Century 21 Real Estate LLC, franchisor of the worlds largest residential real estate sales organization, announced the results of its Spring Home buying survey conducted by Harris Interactive. The survey revealed that non-homeowners are more likely to make sacrifices to own their dream home.
U.S. adults who are currently renting feel more affected by today's housing conditions. 82 percent of non-homeowners plan to purachase a home at some point. This is in line with the New Yorlk Times/ CBS poll from June 2011 in which 89% of Americans said homeownership is an important part of the American dream.
Half of the non-homeowners said they would cut back on dining out and shopping for non-essential items and 47% said they would give up luxeries in order to be financially able to purchase their dream home. 39% said they would cut back on vacations, and 10% would contribute less to their 401K.
Current market conditions continue to generate interest among first time home buyers. With record low mortgage rates, appealing prices and an upgrades housing forecast this year the National Association of Realtors expects existing home sales to reach 4.66 million in 2012.
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