Winter move trends – Why the holiday season is perfect time to buy a home

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Winter move trends – Why the holiday season is perfect time to buy a home

realtor.com recently surveyed 1,300 people interested in buying a home at this time of year if they can. Four key reasons for the decision were clear:

– 26% thought sellers would be more motivated to sell and to negotiate

– 24% believe home prices would be better now

– 24% were unable to purchase in the spring or summer buying seasons

– 20% thought there would be less competition from other buyers at this time of year

Putting a damper on those thoughts and dreams was the reality of the market presenting major challenges to those wannabe homeowners:

– 45% said there was not enough inventory within their price range

– 34% said there was not enough inventory on the market

– 29% said the weather at this time of year makes the house search unpleasant

– 7% said there were still too many buyers in the market

The reasons why the respondents are continuing to look are nothing out of the ordinary:

– 28% were looking to relocate

– 19% are existing homeowners looking to downsize to a smaller or less expensive home

– 19% are first-time buyers

– 15% said they are looking to move up to a larger or more expensive home

When it comes to financing their purchase, of these potential winter-time buyers:

– 13% are planning to put down 3.5% (using an FHA loan)

– 23% plan to put down 10 to 20%

– 22% plan to put down 21 to 99%

– 19% are all-cash buyers

Of those all-cash buyers:

– 29% are downsizing to a smaller or less expensive home

– 26% are relocating

– 11% are moving up to a larger or more expensive home

– 11% are looking for a vacation home

Source:Realtor.com

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