Summer: The weather is warmer, the flowers are blooming, the grass is green, and people are on the hunt to buy a new home! Summer is the most popular season to purchase a new home. But before deciding that summer is the best time for you to invest in a home, educate yourself with the pros and cons of buying a home this time of the year.
The positives of buying a home during the summer:
- From March through July, a new and larger collection of homes can be found on the market.
- If you have children, purchasing a home during the summer is the most convenient time as you and your family can move and settle into a new home before the next school year begins. It also allows your children to acclimate to the neighborhood and make friends before starting their new school.
- Summertime is when neighborhoods come to life. It is the best time to discover whether or not the neighborhood with your dream house includes people who enjoy outdoor activity: barbecuing, swimming, biking, and so forth. An outgoing and friendly neighborhood draws people in!
The negatives of buying a home during the summer:
- Prices of homes rise. The competition among realtors and home buyers increase, causing the prices to follow suit.
- There is more pressure. Because of the increase in the competition for a home, there is additional stress in finding the right house quickly and closing the deal right away. If everything is not done at a fast pace, there is potential for someone to sneak in and purchase the home that you desired.
Advice for purchasing a summer home:
If buying a home during the summer is the right decision for you, there are a couple pieces of advice you should follow.
- Know what you want and what your limits are before you start looking. You will have to make a quick offer, therefore you need to have the features you want in a home, the price you are willing to spend, and the loans you have available already figured out. That way, when the moment comes, you are ready to give an offer right away.
- Have the home inspected. Summertime includes dryer temperatures, which can conceal moisture issues the home may have. Areas that need to be looked at are: water marks in walls, warping in door or window frames, and mildew.
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