Why Summer is a Good Time to Buy
“Summertime” means that the grass is at its greenest, the trees are at their fullest and gardens at their most vibrant. Although spring may be touted as the best time to buy, that doesn’t mean it’s the only time you’ll be able to do so. Summer can provide some of the best showcasing periods for browsing properties that advertise lush outdoor spaces. It can also be a great time to explore the area, check out local businesses and get a feel for the community when it’s at its most lively. Below, we’ve compiled the main benefits of the summer market, as it may just be the perfect season to search for your ideal change of scenery.
Summer is still within the prime real estate market.
Generally, summer is a good time to buy as it isn’t very far past the prime real estate market. The main concerns with moving out-of-season surround inclement weather and poor curb appeal, which happen most commonly from late fall to early spring. Summer is well outside of this range, carrying little environmental drawback compared to many other months of the year. This also makes it a perfect time for local exploration, as each home likely has a surrounding neighbourhood with parks, trails and independent businesses to discover.
Those who move during the spring often do so to enjoy their outdoor spaces right away, and for as long as possible. You would mainly miss out on seasonal benefits if you were to begin your moving process during the summer months, but depending on when you act you would likely still have a decently-sized window to enjoy them.
Since it’s later in the season, it traditionally becomes more of a seller’s market due to lower housing inventory. If you’re concerned that higher price tags will make budgeting more complicated, remember that this also makes selling less-so. If you’re moving out of your old home, you may achieve a higher asking price to account for the extra cost of your new home and a shortened waiting period as buyers have less competition to choose from. For the same reason, waiting until the very end of the summer to make offers can be rewarding as homeowners become more likely to lower their listing price, simply to get the job done.
What should you keep in mind when browsing a summer market?
In the later parts of the prime real estate season, you want to make sure that you are able to commit longer periods of time towards looking for a suitable house and planning your move. Also note that being on the buying end of a seller’s market can mean that you have more competition. You may have to outbid competitors or seriously consider whether doing so is worth it. You also want to make sure you’re pre-approved for your budget, as it will streamline the buying process and give you an edge over your competitors.
Hopefully now you’re feeling more confident as a buyer in the summer market. Although prices may be higher and inventory may be lower, this doesn’t mean it’s too late. Summer is the perfect time for sellers to display their properties, and the perfect time for you to experience what the surrounding area might have to offer.
No matter the season, our REALTORS® will help you navigate the market. Contact one of our qualified and knowledgeable TEAM members today to schedule your free market evaluation.