Eighty percent of non-home owners are willing to give up certain luxuries in their life so that they can purchase their dream home, according to Century 21’s new Spring Home Buyer/Seller Survey.
The survey finds what are they willing to sacrifice in order to save for purchasing their dream home:
· 50 percent would cut back on dining out.
· 49 percent would trim their shopping for non-essential items, such as clothing, gadgets, and accessories.
· 47 percent would give up luxuries, such as expensive cable packages and trips to the salon.
· 39 percent would cut back on vacations.
· 10 percent would contribute less to their 401(k).
The survey finds that record-low mortgage rates and appealing home prices are making them want to act faster toward home ownership. “For those who are currently renting, purchasing a home is especially attractive right now,” says Rick Davidson, president and CEO of Century 21 Real Estate LLC. "In fact, home affordability reached a new all-time high for the first quarter of 2012.”
While renters are ready to sacrifice to get on the road to home ownership, many express concern that despite their sacrifices they’ll still struggle to get there. Forty-five percent of renters say they will likely be forced to wait to own a home because they cannot qualify for a mortgage or don’t have sufficient funds for a down payment, according to the Century 21 survey.
Source: Century 21 Real Estate