March 5th, 2015 10:16 PM by Landa Pennington
The motivation is so dominant that buyers are willing to make sacrifices to have their dream come true. According to the 2014 National Association of REALTORS® Home Buyers and Sellers Survey, 72% 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 is more important than the immediate gratification of things that are considered less important. While qualifying guidelines were increased last year, there are still more buyers purchasing homes at near record-low mortgage rates.