Consumers hoping to buy a home in the next four months say the lack of inventory is their biggest challenge, according to Realtor.com’s® Winter Home Buyer Report.
The report, conducted from Nov. 7-16, found 45 percent of buyers in the market said there’s not enough inventory in their price range, but many believe winter is a good time to buy because sellers are motivated to sell and are more willing to negotiate.
The survey also found that 19 percent of prospective homebuyers are planning to do all-cash deals.
“While buyers are still experiencing challenges with inventory and approximately one in five buyers plan to put down all cash, there are advantages to looking for a home in the winter,” said Alison Schwartz, vice president of corporate communications at Realtor.com®, in a statement. “Motivated sellers, better prices and less competition between buyers are some of the top reasons winter home buyers are interested in purchasing a home during the colder months of the year.”
Highlights from the Winter Home Buyer Report include:
Biggest challenges when searching for a home during winter:
- 45 percent of respondents said there is not enough inventory within price range
- 34 percent said there is not enough inventory on the market
- 29 percent said winter weather makes house hunting unpleasant
- Seven percent said there are too many buyers in the market.
The reasons most often cited for buying a home during winter:
- 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.
While 28 percent said they were planning to buy because they are relocating, 19 percent were existing homeowners downsizing to a smaller or less expensive home, and 15 percent were move-up buyers. Nearly one in five of those surveyed (19 percent) said they were first-time homebuyers.
|About Diana Dietz, e-PRO:
Diana Dietz is the Communications Manager at the Pennsylvania Association of Realtors®. Follow Diana on Twitter.