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52).
- Minorities, particularly African-Americans, were twice as likely to respond that they were considering purchasing a home this year than white respondents.
- Many potential buyers believe they need to put 20% down and need to have perfect credit to own and are unaware of programs that would allow them to buy now. It is imperative that buyers seek out a reputable mortgage broker so they can be fully educated on the variety of options out there.
Holden Lewis, a mortgage analyst for Bankrate.com, pointed to one big reason why many Americans are starting to consider homeownership:
“Having kids and raising a family is a primary reason why Americans take the leap into homeownership—many consider it a key component of the American dream.”
Are you thinking of buying a home?
If buying a home is a part of your dream for 2017, meet with a reputable professional who can help you determine if you are able to. It is equally important that you seek out a Realtor who knows the area in which you are interested in buying. These professionals are better equipped to know the area and pricing.