Winter and Home Buyers
Prospective homebuyers hoping to buy a home in the next four months say the lack of inventory is their biggest challenge, but many believe winter is a good time to buy because sellers are motivated to sell and more willing to negotiate. That’s according to a survey of more than 1,300 visitors to realtor.com conducted from Nov. 7-16, which found 45 percent of buyers in the market said there’s not enough inventory in their price range. The survey also found that a surprising number of prospective homebuyers — 19 percent — are planning to do all-cash deals. Of those planning to buy without taking out a mortgage: 29 percent said they are downsizing to a smaller or less expensive home. 26 percent are relocation buyers. 11 percent are moving up to a bigger or more expensive home. 11 percent are buying a vacation home.
The reasons most often cited for buying a home in winter were:
26 percent said they believe that sellers are more motivated to sell and willing to negotiate. 24 percent indicated that they think home prices will be better. 24 percent revealed that they were unable to buy a house during spring or summer. 20 percent shared that they think there will be less competition between buyers.
October’s slower pace of sales, it would take five months for all those homes to sell, up from 4.9 months in September.