Tight Inventory Tops Winter Home Buyers’ Challenges
Home buyers unable to find a home earlier this year are taking to the market this winter despite the colder weather and limited inventory, according to realtor.com’s Winter Home Buyer Report.
More than 1,300 people looking to buy a home during the winter months told realtor.com that lingering conditions from the past home-buying season, including inventory challenges and all-cash offers, continue to set the tone for them as they enter the winter season.
“This summer and spring home-buying season was particularly challenging for buyers, especially first-time home buyers trying to compete with all-cash offers and bidding wars because of reduced inventory,” said Alison Schwartz, vice president of corporate communications at realtor.com. “In fact, a quarter of the winter home buyers revealed they are in the market now because they were unable to find a home during this last home-buying season.”
While the majority of winter home buyers describe themselves as relocation buyers, downsizers are also a large portion of those looking to buy a house in the next four months, according to the report.
There are advantages to looking for a home in the winter, Schwartz said.
“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,” she said.