Making the Sacrifice
Purchasing a home is an investment in a buyer’s future and is likely the biggest financial investment he or she will make in a lifetime. To achieve homeownership, buyers are often willing to make compromises or sacrifices to help make their home buying dreams come true. According to the NAR 2012 Home Buyer and Seller Survey, recent home buyers were often willing to make sacrifices on price, size and condition of the home they purchased, and households with children under 18 were the most likely to make those sacrifices.
When purchasing their home, 32percent of all buyers cut spending on luxury or non essential items. Twenty-six percent cut spending on entertainment, 20 percent cut spending on clothes and 13 percent canceled vacation plans.The survey also showed that first-time buyers are the group most likely to make sacrifices.
- No Changes Necessary
Interestingly, the NAR surveyalso found that a majority of buyers made no adjustments when buying a home. Fifty-three percent of buyers didn’t need to make sacrifices and 37 percent made no compromises. Talk to a Realtor® about lifestyle changes their clients make when saving to buy a home. Ask home buyers what compromises they made and how they came to that decision.