What People Would Sacrifice to Buy a Home

What would you sacrifice? – Dawn

DAILY REAL ESTATE NEWS | THURSDAY, MAY 24, 2018

Home buyers are willing to make extreme sacrifices and even give up some basic rights to get a chance at homeownership or help with their down payment, a new survey shows. In exchange for a 10 percent down payment, would-be buyers said they’d forgo their dream car, vacations, and even their right to vote.

Twenty-two percent of 1,000 buyers recently surveyed said they’d be willing to give up the right to vote in exchange for a 10 percent down payment they would not need to pay back, according to Unison Home Ownership Investors and Atomik Research’s The Value of Owning a Home survey. Millennials (26 percent) are more likely than Gen X (20 percent) and baby boomers (7 percent) to be willing to give up their right to vote. Men are more likely than women to give up their driver’s license—14 percent versus 9 percent, respectively.

Forty-four percent said they’d be willing to give up their dream car, and 38 percent would give up vacationing for the next five years.

Homeownership status may even affect relationships, the survey found. Fifty-eight percent of respondents said they’d be more likely to date or marry someone who already owned a home at the time their relationship began, according to the survey. Homeowners may be more attractive to aspiring buyers. Millennials (58 percent), Gen X (59 percent), and baby boomers (56 percent) admit preference toward engaging in a relationship with a current homeowner.

To overcome the down payment barrier, more consumers are showing openness toward crowdfunding. Twenty-six percent of respondents surveyed said they’d consider crowdfunding a down payment, and 29 percent would use an equity investment or homeownership investment. Read more about buyers using crowdfunding to secure a home.

Source: “The Value of Owning a Home,” Unison Home Ownership Investors (May 24, 2018) [Log-in required.]

About Dawn O'Neal

Dawn O'Neal - WASHINGTON - Realogics Sotheby's International Realty - Managing Broker CALIFORNIA - Independent Broker~Owner~REALTOR® GRI, CRS, LTG®, RRC®, PMN® ASP®, e-PRO®, SRES®, CIPS, TRC®,SFR®, CHS®, CDPE®, Ombudsman and Trained in Negotiations & Mediation from Pepperdine University School of Law I have been self employed since 1975, a REALTOR® since 1990. I am a member of the Sequim Association of REALTORS® IN WASHINGTON and WAR® plus Santa Clara County Association of REALTORS® and CAR® in CALIFORNIA Plus NAR®. I work predominantly with residential clients, some commercial properties, 1031 exchanges, & extensively with Seniors. I have received many awards with RE/MAX and Realty World attaining both their top award of Hall of Fame & earned many designations. I love to work with clients in person or through emails & the Internet. Please visit my web page www.DawnOneal.com for a full profile, testimonials & my passion – Breakfast With Santa. My Motto - Exceeding Expectations - ALWAYS!
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