In general, seasons play a vital role in the housing market. Home buying and selling typically increase in the beginning of spring, the peak of the housing market’s cycle, and remain high until midsummer. Then, throughout fall and winter, the housing market becomes relatively slow. Homes tend to stay on the market longer as homebuyers wait for the next spring to begin house hunting. Of course, if you choose to wait until the next spring season, you inherently choose to compete with the highest number of homebuyers - and this may not be the best strategy for you. Instead, consider waiting a couple of months to begin the search for your dream house. Here are the benefits to house hunting in late summer:
- Fewer buyers to compete with: Late summer is when the housing market begins to transition into the slower months of fall and winter. This means there are fewer buyers to compete with in the housing market. Take advantage of the lack of competition, as it may save you tons of time and energy in the long-run.
- Sellers are more eager than in the spring: Although fewer homes are on the market in late summer, these sellers are typically more eager to get their home sold. This means they could be more willing to negotiate a sale price. If you have the time, research the listing prices of other properties in the area and use this information to lower the price of the home you would like to purchase.
- Previously unrealistic sellers have made adjustments to their prices: Home prices are generally higher throughout spring and the beginning of summer. In other words, when the housing market is strong and more borrowers are house hunting, prices will continue to rise. With fewer buyers in the market throughout the end of summer, however, prices begin to drop as previously unrealistic sellers make adjustments to their prices.
- More time to find the right home for you: Finding a house you think is right for you takes time. By starting your search in the summer, you not only give yourself extra time to become familiar with the home buying process, but also allow yourself additional home viewings to prioritize what you need most in a home.
Overall, our mortgage specialists want to ensure that you are getting the most personalized mortgage deal for a house that’s perfect for you. This may mean beginning your house hunt as early as the late summer season! For more information about the benefits to house hunting in late summer, or to learn more about home financing, contact one of our mortgage specialists or download The Ultimate Guide to Homebuying and Financing.