Advantages of purchasing a home in the summer
Sunday Jun 18th, 2023
Purchasing a home is a significant decision, and timing can play a crucial role in the real estate market. While the spring and fall seasons are traditionally busy, the summer offers unique advantages for both first-time home buyers and investors.
I think it’s important to keep an open mind and explore the benefits of buying a home during the summer, as it may very well be the most opportune time to make your move. As I like to say, “where there is a will, there is a way”!
Less Competition, More Leverage:
Spring and fall are known as the busiest seasons in real estate, with a surge of sellers and buyers entering the market. While these seasons offer a wide selection of properties, the increased demand can drive up prices too. And although the summer months see a slight slowdown in the market supply,, this also means you see less competition for buyers. This reduced competition gives you more leverage to negotiate lower prices and potentially buy a property under market value.
Ideal Timing for First-Time Home Buyers:
Late June marks the turning point when the real estate market begins to slow down. This coincides with the end of the school year, making it an ideal time for families to transition and settle into a new home during the summer break. By listing your house for sale in July, you can attract first-time home buyers who are motivated to find a property before the school year begins. As a buyer, this means there might be less buyers on the market at the moment, and sellers may be willing to negotiate to close the deal before the school season.
Summer - An Investor-Friendly Market:
Summer is not only a great time to buy for first-time home buyers but also for investors. By purchasing properties early in the summer and closing towards the end, investors can maximize their potential return on investment.The slower summer market can also often present better-priced properties, allowing investors to negotiate favorable deals and increase their chances of securing profitable rental properties or potential fixer-uppers.
Purchasing a home during the summer can offer distinct advantages.
The reduced competition allows buyers to negotiate better deals, especially for first-time home buyers and investors. By planning strategically and being proactive in the market, you can take advantage of the summer season to find a property that aligns with your budget, future goals, and desired location.
For more information about purchasing your first home, or becoming a smart real estate investor, feel free to contact me anytime!
Matilda N. - Your realtor that truly cares!