The results of the survey were interesting. Here is what they plan to do with their money:
Upon seeing the research, The National Association of Realtors (NAR) wondered if this could help with a constant challenge cited by many people who wish to purchase a home – saving for the down payment.
In a recent post in NAR’s Economists’ Outlook Blog , they explained:
“With a sizable tax refund, the average American would have a decent down payment depending on which region or market you live in.”They went on to add:
“[A]pproximately 5 percent of all respondents indicated they would make a major purchase which does not seem like a lot. However, there is a bigger group 41 percent who see saving the tax return is best and that group could be potential homebuyers if they are not already.”In other words, putting that money toward purchasing a home is a form of savings.