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 a staggering 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 caucasian 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.
Holden Lewis, a mortgage analyst…