Spring is the hottest time to find houses because everyone gets very excited to come out of winter, see the landscaping bursting into color and get outside. Dreams burst into technicolor in the housing market during springtime.
However, summer is right on the heels of spring when it comes to the real estate markets. That is because during the summer, people tend to have more time to house hunt. At that time, families are not dealing with school anymore, there is vacation time to use, and ease of neighborhood walkability makes summer house buying more attractive for some people.
The spring markets were strong nationwide and summer is set to be the same. There are currently no signs of a slowdown in most of the real estate markets. Couple the high inventory with the availability of easy financing, and you could easily find your dream home this summer!
Keep these house hunting tips in mind to navigate the summer real estate market.
As previously mentioned, spring is the hottest time for selling houses, but this year is a little different. Right about now, there are plenty of people with homes on the market who are wondering why their home didn’t sell in the spring when they thought it would. Those sellers are probably eager to make a deal.
To get a good deal, you should understand the main reasons homes don’t sell quickly in the spring.
First, many homes that don’t sell are actually incorrectly priced, likely as a result of the seller not listening to the real estate agent. Sellers may have priced themselves too high for the market and now have to correct course.
The other reason is that the seller is unwilling to make major repairs or updates to the home. For example, the kitchen may have been wildly outdated and the current owner may not have wanted to make requested changes or budge on the asking price.
Now that homes have been on the market for a couple of months, sellers may be willing to change their tune. Still, if you find a deal, make sure you know what you’re getting into in return. You may need to make a repair or update you weren’t necessarily bargaining for.
Keep these things in mind when house hunting:
Summer has great walkability for neighborhoods, sometimes even more so than spring, due to the potentially rainy spring weather. Walking around the neighborhood is a “must” for a home buyer. After all, you’re not just buying a home, you’re buying into a community.
Walk around and see what the community looks like during peak hours. Drive around the areas nearby and see what you think. What is the flow of traffic like? Are there community parks, farmer’s markets, and other attractions that are important to your lifestyle? How pet-friendly is the neighborhood? How noisy?
This is a great chance to get a good look at what your daily life could be like. You will get an immediate sense of what kind of neighborhood you will be living in during the summer months.
If you are looking to be even less competitive and score a major deal, go toward the end of the summer season when people are vacationing and otherwise preoccupied with summer activities. You are more likely to find a reduced asking price and less likely to find yourself in a bidding war with five other families.
Sellers may also be more motivated to cut a deal before they pull the home from the market, so if you are willing to wait, you may be able to score a serious bargain. This is something of a risk, so if your need to move is urgent, you may not want to wait this long. But if you have time on your side, you can score a major financial victory later in the summer.
This is a great opportunity to schedule appointments with your agent to learn more about the market you are buying into.
As the season begins to slow down, your agent will have more time to work with you and arrange showings that meet your needs. You can typically also have your preference of showing times on weekends during the summer, as there are fewer sellers to compete with.
Take advantage of this relationship, as your real estate agent can help you save thousands of dollars on your dream property.
While it is true that spring is the strongest season for selling houses, the summer has a lot to offer a choosy buyer. With less competition, strong inventory, and sellers who are willing to negotiate, you can easily find the property that fits your budget without the level of competition you would see in the spring. Keep in mind things to look for when house hunting.
Thinking of house hunting this summer? Keep these tips in mind and remember, Homes & Land has a network of vetted agents and home listings!