Twenty-nine percent of all-cash home buyers planning a purchase in the next four months are downsizers
SAN JOSE, Calif., Nov. 20, 2013 /PRNewswire/ — Today, realtor.com(R), the leader in online real estate, operated by Move, Inc. (NASDAQ: MOVE), released the results of its Winter Home Buyer Report, which ran on realtor.com(R) from Nov. 7-16 and explored sentiments of home buyers looking to buy a house during the winter months.
Biggest Challenges Reported for Buying During Winter Months:
-- 45 percent of respondents indicated that there is not enough inventory within price range; -- 34 percent shared that there is not enough inventory on the market; -- 29 percent believe that winter weather makes house hunting unpleasant; -- 7 percent indicated that there are too many buyers in the market.
Top reasons consumers are looking to buy a home in winter:
-- 26 percent of respondents believe that sellers are more motivated to sell and willing to negotiate; -- 24 percent indicated that they think home prices will be better; -- 24 percent revealed that they were unable to buy a house during spring or summer; -- 20 percent shared that they think there will be less competition between buyers.
The current purchase status of those surveyed includes the following:
-- 28 percent of respondents reported that they are relocation buyers; -- 19 percent shared that they are existing homeowners downsizing to a smaller or less expensive home; -- 19 percent indicated that they are first-time home buyers; -- 15 percent revealed that they are current homeowners moving up to a bigger or more expensive home.
Amount of cash winter home buyers are planning to use for their down payment:
-- 13 percent of buyers are planning to put down 3.5 percent cash (United States Federal Housing Administration loan); -- 23 percent are planning to put down 10 to 20 percent cash; -- 22 percent are planning to put down 21 to 99 percent cash; -- 19 percent are planning to put down 100 percent cash.
Of those planning to use all cash, the respondents fall into the following categories:
-- 29 percent of respondents are downsizing to a smaller or less expensive home; -- 26 percent are relocation buyers; -- 11 percent are moving up to a bigger or more expensive home; -- 11 percent are buying a vacation home.
Please contact Lexie Puckett at firstname.lastname@example.org for a full breakdown of survey results.