We’re heading into the dog days of summer here in North Texas. The days are longer, the pool water is warm, and ice cream sales are up! Yep, we’re sitting right in the middle of the most popular time of the year to buy and sell a home. And there’s no reason to sweat the idea of buying in the summer. In fact, there are some distinct advantages to making your way into the marketplace during housing’s hottest season – as long as you can stand the heat of a little competition.
- Prices aren’t necessarily higher
“A huge myth about the real estate market is that homes sell for more in the summer and less in the winter. This is simply not true,” says Dippy Chhina of Dippy Real Estate.
Let’s be clear: Home prices do usually peak in June–August. And it’s a seller’s market in most areas. But other forces beyond the summer sun play a major role in a home’s asking price, Chhina notes. They include the number of similar homes also for sale in a given area, interest rates, and the job market.
“What is true, however, is that there are more homes on the market in summer than in the winter, and there is also a higher number of sales in the summer than the winter,” Chhina says.
Which leads us to our next summer-buying advantage. - Buying and selling at the same time could be easier
If you need to sell your current home before you can buy another, you’ll likely have an easier time with the balancing act during the summer. Rather than getting trapped with two mortgages, you could have a more seamless transition in a busier market.
“If the client needs to sell a home before buying, the home will be more likely to sell, and potentially at a good price, allowing the client to purchase their new home sooner,” says Joe Lopez of Connect Realty.
But remember, these transactions take time, so if you’re planning on pulling off a double act, get ready as soon as possible so you can capture as much of that golden season as you can. - School’s out for summer kids
Any beleaguered parent can tell you why this factor is crucial. By waiting until summer to make your move, you can minimize disruption to your kids’ lives. Plus, their schedule is clear to bring them along to showings. (Beware, though, not all agents appreciate young kids underfoot.)
“House hunting during the summer break from school means that kids can more readily attend showings— important when offer time is of the essence and parents want each member to approve of the new family home,” says Orlando Regional Realtor Association President Bruce Elliott, of Regal R.E. Professionals.
And if the sellers have kids, they might also be trying to cement a sale in time for the new school year—and will likely be more motivated toward the end of the season.“Sellers who find their properties still on the market as summer draws to a close and the ranks of buyers thin out may be more open to price negotiation,” Elliott says. “In addition, those buyers who were unable to secure a home after months of looking and making offers may become fatigued and drop out of the hunt.”
If you would like to buy a home in this hot market, please give me a call at 214-769-2947.
Beth Brake Owner/Team Lead
Performance Driven Excellence.
(Portions reprinted with permissions from Keller William Dallas Metro North.)