Buying a home is still a high priority for Americans

Buying a home is one of the top four things Americans are saving for, according to a recent survey from Chase.

“Insights from the Mind of the Modern Homebuyer” showed that Americans are also saving for retirement, an emergency fund and a vacation.

Respondents considered what owning a home means to them, and a place to raise their family, an investment and reaching a life milestone were the top answers.

While owning a home may be a goal for many Americans, once purchased, 72 percent of homebuyers don’t plan to stay in their home long-term. Perhaps it’s because homeowners are optimistic about their home’s value. Sixty-six percent believe their home will increase in value over the next five years, and around 40 percent are planning to use a Home Equity Line of Credit (HELOC). Fifty-eight percent said they would use the HELOC for home improvements.

However, when homeowners are ready to move, they usually start on their own. When looking for a home, 68 percent begin the search independently. Nearly half use a computer or laptop and 13 percent use their cell phones to look for homes. Around one in ten would first check newspaper or magazine listings first.

While most respondents begin the process on their own, they soon turn to professionals. More than three quarters- 77 percent- think a Realtor® is an “essential” part of the home buying process. Relatedly, 73 percent would want to meet with a mortgage professional to discuss finances. Eighty-one percent said that you should start saving for a home in your 20s.

“With more options and endless information at the consumer’s fingertips, it’s changing the way people look at major purchase decisions,” said Sean Grzebin, head of retail mortgage banking for Chase.