There are many reasons to buy during the summer months. You’ll be in a new home before the school year begins, you will be able to move during pleasant weather and you’re more likely to meet neighbors as more people will be out and about. If you plan on buying a home this summer, you may need to arrange showings, inspections and the closing around your summer schedule, but it will pay off when you can enjoy the rest of the summer evenings in your new backyard. Read on for what you should know if you plan on buying a house this summer.
Be Realistic About Your Housing Goals
When the exterior is in pristine condition during the summer, it’s easy to be reeled in by a beautiful backyard pool or extensive garden. However, if you don’t want a pool’s responsibility or don’t have a green thumb, try to look past these eye-catching features and stick to your original buying plan.
The Summer Buying Season is an Extension of the Spring Buying Season
Especially in low-inventory markets, the summer buying season is a continuation of the competitive spring market. This means you should adhere to the same buying criteria as you would during the spring selling season. Here are some tips for navigating a low-inventory market, regardless of the season:
- Put Your Best Offer Forward: Your first offer should be your best offer, and you won’t typically be able to negotiate much. Sellers usually accept the highest offer, often above the asking price.
- Avoid Homes at the Top of Your Budget: If you don’t want to go over your budget, avoid looking at homes at the top of the range. This is because homes will often sell over the asking price, putting the house at a price you weren’t planning on paying.
- Buy With Renovations in Mind: Buying a completely turnkey home isn’t wholly realistic in a low-inventory market. Viewing properties with a remodeler’s eye can help you see past imperfect layouts. Working with your broker, your offer may be more appealing if you indicate you won’t request repairs. Having a contractor, architect and designer lined up before purchasing a home will help you better visualize any changes you want to make and enable you to move quickly once your offer is accepted.
- Be Ready to Move: Low-inventory markets typically have a quick turnover and shorter contract lengths. This means that buyers need to be able to close and move quickly. Therefore, when you put an offer on a property, you should have a packing and moving plan in place. Closing quickly could also make your offer more appealing to sellers.
Visit the Property During the Week and the Weekends
In the summer, more people are outside taking care of their home, socializing or engaging in leisure activities. It’s an excellent opportunity to assess the friendliness of neighbors and local activities. To understand how busy the neighborhood is, drive through it during the week and the weekend. If you’re looking for a quiet area where people keep to themselves and you see a bustling area, or vice versa, you may want to reconsider. Also, visit the local downtown. You’ll be able to gain a better feel of the area during the warmer months instead of visiting during a rainy April day.