A place you can call your own, to raise your family, share with your friends and feel safe and secure. These are all strong motivations for securing the American Dream of owning your home.
The motivation is so powerful that buyers are willing to sacrifice to make their dream come true. According to the 2010 NAR Home Buyers and Sellers Survey, 41% of first-time buyers cut spending on luxury or non-essential items. They also cut spending on entertainment, clothes and even cancelled vacation plans.
The value of getting their own home was more important than the immediate gratification of things that were considered less important. Consulting with a real estate professional and a recognized lender can outline a proven plan for the first-time buyer to follow. 45 minutes can provide valuable information to get the facts about the market and the best way to make your dream come true.
Sacrifices made to Purchase Home by First-Time Buyers | |
Cut spending on luxury items or non-essential items | 41% |
Cut spending on entertainment | 23% |
Cut spending on clothes | 26% |
Cancelled vacation plans | 15% |
Earned extra income through second job | 9% |
Sold a vehicle or decided not to purchase a vehicle | 6% |
Other | 5% |
Did not need to make any sacrifices | 45% |
NAR 2010 Profile of Home Buyers and Sellers – Exhibit 5-6 | |
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