Why You May Want to Buy a Home in the Summer
The fact Summer is traditionally seen as having higher Inventory levels is good news for many would-be Charlottesville area Buyers as we’ve experienced a severe lack of inventory in town this past Spring.
Other good reasons to buy in Summer? Buyers might have more negotiating room as Sellers are on the move and motivated. Prices aren’t necessarily higher in the Summer, but Sellers who are trying to accomplish a dual move – buying/selling at the same time – might be more willing to negotiate.
Also, Summer is the time when most everyone has children off from school, and neighbors tend to gather for block parties or BBQs, so it’s a great time to what a neighborhood really is like and how people live while there.
If you’re thinking of starting your home search, your first instinct might be to stay away and wait for the weather — and the market — to cool down. Why battle the crowds and bidding wars if you’re in no rush to move?
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.
Summer myths
Charlottesville Home prices do usually peak from June to August. And it’s a Seller’s market in most areas as we’ve seen in our area with multiple offers coming in within hours of a house coming on the market.
Other forces beyond the Summer sun, however, play a major role in a home’s asking price. These include the number of similar homes also for sale in a given area, interest rates, and the job market.
There tends to be more home sale in the Summer than in the Winter. Which leads us to our next Summer-buying advantage.
Inventory is broader
Why limit your options when it comes to picking a house? The open-plan kitchen you’ve been yearning for or a home in a stellar school district is much more likely to pop up in a busier marketplace.
In some less competitive markets, knowing that there are plenty of homes for sale can give you more leverage for price negotiation, and peace of mind knowing that if you have to walk to away, another home will be just around the corner.
With the sheer activity in the new construction market, many buyers are opting to build their own preferred floor plan rather than wait for the perfect house to come back on the market.
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.
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
Any 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.
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.
Checking out the area
It’s easier to check out the neighborhoods for your potential home when the weather’s nice and the days are longer. Trees and flowers are in full bloom, so you’ll get a better idea of your prospective new yard. You can step out on that back porch and envision what it will really, truly be like to live there. Plus, everyone’s more active, so you’ll get a better feel for the community.
Potential Red Flags
Pay close attention to items surrounding your dream home. For example: the eyesore of a junk pile in your neighbor’s yard. Or the giant cellphone tower you didn’t see through those beautifully full trees. And make sure that foliage isn’t blocking any potential problems with the home, such as foundation issues or peeling roof tiles.
You should also use this opportunity to test how the property holds up in warm weather. See how well the air conditioning works when it’s pushing 100 degrees outside, and open all the windows to see if any stick or simply won’t open. Of course, your home inspector will check these things, but it never hurts to get a jump-start.
A lot of people talk about the Spring being the most popular home buying season. But with the markets being crazy across the country during the Summer, it has become the time for people to find their dream home. And there are plenty of strategies to actually land the one you want and get a good deal.
Tips and Perks
Here are some tips and perks for home shopping in the Summer months and how you can actually get your dream home even they’re selling quickly.
Prices might go down
Plenty of Sellers put their homes on the market in the Spring and some of those homes won’t sell by the Summer. Look for homes on real estate websites that have been listed since Spring. Sellers might be more persuaded to lower the price if they haven’t had any interest in a few months.
Easier to check out neighborhoods
In the Summer people are outside having fun, fixing up their yard and painting their tool sheds. You can witness how people take care of their lawns (or not). The kids are out and about in the cul de sac or nearby parks. It’s a great time to check out your dream neighborhood for safety, community activities and friendliness of people.
Get a preapproval before doing anything
If you don’t have the verified information that your lender needs to say yes to a loan then your bid on a home probably won’t be selected.
Take another look at fixer-uppers
The lime green carpet in the basement may be truly ugly and outdated, but the rest of the house is amazing. Some people pass up on great houses because they can’t get past the cosmetic things that wouldn’t be that hard or expensive to change.
If a home has good bones, a fairly new roof and modern HVAC systems, the lime green carpet can be replaced for $4,000 or less. Buyers can get a great deal on a home that others pass by. Just do some research on how much certain home improvements cost.
Know the market
By understanding the housing market in the area you hope to buy in, you will know when a house is overpriced or underpriced.
Don’t bother Sellers with minor repairs
An inspection will uncover big things that need to be fixed before you can move into a home, but to get a house you really want, you might want to write into the offer that you will handle all the minor repairs.
Summer home shopping can be pleasant
You can wear your flip-flops and shorts to go view as many houses as you want instead of bundling up in coats and hats during the Fall and Winter. You might even get to walk down to the neighborhood ice cream truck and stroll check out the neighborhood with a Popsicle.
Less inventory at the end of Summer
The housing market sometimes slows down in certain areas during the end of Summer because families are taking that last vacation before school starts. They don’t want to have to move in the middle of a school year and uproot their kids, so they take their homes off the market for the time being. But there are still plenty of homes to choose from, and some new listings may even pop up.
People have to move for a variety of reasons in all four seasons, but Summer has the advantage of being a much more relaxing time of year than the other ones.
