Report: Surprising number of homebuyers left this winter
Posted on Monday, December 9, 2013 at 9:50:25 AM
Home sellers have been aware of this for a long time - the winter provides a shortage of potential buyers alongside colder temperatures and bad weather. However, this year may be different, as there appears to be a larger number of people with residential financing browsing the market.
According to Redfin, demand didn't drop as much as expected this November. Instead, there are still plenty of determined buyers looking for real estate.
For example, Redfin customers only signed 10.6 percent fewer offers between October and November, compared to a 13.6 percent drop over the same time last year. Home tours also declined, down 7.2 percent. But, last year there was an 11 percent decrease.
These changes demonstrate that the seasonal dip still exists, but that this year hasn't been as drastic for those seeking residential financing. Typically, buyers face a lot of obstacles shopping during the winter.
According to Realtor.com's Winter Home Buyer Report, nearly half of those surveyed reported a smaller inventory of affordable properties for sale. In addition, 34 percent noted that there aren't enough homes on the market at all. Even so, many people shop now because there are more motivated sellers, better deals and less competition.