Almost Half Of Missouri Residents Expect To Buy A Home In The Next Five Years

Almost half (42%) of the residents in Missouri plan to buy a home within the next five years, according to the recently released BMO Harris Home Buying Report.  Buyers surveyed indicated they plan to pay an average of $242,000 for a home when they move and almost half of the potential home buyers have indicated they are willing to get into a bidding war to get the home they want.

 Report Highlights:

  • Buyers expect to make a down payment of 20 percent on average
  • Seventy-five percent are confident they will have the money they will need to make a down payment on their next home.
  • Thirty-five percent of current tenants are worried they will not be able to afford to purchase a home.
  • Twenty percent expect to buy a home within one year, twenty-three percent within two years and forty-two percent within five years.

Going from renting to buying is a big step, so it’s important to work with someone who knows the ins and outs of mortgages,” said Jeff Fothergill, St. Louis Mortgage Market Manager, BMO Harris Bank. “Whether you are a first-time home buyer or a veteran homeowner, it’s important to have a mortgage professional who will be able to explain the process, breakdown the numbers, and identify the mortgage options that are suitable for your particular situation.”

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