It's not unusual for homebuyers to increase their savings and cut back on unnecessary expenditures when they're preparing to purchase property. But not every homebuyer feels the need to sacrifice.
Research from NAR's 2012 Profile of Home Buyers and Sellers says that 53% of all homebuyers reported that they did not need to make any sacrifices to purchase their home. Even more repeat buyers, 61%, said they didn't.
Overall, first-time homebuyers give up more to buy than repeat buyers. Here are a few other statistics on what buyers are willing to compromise on to purchase a home.
- Among all buyers, 32% cut spending on luxury or nonessential items to make their home purchase. Among first-time homebuyers, 42% cut spending on luxury or nonessential items.
- Common compromises that homebuyers make on the property they purchase regard the price, the size of the home, the condition of the home, and the lot size. Fewer buyers are willing to compromise on the quality of the neighborhood or schools, or the distance from friends and family.
- Among all homebuyers, 37% said they made no compromises on the type of home they purchased.