Summer is a time for picnics, playing in the sun, enjoying the great outdoors, and buying your next home. Whether it’s your first or forever home, buying a house in summer is a smart move. When all the legalities are finished, you can get settled in for a lifetime of joy. The best part of buying in summer? No moving in the snow or cold.
Buying a home in summer has a few other advantages, too. No matter what time of year it is, going from pre-approved to homeowner takes a bit of time, but in the long run, the house-buying journey will pay off in financial equity.
Competition Vs. Availability
Summertime often has more sales market activity because families want to move before the new school year begins. Many buyers are looking for their perfect home, so the housing market is flooded with sales listings.
High activity doesn’t mean low availability. An active sales market creates more opportunities for would-be buyers. Summer is when house inventories often reach their highest peak. More inventory means you can choose a home that best meets your needs, not just because something is available.
Practicality
Summer’s daytime hours make life easier. Daylight Saving Time and longer daytime hours mean more time for house viewings, inspections, and appraisals. In summer, financial lenders, your real estate company, and title agencies may extend their hours for doing business.
Buyers with children won’t have to disrupt a school schedule for a “family” house-hunting expedition. Moving in and getting settled before school starts cuts down on a lot of stress! Kids can help with packing and moving, too.
House hunting in summer keeps buyers from traipsing through homes wearing snow boots and parkas.
Financial Considerations
Houses that hit the market in late spring or early summer and are still for sale by late July or August may see price adjustments by the sellers. When sellers need to “unload” their homes because of job transfers, relocation deadlines, or wanting to close before autumn may be willing to negotiate more, lowering the price and sales terms. If you’re looking to buy in late summer, you may get lucky with some strategic financial planning. Buying at a lower price will help you budget for home improvement and annual home maintenance costs.
Summer Strategies
Now that you’ve decided it’s time to buy, you should plan your strategy.
Find a real estate agent who understands the housing market in the neighborhood you want to live in. Real estate professionals take note of the sales trends and can steer you through the house-buying process. Houses that stay on the market for a while may have opportunities for price cuts.
Get preapproved for a mortgage, complete with a preapproval letter from your lender. Budget your home expenses to determine what you can reasonably afford to pay out each month in PITI—principal, interest, taxes, and insurance.
Prioritize—what are your “must-haves” and your “nice-to-haves.” Maybe you need or want a swimming pool, but can live without that outdoor kitchen. Perhaps you’d like a big backyard but a small patio. Whatever is on your “must-have” list, be reasonable and practical.
Summer in Bloom
Summer’s colors are blooming, and it’s a great time to show off a home’s possibilities. When you’re looking to buy in summer, you’ll see gardens and yards in full bloom and have a better idea of what the landscaping and outdoor lights look like. This is helpful in knowing how much work it will take to get the home’s perimeter in shape.
When checking out homes for sale in summer, you may have a chance to meet a few neighbors. If the house is located in a community with a pool, golf course, clubhouse, or other amenities, you can see how much fun everyone else is having… soon that could be you!
Summertime makes living easy, especially when you know what you want and have the right team helping you achieve that homeowner’s dream. Contact Worth Clark Realty to take that next step.
Teri Silver is a journalist and outdoor enthusiast. She and her husband live on five acres with a vast lawn, three gardens, a farm, a pond, many trees, and a lot of yard work! The best parts of the year are summer and fall, when home-grown veggies are on the dinner table.
