BMO Harris Bank releases study on Wisconsin homebuyer

Special to The Freeman

Oct. 30, 2014

MILWAUKEE — The process of purchasing a house can result in a range of emotions, including stress and happiness and a study released by BMO Harris on Thursday explored those feelings.

According to the study, “Psychology of Home Buying,” 59 percent of homebuyers currently on the market believe they will find their dream home, and 50 percent of Wisconsin residents things they will be able to find their dream home in their price range. Thirty-six percent of buyers said they are unwilling to settle with a less-than-perfect home, according to the study.

Before making a purchase, residents will visit 11 homes during their search and three-quarters of shoppers looking for up to six months. Only 11 percent, according to the survey, take more than a year to find their new home.

“For most of us, buying a home is one of the biggest and most important financial investments will make in our life,” said Lori Day, director of mortgage sales, Wisconsin, BMO Harris Bank. “But it’s not just a financial decision, it’s also an emotional one, and our survey shows Wisconsin homebuyers have a dream home in mind, and are less likely than others to settle, so they will take the time and energy to search for a home that fits just right.”

The most common emotions Wisconsin residents reported feeling while home searching were excitement and hope, according to the report.

“Thirty-year fixed mortgage rates have dipped back below the 4 percent level in recent weeks, for the first time since the spring of 2013. Both of these developments point to a pickup in housing market activity, in terms of turnover and homes — yes, even ‘dream homes’— available for sale,” said Michael Gregory, head of U.S. economics at BMO Capital Markets, in a statement.