Most cited as an impediment to purchase was the challenge of low inventory. Strong demand coupled with short supply explains why home prices have been increasing.
"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. 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," said Alison Schwartz, vice president of corporate communications at REALTOR.com®. "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. 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."
Some interesting statistics taken from the report are:
• 29 percent believe that winter weather makes house hunting unpleasant
Indications are that it may be advantageous for sellers to put their home on the market now rather than wait until after the first of the year.
As a REALTOR for the past 20 years representing home buyers and sellers in Wayland, Sudbury, and the towns west of Boston it has been my experience that buyers who are in the market during the holiday/winter season are serious and ready to move. As stated in the NAR report, many missed out during the Spring and do want to compete again this year. There are lots of factors that trigger buyers to buy over the holidays; year-end bonuses, they have time to look - a lot people have vacation time to use up; gift money from relatives, engagements, and relocation. If you are thinking about selling your home and buying another either in the area or somewhere warmer, contact me anytime or request a free valuation report for you home.
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