The summer is usually the hottest time of the year for buying a home. Most areas of the country see the real estate market thrive throughout the summer. If you’re considering buying a home this summer, you should understand what to expect.
The summer provides plenty of competition when it comes to the housing market. While it may be stronger in the spring, it can be just as strong in the summer. Here are seven tips to help you buy a house this summer.
Prices May Drop
While the summer is a busy buying season, it’s not uncommon to see prices drop between May and October, especially if you wait until late August to buy. Sellers that haven’t found a buyer by the end of the summer often cut their price. In fact, most price cuts are seen in late August.
Don’t Ignore an Older Listing
With many homes selling within days or weeks, it can be easy to dismiss an older listing. Many buyers may assume a listing that didn’t sell in the spring has an issue or the price just isn’t right. This isn’t always the case and an older listing shouldn’t always be a red flag.
Sometimes, the seller thought they had the home sold, but the buyer backed out for one reason or another. When this happens, the listing will look like an older one, but it’s not because there’s an issue with it.
Put Your Best Foot Forward
When you’re trying to buy in the summer, you’ll deal with plenty of competition. Make sure you put your best foot forward by making the strongest offer possible. This doesn’t mean it has to be the highest offer. Sometimes, you can win a bidding war by offering to move the process along faster or offering fewer contingencies.
Of course, if you can offer cash, you may win with an owner bid, too. If you cannot offer
cash, go in with all your financial ducks in a row and your offer may go to the top of the stack, even if it’s not the highest offer.
Look into a Fixer-Upper
The competitive market doesn’t always filter over to every type of home. Fixer-uppers may be appealing as you can take a less expensive property and turn it into your dream home. Some lenders will even provide financing for renovations built right into your first mortgage.
There will likely be less competition with a fixer-upper, as well. This could make it very appealing to buy a fixer-upper and customize the home to fit what you want and need.
When you’re ready to buy a home in the summer, you should consider all of these tips. In addition, make sure you take the time to get to know the neighborhood. When you know the neighborhood, you can make a more informed buying decision before you jump into the housing market.
Of course, before you buy a home in the summer, you should always hire the right real estate agent for you. Finding a local expert will help to ensure you get exactly what you’re looking for in the right location.