One in five homebuyers looking for a home this winter expects to pay cash and 29 percent of buyers using all cash are downsizing to a smaller home or less expensive home, according to a new Winter Home Buyer Report from realtor.com. The survey looked at buying patterns of those expecting to purchase a home this winter.
The findings? Downsizers and relocation buyers make up a large share of winter buyers and many who shop for a home at this time of year do so because they expect prices to be better, sellers to be more motivated and competition to be lower. Other buyers are still in the market after not finding a property earlier this year.
“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.