Summer Season Housing Market – When is The Best Time to Buy
Are you dreaming of finding your perfect home in the United States this summer? Look no further! In this comprehensive blog, we will explore the best time to buy a house during the summer season.
Understanding the dynamics of the housing market and strategic planning will empower you to make a wise purchasing decision. So, let’s dive in and uncover the secrets to successfully buying your dream home.
Research and Preparation:
Before embarking on your house-hunting journey, it’s essential to conduct thorough research. Start by familiarizing yourself with the current state of the housing market in your desired location. According to Investopedia, the summer season is the busiest moving time of the year.
In fact, statistics show more homes sell every summer than they do in the winter. In January of 2021, 437,347 homes sold nationwide while in June of 2021, 733,876 homes sold.
That’s an increase of 68.7%. This surge in activity provides a favorable environment for buyers.
Timing is Key:
The summer months, especially June and July, offer a favorable time for homebuyers. Similar motivations that drive buyers to shop for homes in the spring also apply to the summer season. These include favorable weather conditions, school breaks allowing for more flexible schedules, and the abundance of daylight hours, enabling prospective buyers to visit open houses and take home tours.
Data indicates that homes tend to sell faster during the summer, with an average of 9% faster sales than other seasons. It’s really a psychological phenomena. This graph shows a stunning relationship of online sales and the number of sunshine hours:
Beat the Competition:
To stay ahead in a competitive market, it’s crucial to act quickly. Create a list of your must-haves and prioritize your preferences. Being clear about your requirements will help you act decisively when you come across a property that catches your eye. The faster you can submit an offer, the better your chances of securing the home.
A Win/Win for Buyers and Sellers Alike:
Based on a recent analysis conducted by ATTOM, it was discovered that homes listed during the month of May tend to sell at an average premium of 12.6% above the market value. This finding highlights the potential for sellers to earn substantially more by choosing to list their homes in May, leading to a sale typically taking place in either June or July.
In comparison to other months, May stands out as the most advantageous time for sellers.
Make the most of the technological advancements in the real estate industry. Utilize online platforms, such as real estate websites and mobile apps, to streamline your house search. Approximately 95% of buyers use online websites in their home search process. Set up alerts for new listings in your preferred neighborhoods and consider virtual tours to narrow down your options.
Engage with Local Agents:
Working with a knowledgeable and experienced real estate agent can be invaluable. They possess insights about the local market, have access to exclusive listings, and can guide you through the entire homebuying process.
In today’s tight low-inventory market gaining a competitive edge becomes critical. A pre-approval letter not only demonstrates your ability to secure a mortgage but also plays a vital role in distinguishing you from other potential buyers. Having a pre-approval letter in hand significantly enhances your chances of standing out.
Flexibility is Key:
Maintaining flexibility throughout the house search can significantly increase your chances of finding the right home. Be open to exploring different neighborhoods and adjusting your criteria slightly. This flexibility widens your options and helps you discover hidden gems.
Engage in Due Diligence:
Once you identify a potential property, it’s essential to conduct thorough due diligence. Hire a professional home inspector to assess the condition of the house and uncover any underlying issues. Review property documents, including the title, to ensure a smooth transaction.
One of the most significant errors that both home buyers and sellers can make is overlooking or disregarding the importance of a home inspection. This often occurs in situations such as bidding wars, where buyers may choose to waive the crucial inspections in order to secure their desired home in a competitive market, even though a home inspection contingency clause is typically included in the purchase contract.
Make a Competitive Offer:
When you find your dream home, it’s time to make an offer. Work closely with your real estate agent to determine a fair and competitive price based on market analysis and property comparisons. Be prepared to negotiate, but also set a maximum price you’re willing to pay to avoid overextending your budget.
Close the Deal:
Once your offer is accepted, it’s time to move forward with the closing process. Engage a real estate attorney to review the necessary legal documents and ensure a smooth transaction. Stay proactive, addressing any concerns promptly, and be prepared for the required paperwork and financial obligations.
Summer’s Here and It’s Hot Out There
Buying a house in the summer can be an exciting and rewarding experience. By conducting thorough research, acting promptly, leveraging technology, and working with local agents, you can make a wise decision and find your dream home. Remember to remain flexible, engage in due diligence, and be prepared for a competitive market. With this information in hand, you are now equipped to navigate the summer housing market with confidence. Good luck in finding your perfect home!