The most popular months to purchase a home are March through July. Homebuyers are likely to find a larger selection of homes on the market. Typically, more homes on the market mean more buyers; more buyers mean more competition. As you read through the pros and cons of summer buying, think about why a purchase in the summer months may or may not be the best option for you.
Reasons to Purchase in the Summer
Homebuying becomes more stagnant in the winter because of the lower selection, the hassle of moving in inclement weather and reluctance to uproot children during the school year. Those who buy in the summer experience the following advantages:
- Curb appeal. Spring and summer allow homes to be shown in their best light. Lawns are green, flowers are blooming and trees have new leaves.
- Best time to move. Moving your family to a new neighborhood, town or state during summer break from school gives children time to acclimate to their new surroundings.
- Largest selection. Your chances of finding the right home increase during the spring and summer.
What You Need to Know About Buying in the Summer
Summer is a popular time to buy for a reason. Keep in mind that although the selection of homes is greater, more homes on the market opens the door to these buying factors:
- Competition. Other buyers are also going to be enticed by the larger selection of homes, perhaps even the home you’re interested in. You may find yourself in a bidding war for a home or missing out on it completely.
- Home prices. Sellers whose homes stay on the market throughout the winter may be more motivated and willing to drop the purchase amount. When sellers know there are potential buyers looking, they are more likely to hold out for their asking price.
- Speed. The saying, “don’t blink or it’s gone”, holds dear to summer home buying. You’ll need to be prepared to move quickly on an offer. Have your pre-approval or loan commitment ready prior to making an offer and know what you can afford and are comfortable paying for your monthly mortgage.
Depending on the market you are wishing to buy in, summer can be a great time to make a home purchase. Contact one of our mortgage bankers to get started with your home buying process.
Looking for more information on buying a home? Our Mortgage 101 Handbook is the ultimate guide for first-time homebuyers.
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