The colder months are traditionally slower for the real estate market, but this winter, a report by Realtor.com says a quarter of the potential buyers are planning to look for a home because they were frozen out of the market this spring and summer.
"This summer and spring home buying season was particularly challenging for buyers, especially first-time homebuyers trying to compete with all-cash offers and bidding wars because of reduced inventory," Alison Schwartz, Realtor.com's vice president of corporate communications, said in a release.
Inventory remains a major challenge for buyers, with 45 percent of survey respondents saying there are not enough homes on the market in their price range and 34 percent citing lack of inventory in general.
Motivation all around
While the dearth of homes for sale is driving more buyers into the winter months, buyers also believe sellers are more motivated during the slow months and that prices will be negotiable as a result.
Among the buyers who expect to be searching for a home this winter, 28 percent say they are relocating and 19 percent are looking to downsize to a smaller property. Among the all-cash buyers, 29 percent are downsizing and 26 percent are relocating. Find mortgage rates in your area.
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