Home sellers can expect a rather robust winter selling season, according to a survey from the official website of the National Association of Realtors.
Many would-be buyers will be those shut out during the previous summer and spring seasons, the survey of more than 1,300 potential purchases by Realtor.com found. About one in four buyers will be in the market over the next four months because they previously had failed to find what they were looking for.
"This summer and spring home buying season was particularly challenging for buyers, especially first-time
Now, one in every five of the current pack of buyers plans to offer all-cash, and Schwartz says there are good reasons to continue their home searches during the cold weather months rather than waiting for the spring thaw.
Indeed, motivated sellers, better prices and less competition are some of the top reasons winter homebuyers are interested in purchasing a home now.
The largest share of respondents (28%) described themselves as relocation buyers. First-time purchasers and people looking to downsize each constitute a 19% share of the market. About 15% said they were move-up buyers.
One in four buyers believe sellers are more motivated in the winter and more willing to negotiate, and almost that many think prices will be better. One in five cited less competition as the main reason they are continuing their house hunt.
At the same time, nearly half worry there will not be enough inventory for sale in their particular price range.
Almost one in four borrowers plan to put down a significant amount of cash—more than 20%. And 19% said they won't need financing at all. Some 36% will need financing, though, with 13% planning to put down the minimum 3.5% required by the Federal Housing Administration.
Lew Sichelman is an independent journalist who has been covering the housing and mortgage markets for more than 40 years.
