CHICAGO – Aug. 12, 2015 – Just over half (52 percent) of Americans say they are likely to buy a home in the next five years, according to the 2015 BMO Harris Bank Homebuyers Report.

Americans surveyed are willing to pay an average of $296,000 for a home and an average 21 percent downpayment.

The report, conducted by Pollara for BMO Harris, also found that:

  • Among likely buyers, 78 percent plan to get preapproved before seriously searching for a home.

  • Three quarters of current homeowners set a budget before looking for a home. Sixteen percent ended up spending less while 13 percent went over their budget.

  • 74 percent of those looking to buy a new home will consult a real estate agent, while 59 percent said they will visit online real estate websites and 37 percent will seek recommendations from friends and family.

  • 63 percent of American homeowners spent under six months looking for a new home before they made a purchase.

  • 8 percent bought a home without participating in an active real estate search – or even any plan to buy at all – because a specific property caught their attention.

  • Many likely homebuyers are interested in a real estate mobile app to help their home search: 78 percent said the biggest draw for a mobile app would be the ability to look at house listings in their specific desired area, and the ability to obtain information about neighborhoods (77 percent).