What Would You Give?

coupleYogi Berra said he’d give his right arm to be ambidextrous. While most first-time home buyers are not going to that extreme, it is interesting to see what sacrifices are being made according to the National Association of REALTORS® 2016 Profile of Home Buyers and Sellers.

  • 43% – cut spending on luxury or non-essential items
  • 34% – cut spending on entertainment
  • 27% – cut spending on clothes
  • 14% – canceled vacation plans
  • 9% – earned extra income through a second job
  • 7% – sold or decided not to purchase a vehicle
  • 44% – did not need to make any sacrifices

Forty-percent of first-time buyers experienced some difficulty during the mortgage application and approval process. Single, male buyers expressed a higher incidence of difficulty than single females and married or unmarried couples.

Pre-approval from a qualified mortgage lender before the home search process begins is still considered the best advice for all buyers who will purchase with a mortgage.

Let me know if you would like a recommendation for a mortgage consultant!

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