Tips for Buying a Home in the Summertime
The real estate industry tends to heat up this time of year, alongside that summer sun. Whether it’s a summer slowdown at the office, fluctuating interest rates, or general economic health, there are a multitude of factors that play a role in housing markets. While the notion that summertime prices are the highest prices is merely a myth, there certainly are seasonal trends to note regarding the shift from spring to summer.
Coming off of spring
An understanding of the summer housing market calls for an understanding of what it’s like in the spring, because sometimes the most value lies in homes listed in the prior season. Many people view the springtime as an opportune window to put their house on the market, likely due to the melted snow and increased daylight. You need to keep this in mind as a prospective buyer, as houses that have been listed since the spring are more likely to see an eventual price drop than others. Monitoring homes that have been listed for a bit of a longer term will enable you to capitalize on serious savings, if and when that property does see a decrease.
You’ll want to take into account any big changes that summer introduces to your life, and apply them to your home search. Here you should consider the liveliness of neighborhoods you’re looking into, your children’s summer schedule, and when may be the best time for a lifestyle change as big as potentially relocating. Neighborhoods often have a plethora of children outside playing from school’s finish until September. When looking at a home, this gives you a good idea of the type of neighborhood it is, but also be mindful that the amount of kids and activity is likely a reflection of summer, not the neighborhood all the time. Also, with summer freeing up your kids’ time, it may be a great opportunity to get them involved in the home search process so they get excited about the possibility of relocating before the next school year.
Be a Sharp House Hunter
In order to put in your best bid (which is needed in hot markets such as this), you’ll want to be proactive about a few often overlooked details. First, get preapproved. Picture yourself as the seller: if someone brought to the table an offer with a firm preapproval that has been fully underwritten vs. someone who was not preapproved with the same offer, you’ll probably accept the offer with the firm preapproval. Getting preapproved gives you some leverage within the market, and there’s simply zero benefit in putting it off. Atop the preapproval, you should refresh interest rates at least once a week because they can feature unpredictable spikes and dips, and this will affect your mortgage for better or worse. Finally, keep an open mind. Understand that newly listed houses tend to decrease in price after 1-2 months, so depending on the housing market in your specific area; you could potentially afford to be patient and wait out that price drop. Also, don’t overlook the fixer upper: getting lite to medium renovations done could save you thousands in terms of value when all is said and done.
Are you ready to finally get into that property you’ve been eyeing all spring and summer? Let our experience team of loan officers assist you. Our team can get you affordable rates and costs in addition to making sure your mortgage is transacted as smoothly as possible. You can find yourself a real time quote on our website in a few minutes, without giving your personal information or call us today at 866-353-7654.