Why Buying A Home In The Summer Is A Great Idea
The days might be getting longer, and the warm sun may be out more than usual (If you don’t count this week), but what is one surefire way to determine that the summer is creeping up on us? Take a look at all the For Sale signs popping up like dandelions throughout your neighborhood.
The summer is the most popular time of the year to buy and sell a home. If you’re thinking of starting your home search, it could be reasonable to assume you’d want to wait for the season to pass and the market to cool down. After all, why battle crowds of would-be buyers bidding up the price of a home and getting you embroiled in a bidding war if you are in no rush to move right away?
The truth though is there are some distinct advantages to jumping into the marketplace during the summer, as long as you can stand a little bit of competition.
1. Prices Technically Are Not Higher
One myth about the real estate market in the summertime is that homes sell for more than they do in the winter. This actually is not the case.
While prices do usually peak in June through August, and it’s a seller’s market throughout most of the Silicon Valley, you have to remember that many home’s asking prices have factored in things such as similar available homes for sale in the area, the strength of the market and interest rates, to name a few. So in the end, it isn’t necessarily the homes being higher priced simply because it’s the summer, but because of other factors in the marketplace.
2. Inventory Is More Broad In The Summer
When it comes to buying a home, every buyer wants a broad selection of homes to choose from. 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.
A large inventory offers significantly more opportunities for purchasers to identify specific floor plans, amenities, and locations. Buyers have more options because every week more properties that fit their “want list” are hitting the market.
In the competition of the Silicon Valley Real Estate Market, knowing that there are plenty of homes for sale can give you a greater peace of mind knowing that if you lose out in a bidding war for one home, another home will be just around the corner.
3. Buying And Selling At The Same Time Is 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.
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.
4. Your Kids Are Out Of School
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.
House hunting during the summer break from school means that kids can more readily attend showings, which is important in this hectic Silicon Valley Market when offer time is of the essence and you may want each member of your family to approve of the new family home.
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.