Among the numerous signs that indicate that summer is here, is those ‘’For Sale” signs displayed in every corner of the neighborhood. A lot of people who want to buy a house tend to intuitively stay away from them and wait for the market to cool down, especially if you are in no rush to move.
However, though summer time is the hottest season in the real estate market, with a lot of competition and bidding wars, most people prefer to enter the market during this season. Read on to find out why people buy homes during the time when there is a lot of pulling and pushing in the market.
#1. Prices Are Not Necessarily Higher
A huge misconception about the real estate market is that houses become costlier during the summer. Many real estate professionals argued that this is not entirely true. Dippy China of Dippy Real Estate argued that although house prices do usually peak in June-August, and in most areas it is a seller’s market, there are other forces that influence this increase of prices other than the fact that it is summer. Those forces include: number of similar homes also for sale in a given area, interest rates, and the job market.
#2. Inventory is Broader
This is one of the main reasons why many people buy properties in the summer. More houses are listed in the summer, which gives home buyers the opportunity to choose the specific kind of house they always wanted. There is a high chance that the open-kitchen you have been dreaming of having or a home in a stellar school district you have always wanted is among the listed homes.
Having so many houses to choose from also kind of increases your bargaining power, knowing that a similar house will be available when you walk away.
#3. Buying and Selling at The Same Time Could Be Easier
Since houses sell off faster in the summer, if you have to sell your current home in order to buy another becomes easier. In the summer, your house would be sold very quickly giving you the chance to buy another one, rather than you getting stuck between two mortgages. However, these transactions could take a lot of time, therefore in order to complete both processes before summer ends you have to make an early preparation.
#4. School’s Out for Summer
Planning to move during the summer is the best decision any parent could make. The holiday gives the kids the opportunity to also be present during showings. This is important because each member of the family now has the chance to approve of the house before it is purchased.
Also, if the seller has kids, this motivates him to close the deal as quickly as possible in order to prepare his kids for another school year.
#5. You Will Get to Know the Lay of the Land
Attending a showing during the summer gives the buyer the chance to envision how beautiful his prospective house would look during the most beautiful season (autumn), and how elegant the place will look when he has to host a party – trees and flowers are in full bloom during the summer. Temperatures are at their peak and people usually spend more time outdoors, the buyer has a chance to see how lively his potential neighborhood is.